New Thread - Reporting 3 Month Trial Updates

[unique101]

I was current on my mortgage. why I was put on forebearance is a mistery. I contact Chase at the end of April.My forebearance began in May. My payment due: May 1, June 1, & July 1. Submitted last payment on June 26th. Made phone call to my neigotator and she indicated now I am pre qualified for the Obama modification program. I will need to do another 3 month trial that will start Aug 1, Sept 1, Oct 1. When this is complete she indicated I will move to a permanent modification. Will see how this will go. Wish me luck.

[cooper04]

When did 3 month trial start : 5-15-09

Have you been using Western Union Quick Collect? NO, certified funds
What is the payment schedule? : 5-15-09 / 6-15-09 / 7-15-09 / & 8-15-09
What trial payments have been made to date : 5-15-09/6-15-09
Was WaMu loan, WaMu owned
We were 8 payments behind
We signed up for Obama's MHA Program

CLIFFDWELLER: curious why you said you were not eligiable for the MHA program since your loan was owned by WaMu...ours is as well but we were offered the MHA

[snapple candy]

Unique, it is not uncommon to hear many Chase people put on these forebearances thinking they were on the MHA trial program. After 3 or 4mths on forbearance, they roll you over to the MHA 3mth trial program. Personally, I think they did it to buy time...to wait for interest rates to go up so when they negotiate the perm mods the ending interest is highest or higher than now...they also get to continue to collect at your current rate (racking up interest during trial mod) until the final mod achieved. It is all tacked on to the end of your loan of course.

[Marie T]

Look at CHASE'S website - they have figures on there (news release) as of yesterday with all the trial mods. It looks promising -

[snapple candy]

Marie, notice that they have approved people for "trial mods" only. None of us have seen the final outcomes yet. The proof will be in the permanent mods approved and most importantly the FINAL terms. I dont believe this numbers and nayone can skew data to make themselves look good. These video clips of people and the music...its all PR. Do any of us really feel like we have had help from CHASE/WAMU? My only hope is that all of our fighting will help those that come after us.

Chase Approves 138,000 Trial Mortgage Modifications in the Last Three Months.

155,000 more modification requests in process or under review
Has prevented 565,000 foreclosures since 2007
NEW YORK, June 30, 2009 - Chase announced today that it has approved 138,000 trial mortgage modifications for struggling homeowners since April 6, when it began processing trial modifications through President Obama's Making Home Affordable program.
Since 2007, Chase has continued to expand its comprehensive plan to keep families in their homes, helping prevent 565,000 foreclosures — including the 138,000 trial modifications -- for Chase, WaMu and EMC customers. Another 155,000 applications are in the review process.
"We have made terrific progress since April 6 in helping families with trial modifications by ramping up our capacity through hiring people, adding office space and investing in technology," said Charlie Scharf, head of Retail Financial Services at JPMorgan Chase & Co. "We also clearly understand that many more families are anxious about their homes and need to hear from us as quickly as possible. We are committed to do whatever is necessary to help homeowners who qualify for these programs."

Trial Modifications Since April 6	Approved	Borrower made first modified payment
Making Home Affordable Modifications	87,100	44,100
Chase Modifications	50,900	9,500
Total Modifications	138,000	53,600

Chase has approved the trial modifications under:
The Making Home Affordable Program: Chase first determines whether struggling homeowners qualify for this program and already has approved 87,100 trial modifications; 44,100 of these customers have made their first modified payment.
For borrowers facing financial hardship, the program seeks to reduce mortgage payments for principal, interest, property taxes and hazard insurance to 31 percent of their gross income, usually by reducing the interest rate or extending the length of the loan.
Chase's Modification Program: This program is used for loans that do not qualify for the Making Home Affordable Program. Chase has approved 50,900 trial modifications, and 9,500 of them have already made their first modified payment.
Both modification programs require the borrower to make three modified payments in full and on time and to submit additional documentation, including income verification, so that the modifications can become permanent.
"We are encouraged that more than 53,000 families have already made the first payment for their trial modifications," Scharf said. "But we know it is extremely early in the program, so it is difficult to gauge its ultimate success."
Chase generally stops foreclosure while reviewing a mortgage for modification. If a loan does not qualify for a Making Home Affordable or a Chase modification, it is referred to the loss mitigation department, which will consider more traditional plans as well as short sales and deeds in lieu of foreclosure.
Chase started taking steps to implement the Making Home Affordable Program before initial details were announced in early March and began processing trial loan modifications April 6 even as the government continues to make additional key decisions about the program and communicate them to mortgage servicers.
"It has taken some time to put the resources in place to handle the extraordinary customer demand during this crisis, to incorporate each update to the Making Home Affordable Program, and then to properly evaluate each borrower's situation," Scharf said. "Over the last three months, we have made great improvements and we expect the numbers of approved modifications to continue to grow for some time.".
In the last three months, there have been more than 1.9 million visits to Chase's www.chase.com/myhome website, which provides information to help struggling homeowners, including downloadable applications for mortgage modifications.
Since January 1, Chase has:

