Anyone finalize after the 3rd mod payment w/ Chase?

[franklyspeaking]

It was explained to me by chase that the "3 month trial" is a foreberance unless its the 3 month trail for MHA/HAMP. I'm I'm wrong please clarify.

[SwillerAlesbane]

Well......they put me on the 3 month trial, and if it's a forbearance plan, the extra $60 they added to the payment would put my "pay back" for 3 months of $1700 interest only payments at....hmmm do napkin math here...28.33 months to get "caught up". Doesn't make sense.

The 3 month trial is for them to fleece the U.S. Gov out of the "modification" money incentive, as well as try and bleed out as much money as they can from us before they really decide what to do.

I did my 3 month trial...they were to come through with a loan mod...they didn't. I will not pay anymore payments. I'm waiting now for my NOD so I can start replacing all my expensive and upgraded items in the house. I'll sell or give away what I can't take or use. I will *not* leave anything that is not required by law....trust me.

So...at this moment in life, I await for my Notice of Default. I should start researching for a site that talks about everything you can legally take, and what you have to leave behind

[SBBLUEWATER1]

"It was explained to me by chase that the "3 month trial" is a foreberance unless its the 3 month trail for MHA/HAMP. I'm I'm wrong please clarify."

They are two different programs. If you are put on the MHA/HAMP program you will have specific wording on the documents you sign that say this is the MHA plan. The other is just an in-house type of short term solution to see if you can then get caught up, etc. The MHA/HAMP plan is what you want but even then there are no guarantees that it will lead to a permanent loan modification.

[BudgetCutsinOC]

Swiller,

Do you have any plantation shutters? I have an Alumi-wood patio cover that I bought for $8,000, but I will sell it for $400. Also, I will be selling the tiles off my roof, my garage doors, palm trees and a very nice front entrance door.

A buddy of mine was so pissed at Chase that he had a Foreclosure party. There he provided beer and alot of sledghammers. I wasnt there but I went the next week and they beat the living SNOT out of this house! I think all of the dry wall was gone! He also sold all of this upgrades too!

[SwillerAlesbane]

LOL! I wouldn't go that far (tearing the walls apart)...they can actually press charges and sue for damages.

Yea, I'll be selling all my custom blinds, the Wilsonart Lifetime Laminated Wood Flooring, the custom cieling fans....my new ac unit I spent 2k on 2 years ago (buyer must supply old one so they can't say I stole it...non-working unit ok!), all custom wood shelving I constructed in the garage will be torn down, all light fixtures will be replaced with those cheap, screw bulb fixtures. I'm sure there are more things, I just have to think of them as time goes on.

I want to start a new TV program...instead of the old housing **** show like "Flip that House"...I want a new improved 2009 show called......

"STRIP THAT HOUSE" - I will host it, and show you step by step all the items you can strip legally...and sell, so you have money for a rental when you get tossed outside by your chinese investor!

[SwillerAlesbane]

I would normally be interested in the cover, but I'm not sure if my new rental will have a patio! ROFL!

Seriously, we should prolly get a OC group together somewhere...even for just one meeting.

[snapple candy]

Swiller,
"Strip that House." I like it!

Shade, you are right, no one doing anything about things such as following new guidelines for fannie mae on how to set due dates. All you can do is file TARP complaint and write CHASE asking why they are following the rules. I would cc that letter to Chase to the OCC along with a complaint. I did get the OCC to write letter to Chase and they had to reply. I also kept following up by phone at OCC and kept faxing them updates. Its laying a paper trial of their continual wrong doing. I dont know if anything will ultimately become of it but I do know if I dont document it, for sure nothing will happen.

[BudgetCutsinOC]

LMAO,, I love it!! Strip that house!!

[snapple candy]

Swiller,
I think that attorney WALTER H. that is mentioned in IG's post from the Huffington Post RE: Mortgage Wars author is in your area. You all might want to get together with him as a group? I know he has a web site out there but we arent allowed to post attorneys web sites.

[cmarquesjr]

STRIP THAT HOUSE! that sound like a show i'd watch, lol. i'm also taking what i can from my house if they decide to take it.

[famlena]

Save your money...don't throw it away to the trial mods. It's only a stalling tactic to give them sufficient time to proceed with the foreclosure. After 5 months of trial payments I was denied and am in foreclosure. There will be no perm mods offered. Save & hide your money!!!!

[determined1]

Famelena Id have to agree with you.

I called one of the Homeownership Centers to see if I could go in and discuss all of these other options they state I have. The rep said that I could not meet with anyone because I was in the HAMP program. I said what if I want something permanent now and want to know what programs Chase offers she still said no. She said that everyone is put in a trial program first at Chase. If its forebearance first then it is followed by a 3 month trial of some sort whether its Chases version or the HAMP. She said their main goal is to determine if the hardship is permanent or not. She said the longer they can watch your situation the easier it is for them to detemine if your hardship is permanent. What?!

I asked her if she thought 10 months was sufficient time to determine a hardship and she said no it depends. Then she mentioned how the HAMP just started in March so it was actually less than that.

