What do we know about the: CHASE 3 MONTH TRAIL PAYMENT OFFER?

[JoannaOregon]

Hello:

Sounds like many folks have received a "3 month trial payment" offer from Chase. Some are told they are related to the Obama Plan and some are told they are a 3 months forbearance with the hopes of a loan modification once all 3 trial payments are made.

Some peoples payments seem to be lower than the original payment and some are higher.

Some are saying they are being offered 2% for 5 years and 2% for 40 years after the trial payments.

Has anyone actually made all 3 payments yet? If so, what happened once you did?

We are just paying month 2 of our 3 trial payments.

Also - is there a difference between the "Obama Plan" and the "Making Homes Affordable - MHA" scenerio?

Thank you!

[Moe Bedard]

Joanna.............the MHA is the Obama plan and also there wouldn't be any members yet that would have completed the Trial Period since the guidelines were just announced on March 4th and Chase didn't start implementing them until April.

[JoannaOregon]

Thanks ***. If the trail period is part of the Obama Plan, then yes, Chase didnt start implementing them until April. Ours started May 1st, so I think we are one of the many firsts.

However, I was told by Chase that the 3 month forberance "offer" was going on prior to April. Has anyone done / completed that and if so, what happend after your 3 months?

Thank you!

[cooper04]

We were on a trial plan payment prior to May but once Chase started using the Obama plan the original payment plan was terminated and the two months of payments we made were put towards our past due payments and we had to start again.

[JoannaOregon]

Cooper04 - Have you started the new payment plan via the Ombama Plan with Chase?

I am so sorry that you had to start over.

[chasepmt2hot-firefighter]

Has anyone been told that the paperwork is ready and Chase can actually complete the MHA? Can they turn the 3 month trial into a solid signed modification? Anyone on this forum? How about *** or Moe, have you got wind of an final paperwork ready to go?

[cooper04]

Joanna -- we just FedEx our Obama paperwork today with our first payment. It was due on 5/27 and our next two payments are due June and July 15th.

Chase -- I read on the internet yesterday that only one (1) person to date had successfully completed the 3-month trial period and sign their new loan modification. I don't remember the website but it was an article discussing Obama's first 100 days

[Moe Bedard]

cooper,


The article was referring to the Hope for Homeowners FHA refi program, ......since the MHA modification program was just announced on March 4th....there would not be any homeowners who would have completed the three month Trial Plan as of yet.

[JoannaOregon]

Cooper - Glad to hear that eventhough you had to start over, it seems to have gone pretty quick for you this second time.

We just made our second trial payment today. I would think some news should start coming in on what happens next. Program was announced in March and I have talked to two people that started it in April, so June 1st would be their 3rd payment in the process.

Really curious on those folks and if anyone started in March and has finished the 3 month period.

[JoannaOregon]

Those that are now in one of the many different 3 month trial payment periods..... when did you orginally apply for a loan modification? When was your first phone call / contact with Chase?

Thank you!

[grullagirl]

I started this process in Nov. 08. Rcd. the MHA Docs w/trial period pmt. on 5/22/09. Paperwork was due back 6/14 and the pmt. on 6/1. Signed it all and sent cashier's check back w/ paperwork on 5/27.
Received a call from a Chase rep who claimed she works in the Chase government program department and said that I should receive a fed x today with paperwork to sign up for the Chase Obama program. She was clueless as to the paperwork I had received and the pmt. set up I had already been offered & accepted. She also said that what I had received was not the Obama government program. When I explained that the on the bottom of the docs it said "Freddie/Fannie Uniform Instrument" she said oh that didn't mean anything, they are not the bank they are just a government department.
In closing, I have never in my life seen more ineptness and disorganization.

[cooper04]

Joanna,

How are you paying your trial payments? We have now paid two payments, with personal checks since we are not in foreclosure, but neither one has cleared our bank. Called Chase/WaMu and they acknowledged recieving the checks but could not give me information regarding when they would be cashed.

Does anyone know if they might be holding them until the end of the trial period??

[Calli09]

Read my posts, they have taken my money and done what they darn well please with it!

[snapple candy]

As usual, Chase doesnt know which end is up. Calli, I posted on another thread to take a look at that fraud notice enclosed in your MHA trial mod paperwork. If you think Chase not behaving, call the SIGTARP hotline and file complaint.

