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

[chasepmt2hot-firefighter]

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

[chasepmt2hot-firefighter]

Any documentation or hearsay, are they ready to proceed? They've only had since March.

[deecee]

I just read through all of these threads and it doesn't appear that anyone has. I have absolutely no faith that permanent mods are a possibility for any borrower who was current before going on the trial plan. I don't believe that Chase has any intention of working with homeowners

[chasepmt2hot-firefighter]

It would be really, really, really nice if *** or Moe would reply to this serious question.

[Moe Bedard]

Sorry for the late reply here. I could not find or recollect a single one. Not good.

[snapple candy]

Yes, I have not seen any yet either.

[chasepmt2hot-firefighter]

Anyone know why? Any truth to these excuses? Some magical tool they are awaiting? Only two people (whom are confined to a room w/out phones) out of the entire company are educated to calculate the formulas? Paperwork not yet ready from the Chase Legal department, etc.? How can one company take this long and still can't figure it out? They either want to really help "the people" or they are trying to tweak the system with every excuse possible to deny 99% applicants in the final stage. The longer they hold the money, the longer they benefit. Instead of this person is struggling, let's do everything in our power to help them. Are they working harder to find a way to manipulate the requirements to hurt the home owner, so they help themselves? If they only would use this energy to help us, they could make our world a better place. Happy families are more productive. Look how many man hours they've used in four months...

[NohelpfromEMC]

Not sure if I can post links here but here goes.

Chase modifies 138,000 mortgages - Business First of Louisville:


They claim they are helping...

[deecee]

Originally Posted by NohelpfromEMC

Not sure if I can post links here but here goes.

Chase modifies 138,000 mortgages - Business First of Louisville:


They claim they are helping...

these are trial mods. I don't believe anyone has been moved to a permanent mod.

[chasepmt2hot-firefighter]

This is TOTALLY 100% misleading... This article could legally be torn to shreds...

How about... X people were 100% completely modified, utilizing the MHA program. X people were 100% completely modified by Chase's own programs (they emphasize they have soooo many options available). X loans were extended to 40 year terms & X had rates reduced to 2.7%. Chase has now proven to keep their word... (NOT)

These files are now complete and families are no longer in limbo. The economy will start to see a difference, one file at a time. Chase is great, we honor our word, we help real people w/ real lives. We ease the pain by not dragging our feet, making up excuses and extra requirements that we actually don't really need to get the job done. Families are now being families, laughing, smiling, appreciating life and all the small things that make life worth living.

Is this possible? The jury is still out...

[NohelpfromEMC]

Yes it is misleading...They make themselves look so good to the public when actually they have done nothing but stall people and create false hopes.

Maybe I will change my opinion when I see one Chase/Wamu/EMC COMPLETE success on here.

[snapple candy]

Makes me wanna puke!

[cliffdweller]

I believe that we are going to see a number of permanent modifications. I think that July 1 was the 3rd Trial Mod payment for a number of folks. If I am correct, that would mean the next 60-90 days will be telling. The biggest question for me is how much credit scores will really figure into the final equation, and what debt/income ratio they will be looking for. The market is going to be flooded with foreclosures soon, driving real estate prices down even further. If I was a bank, I think I would rather negotiate a one-time modification sooner rather than later, but then that's me....

[shade]

cliffdweller - it was my assumption that there was no limit on backend debt to income

[cliffdweller]

Shade,
I really don't know what is going to happen when it comes to permanent
mods - my fear is that rules might change a bit. The bank is going to be
looking for the best candidates I think, but I really don't know. I am not
a part of the MHA plan, so rules may vary for that. My loan is WaMu - owned
with no Freddie/Fannie backing. I think WaMu may hav more stringent guidelines,
but again, not sure what to expect.

[shade]

Ah- your at the mercy of wamu and the guidlines they put in place that hour.
Ouch - hoping the best for ya

[Chased around and around]

Originally Posted by cliffdweller

The market is going to be flooded with foreclosures soon, driving real estate prices down even further. If I was a bank, I think I would rather negotiate a one-time modification sooner rather than later, but then that's me....

You are correct, there are some 9 million ARMs adjusting this year, we are not even close to seeing the down turn in housing. Especially here in Southern California.

Oh forgot to add, a huge amount of the commercial loans are 5/1 and they will be adjusting 2010 and 2011...

[diana0806]

Hey firefighter, any update on your situation? From one civil servent to another. Hope all is well. We will prevail!!!!!!!!

[Marie T]

Cliffdweller..

You and I are in the same boat, with our lovely WAMU-owned loan. For the life of me I cannot see how it is that WAMU is still calling the shots on getting the loans restructured.

We have the added disadvantage of not having FreddieMac or FannieMae loans as it seems that those who have those are doing better getting modified.