So heres my thinking...HAMP starts in March, no one really on the 3 month trial until May/Jun. You make payments Jul,Aug, Sep. Deadline for tax filing Oct (reminder Chase wants a copy of your 08 returns)...they extend for oh 60 more days Nov, Dec for whatever reason they want. Guess what? Time to provide Chase with your 09 W2s...this is a viscious cycle.

The odds are that for most of us our situations are going to change whether for better or worst. And when it does Chase will be right there to hand you your denial.

By the way, did you guys know that there are about 3/4 versions of that intro letter that comes with your HAMP package? Oh yes, they can provide those letter to whoever they want. Go to hmpadmin.com and look at the servicer docs.

[famlena]

When I first started in April I was told that I did not qualify for "Obama program" because I has an interest only mortgage. I was put on a Chase in-house program instead and was told that my situation was not considered permenant. I guess that was my hint back then that regardless of what my situation I would later be denied anyway. They denied me because I had "insufficient income" which I don't get because if I had sufficient income then why ask for a mod??? plus, I've demonstrated that I was able to make timely trial payments. Yes, Chase does suck...I will be closing my checking account with them tomorrow.

[litehouse01]

Thats really weird because I have an interest only loan and am in the trial modiofication HAMP getting ready to make my 3rd trial pyts on both the 1st and 2nd mortgage...The interest only was never mentioned to me as a problem......... I have a fannie mae loan why would they deny you HAMP because you have an interest only loan?????

[rachel_p]

famlena....sorry to hear about what happened to you. did they apply your trial period payments to your past due amounts? was it just not enough to pay off what you were behind on?

my biggest fear is going into foreclosure.

[snapple candy]

famlena,
I suggest you resubmit MHA application to Chase and go another round with them. I was on interest-only loan too, They tried to say I didnt qualify for HAMP program. I quoted the fannie mae guidelines to them. I finally got it. ITs a bunch of BS they are handing you. Give it another shot and dont take no for an answer.

[snapple candy]

"She said that everyone is put in a trial program first at Chase. If its forebearance first then it is followed by a 3 month trial of some sort whether its Chases version or the HAMP. She said their main goal is to determine if the hardship is permanent or not. She said the longer they can watch your situation the easier it is for them to detemine if your hardship is permanent. What?!"

Determined. Good info. I still cant grasp how they apply a standard for permanent or temporary hardship. I suppose I am lucky in that regard, the Dept. of ED recently discharged a hefty amount of my student loan in BK because I was able to prove a long term hardship. I made that point in my HAMP paperwork also. If they (Chase) come back stating I have a temporary hardship and deny perm. mod, I have the US Attorney's office, federal judge and Dept. of ED that say otherwise. I am wondering now if some of those in BK can use that as point to prove their level of hardship? Just a thought.
I think this comes down to degree of hardship now. The lenders must be rating "hardship levels" and applying them as they see fit. If you have become disabled, have a medical condition, or experienced a death resulting in loss of income, that it surely permanent. Loss of a job, well I guess they can always say the bad economy is temporary and will some day improve. Criteria for disability is I think anywhere from 2-5 years.Regardless if your job loss is temporary, the HAMP program should give you reduced rate for a few years until economy and employment improves. I thought that is what the purpose of it was.
Im sure that formula they are applying for hardship is a well cloaked secret. Anything in the guidelines about how to determine hardship level? There should be.

[cliffdweller]

thanks Snapple. Helpful thoughts as usual. I think Famlena posted earlier that the banks had crunched numbers and decided to let the foreclosures flow, when there was suspicion of re-default. Don't know how this is going to shake out. How much leverage does/should the government have to influence these decisions? More jobs are critical..husband is thinking of being re-trained after 20 years in the Carpentry business..he is amazing at what he does...true artist...but people don't want to pay for custom work.

[rachel_p]

Originally Posted by cliffdweller

thanks Snapple. Helpful thoughts as usual. I think Famlena posted earlier that the banks had crunched numbers and decided to let the foreclosures flow, when there was suspicion of re-default. Don't know how this is going to shake out. How much leverage does/should the government have to influence these decisions? More jobs are critical..husband is thinking of being re-trained after 20 years in the Carpentry business..he is amazing at what he does...true artist...but people don't want to pay for custom work.

But they can't foreclose if you can pay the $$ past due and continue making the regularly payments...can they????

[snapple candy]

They may try but if you make good on the past due, I dont think they can proceed.

CW, yes know one appreciates or can pay for custom work right now. Is there any where in the country that could use that kind of skill that he could go to temporarily? This is where it is good to have a 2nd and third skill set as back up. I am re-training myself but more updating an old skill set to get back to a decent paying job. I am having to go back to a field I left years ago cause I didnt enjoy it but its technical and will serve me well in the long run. I start school full-time next week (ugh) and not sure how I will manage it and working part-time at low wages. Its gonna take me a couple years to get back in the game again. Im sure custom carpentry will come back, you just dont know when. So much uncertainity and no crystal ball.