I am set to start my trial mod payments myself and it has taken me a year of wrangling with WAMU to get here.
Grullagirl,
I too got loan mod papers on 5/27, with 1st mod payment due June 1, just a few days later and certainly not enough time for me to pull it together. Chase paperwork states I have until June 21 to accept and pay first payment. Sure sounds to me you got the MHA paperwork. Go figure. And the local HUD counselor says Chase got it more together than most lenders!!!

[snapple candy]

Calli,
On page 3 of 5 of Chase cover letter enclosed in my MHA trial mod (Under NEW PRINCIPAL BALANCE), it states (in BOLD) "If you fulfill the terms of the trial period, including, but not limited to, making the trial period payments, we will waive ALL unpaid late charges at the end of the trial period."

[Calli09]

Snapple, trust me, I have read it all over and over. Apparently Chase reps across the board need to. I have no intention of signing off on final documents until they are correct, and until they take care of the $$ they have gone and already paid for the late fees. Its a bunch of garbage. I understand a new program, and working out the kinks, but come on now, the late fees is crap! They know exactly what they are doing. Trying to pull a fast one. I think I will go ahead and pay pmt #3, then see what they pull, then contact that sig tarp fraud thing, also atty. I do not need any more garbage coming my way.

[RAMD05]

Question - If my income (1099) selfemployed, is never ever the same and depend on client's demand, how are they going to calculate their 31% DTI, by calculating the average for the past 6 months or something like that? Any ideas??? Thanks a lot in advance.

[JoannaOregon]

Cooper -

We had the option of paying via Western Union or paying via cahsier check. No personal checks for our trial payment scenerio.

We have paid the first two payments via cashier check.

Joanna

[snapple candy]

Mine was certified check.
Have any of you gotten your trial modification contract back signed by Chase? I asked for mine this past week and the negotiator says that is on hold! On hold, I told him it isnt a binding contract until Chase signs it. I think I will fax another complaint to the SIGTARP people. That is a load of crap.We should make our three month trial payments without a signed contract?

[RSMMOM]

Snapple, They told me there is no paperwork just start paying modified payment on 3mo. trial via Western Union (how much does that cost by the way?) starting July 1. We are not on Obama plan. We have 1st and 2nd both owned by Chase and we are on their "Business as Usual Plan" per Chase and that they do not have paperwork ready yet for this program but their law dept. is working on it. It sounds like they are getting creative to me just like when they gave us these "creative loans"!!!

[Marie T]

Just a thought - my guess is that they do not want personal checks for the trial period since it seems they do hang on to them until you are done with the 3 month trial. I keep pretty good tabs on my checking account but I would not want to try to make sure I had 3 months of trial payments saved up in my checking account for when they cashed those checks!

I do not have a trial mod yet but have been assigned a negotiator so I hope I hear something soon! I am trying to make sure I will have some money to make a reduced (trial mod) payment - whatever that might be! Is anyone hearing that their income is not enough for a mod or is the lender required to work with whatever income you have as long as you have a steady (although reduced) income? That is my biggest worry right now. (Mine is owned by WAMU so they cannot say they have to get it approved by investor.)

[Marie T]

Originally Posted by RAMD05

Question - If my income (1099) selfemployed, is never ever the same and depend on client's demand, how are they going to calculate their 31% DTI, by calculating the average for the past 6 months or something like that? Any ideas??? Thanks a lot in advance.

RAMD05 ~

CHASE required me to do a profit and loss statement for the last 4 months since my income is self employed. My income was very small since I basically did not work the first 4 months of the year due to recovering from some severe complications from surgery so when you average it over 4 months, it was miniscule income! (they did tell me they would average it)

My husband had regular paystubs since he's W2 so his was easy. My counselor at CHASE actually emailed the profit and loss form to me (excel spreadsheet) for me to fill out.

[RAMD05]

Marie T - thanks a lot for your reply, so I know what to expect, at least re this issue. I was also wondering if they'll use P&L from last year Income Tax, as it was reuired to be compelted. We'll see, I guess.... thanks again.

[Marie T]

I was not asked anything from last year - it seemed to be all about the last 4 months and I was told if it takes longer I will need to update i.

[RAMD05]

after the 3 months of trial payments, they'll require to submit different documents, including Tax return, P&L statement (Schedule C). The prblem is just like every 1099 person wrights off everything possible, which leaves him with extremely small Net pay, which discualifies from any possible loan workout.