I know that WAMU still has all our physical files and those have not transferred over to Chase and I have heard it may take at least two years for that to happen. It still does not explain if Chase bought ALL of WAMU's assets last September, shouldn't Chase be in charge of future earnings/losses on the loans they bought? It seems to me that would be like someone buying a rental property but then having the prior owner make every decision. I could even understand it if WAMU was the servicer for an investor but that is not the case as they did not sell my loan off to an investor.

This just baffles me and noone at WAMU or Chase has been able to explain it to me in a way that makes any sense at all.

[snapple candy]

Marie,
WAMU has transitioned over all the HELOCs to Chase. My negotiator said the final WAMU to Chase conversion happening this week. We'll see.

Yah know, I talked with an investor guy whom told me him and others have had success in principal reductions, extinguishing of delinquent payments, all kinds of good stuff. It doesnt matter if it isnt a fannie or freddie. It appears they had to work with attorneys to get the job done...of course it will cost you. In the end, it may be well worth it. He said that pay close attention to final mod papers that have you "reaffirm". His advice, dont sign it.

[kirkspal]

I am getting ready to pay my 6th month of my forbearance payment on my 3 month forbearance. I was supposed to be contacted by August with information about the loan modification process and still have not gotten a phone call. I have made a million myself and always get the same answer-just wait longer. Supposedly my account finally went into review with an analyst 2 weeks ago. I was supposed to hear within a week, then I was told 45-90 days when I called that next week, I didn't like that answer so I called the next day and heard 2 weeks. Does it ever end?

[BudgetCutsinOC]

forebearance plan is very different that the "3 month trial"....I actually got denied for the forebearance plan(not enough income), thank god,, then they transfered me to see if I qualified for the 3 month plan. which I did.

[Marie T]

Originally Posted by snapple candy

Marie,
WAMU has transitioned over all the HELOCs to Chase. My negotiator said the final WAMU to Chase conversion happening this week. We'll see.

Yah know, I talked with an investor guy whom told me him and others have had success in principal reductions, extinguishing of delinquent payments, all kinds of good stuff. It doesnt matter if it isnt a fannie or freddie. It appears they had to work with attorneys to get the job done...of course it will cost you. In the end, it may be well worth it. He said that pay close attention to final mod papers that have you "reaffirm". His advice, dont sign it.

Hi Snapple,

The investor guy you spoke to.....is he getting WAMU to reduce the principal when he buys the houses or does he own the houses already and getting WAMU to do principal reduction then? Unless there is some fraud in the financing, I am not sure how an attorney could help with that. I even talked to one attorney who told me it did not matter if there was fraud at my closing, I signed the paperwork. I'm not hiring him!!!

I have been searching for an attorney to handle this and I know I will have to pay for it. I know that the house is not worth as much as Chase thinks it is because thay are not aware of all the structural issues in addition to what the regular reduced value would be. On the advice of the counselor at Chase Homeownership Center, I spent about four hours writing an addendum to the hardship letter detailing the defects and structural issues and I am pretty sure they did not even look at it. I was told by a realtor that I would have an extremely tough time selling the house as I have to legally disclose everything that is wrong with it, and so would Chase before they sell it.

I am really wondering if I have any kind of case (besides my consumer fraud deal) because Chase finally FedExed the 3 month trial plan Sept 7 and it says that it must be signed and first payment back by Sept 1st....it's already late! I cannot afford the $700 increased payment.

[snapple candy]

Marie, is yours a fannie or freddie loan? There are new guidelines put out that state if the paperwork sent out after the 15th of the month, the first payment is not due until the month following on the 1st. (EX: after August 15, due date Oct 1)

As for investor person, his statement was general. His investor buddies are achieving principal reductions on their properties thru attorneys. No mention of any particular lender. I will be calling him this week and find out more. It may be finding the right attorney who has expertise and willing to play hard ball. He did mention requesting the QWR (qualified written request) hung the lenders up quite a bit.
Well Marie, I can only say if it was me....I would not do it. Chase offered me a mod back in February that wasnt a long term sustainable solution. I turned it down. They started foreclosure proceedings while processing my HAMP application. I did request from the trustee that I wanted an accounting/audit too in addition to OCC complaint. I do not know for sure what got me the trial. It seems though that the foreclosure was recinded around the time the trustee got my certified letter requesting the audit.
As you can see, in the end all of our fighting to get an affordable mod may not result in much in the end as some now getting turned down for bs reasons.
I ran into another mortgage broker at my work and he said it is like fishing in a pond and one person out of 5 gets a FISH (mod). There is no rhyme or reason as to how that one person got it either considering they all used the same bait. I think there will be a lucky few that achieve it to show some did get one.

[shade]

Snapple - while you are right about the 15th and then the first of the following month this is again not happening.
I received my official paperwork on like the 24th of August and first payment due was Sept 1.
Pricks arent going by the rules but no one is going to do anything.....