[cliffdweller]

Originally Posted by rachel_p

But they can't foreclose if you can pay the $$ past due and continue making the regularly payments...can they????

Rachel,
No - I do not think they will foreclose on you. There is protection for you if you can truly demonstrate that you can afford a modified payment, AND you are in a position where something CHANGED, that is enduring, outside of your control, to place you in a hardship position.

Snapple,
It would be really hard on us for him to move away, and me stay here, but it is a thought. Agree on the 2nd and 3rd skill set. He is soooo good at what he does, but he is not a good marketeer...I tell him that is what we need to work on. There must be wealthy folks who will pay for beautiful craftsmanship.

[cliffdweller]

Snapple,
Best of luck to you as well...I think you are so smart..I see you as a Paralegal..just my few cents based on your posts.

[famlena]

I called the Homeowner's Assistance Department 800-848-9380 as indicated in the denial letter to see what the next step would be for me. The rep looked at my file and said that it is still being processed. There wasn't anything she can tell me since that's what is showing in her system. I told her that I received the denial yesterday. She told me to call my negotiator which I called immediately and my negotiator doesn't even know why I received the letter since she thought that she would be the one to notify me once she knows. She said that my file is with the Vice President. She checked with her supervisor & they have no idea about the denial. She said she will research it and let me know. She told me to fax in the denial letter to her.

I then called the Imminent Default Department 877-830-1837 which was also provided on the denial letter. The rep said that I probably got denial letter because it was related to my bk that I had filed last year. He told me to contact the bk department to have the loan reinstated and then call back and they will set me up on another trial. What the heck?!

I never even included my primary resident in the bk. It doesn't make sense how my discharged bk has anything to do with them. I currently do not have any debts, car payments or creditors. I am completely lost. No one at Chase seem to know anything!!!

[flyingpuppy99]

I am worried. I will be making my 5th MHAP trial payment Oct 1st. I have called several times and have just been told my account is in process. I have never been asked for up to date pay stubs nor have I been told some one is working on my file. I see a lot of people have emils and phone numbers to people. Worrys me that I have nothing.
I can not afford the tiral payment any more. It takes all my take home pay. I have nothing left to live off of.
I will be getting married in Oct. But that wont help because he has no income and He will be filing for SS in October.
I love my house....and it just rips me apart thinking about having to walk away from every thing and file chapter 7

[SONORACADREAM]

Hello, I am a Carpenter and was born in Los gats Ca and lived in the santa cruz mountain's most of my life until traffic drove me nuts I am new to posting here but have read alot sad stories. I purchased a real fixer upper in Sonora Ca. I had to gut the kitched because it was not disclosed to me buy the realtor (who lives two houses down) that the guy I purchased from inherited 3 million and did it all in Crank,cars and a surveylence system on 10 acres then he destroyed the kitchen cooking meth. I was never told, and all the neighbors new there were wierd smells coming from the home and what he was up to, not the realtor?. I had to gut the house. I am a little over 2 months behind on the first Neg ARM loan with thde four pay option? They decided to change it and mess with the term's without my knowledge they even added a armortization schedeuele for 40 years locked in they stated they were going to add 100 a month towards principle and make it affordable for me and my family. How? Way beyond methey changed it again and are paying 1/3 in principle without my knowledge 460k and the second is 260 chase.wamoo is supposed to be doing the 100 bucks over my first mortguage payment for three months.I do have VARIABLE income I told them and was referred from the Florida gal to the loan department modification for California homeowners to COSTA RICA?, because of the overbearing load the American receptionist responded. i in shock to say the least, the guy was asking what my net pay was, sorry but gross is all I can give until all the deductions I pay in Medical bills
I spoke with Juan who approved the Mod and it is higher than my first was for three month's I get the bank mod package it says it has to be there in 10 days of reciept of package deal now I question this and disclose all this houses history to the realtor and bank.
I have been here for 5 years and have never made a late payment, ever.
I am almost maxed on credit cards I used to pay high deductables, I have a Daughter witha Bad eating disorder,Counceling at 125,00 hr humbled my little charges for home repairs. I told them my Gross incom at this point is 1900 to 4000 a month . I was making more until I had sharp stabbing pain my side down my leg. I could not walk. another 2500 deductible.
I am honestly so depressed I have lost interest almost everything, I have to run after my 16 yr old daughter as she runs away, cetch up with her and say I need exercise and want to run away to with her and talk, it is in the boonies and there are a few sick minds driving around at night.
Chase will NOT get my three month payment, watching this site for a year now, I see no hope HOPE NOW!!!.Full disclosure is how it will be sold and this guy had a reputation of haning out with all the addicts at his home. My German Shepherd was the best move I ever made buying this place. No one wanted to steal form us.

I will call Chase the Turtle tomorrow and let them know they have a awfull record and they can take the mod offer back, I will not sign it is a ripp off.
Sorry for the longh depressing intro, I am a upbeat most of the time. Dont let this be a stumbling block to try it, they WAMU people left a note saying they stopped buy.

Keep up the fight!! Kirk Persing