• Added 950 loan counselors, bringing the total to 3,500, and it plans to add hundreds more in the weeks ahead.
• Hired 2,000 additional mortgage operations employees to handle the unprecedented volume generated by the troubled economy and housing market.
• Opened 27 Chase Homeownership Centers — three more than originally planned -- where struggling borrowers around the country can meet face to face with trained counselors. More than 20,000 borrowers have met with counselors at the centers.

Chase services about 10.3 million loans, including about 8 million loans for investors.

[cliffdweller]

I heard a good one that seems to apply here:

"Experience is the name everyone gives to their mistakes" Oscar Wilde

The banks don't appear to be too good at proactivity...only reactivity...I think they just don't know what is going to happen to their pocketbook with these thousands and thousands of modifications...

[cliffdweller]

Snapple,
I gotta say Yes - I feel that I have been helped. I have been able to stay in my home when I did not make a payment for almost 5 months, and then received 3 months at almost $1k/month reduction. Yes - it will be added to the back of my mortgage, but that is OK with me. I mean we have to share some of the burden of a tanked economy, generated by a number of factors, including excess consumer spending. No...not a WaMu/Chase fan or bank employee in disguise....

[snapple candy]

Yeah, I dont mind carrying some of the burden but when it is disguised in actions that they are meant to profit from us, on top of extreme stress....well you know what I mean CW. They knew this was coming a long time ago and I think planned out. I do not believe they have acted in good faith. The bottom line, is that I have been put thru the ringer by my lender for 1 year and had to fight every step of the way. It was practically a full time job fighting them. I may have a reduced payment now, but its when and if we recieve final mods is where the true test will lie. I like the OScar Wilde saying. Have a good 4th CW

[cliffdweller]

I understand and commend you both on your fight and the amount of help you have given to others through the process!

Not feeling so independent these days...but relishing the notion for sure. Same to you!!

[rlhoneydew]

Hi,
When did 3 month trial start : 6-1-09
Have you been using Western Union Quick Collect? No, I have paid with a personal check - my servicer is Saxon Mortgage.
What is the payment schedule? : 6-1-09 / 7-1-09 / 8-1-09
What trial payments have been made to date : 6-1-09 / 7-1-09
**Note that my trial payment was not calculated correctly (at 31%) be careful....and they say it should be adjusted at underwriting.

I was not past due on any of my payments.

My husband and I are still gainfully employed.... thank God. We were anticipating a huge interest rate increase as of April, this is what prompted our request for a modification (we also had immense medical costs related to our son in 2008, that we are still paying for.)

I am rooting for you...

[MNdaddy]

My loan is a WaMu serviced Freddie...went through first trial in 2008, and in 2009, got "approved" for the Obama plan, and made my 3 trial payments, 4/7, 5/7, and 6/7. Have been told that it will be mid-July that I hear about the permanent work-out.

I'm keeping a log of my progress in a thread called "WAMU/Chase; Where I am in the process."

[AACPA]

rlhoneydew:

Can you tell us when you applied for the mod? Many of us applied as soon as the Obama plan was released and yet most of us have not even got as far as a trial payment yet. I'm going on 3 months of waiting just to get to underwriting.

[rlhoneydew]

Hi AACPA,

I originally applied for a mod. on 3/11/09 (faxed Saxon paperwork including hardship letter, tax info, income, etc.)

On my hardship letter, I requested to be considered under the HAMP modification plan. I guess because they had not "signed on" at that point, the only processed mine through their regular channels.

I kept in contact at least a couple times a week, I always spoke with a different rep. when I called, and they always had a different story.... not consistent.

On 5/8/09 I called and they told me I was not approved for the modification (they never called me). I began the water works & the gentlemen on the phone asked me to hold to see what he could do. I was transferred to the "HAMP (Obama) Mod Dept." They took all my info., and said I DID pre-qualify for the HAMP plan. They said because my mod. was requested prior to the implementation of the HAMP, I was not inititally considered for it.

They overnighted the HAMP paperwork, and sent me an overnight envelope so that I could send my 1st trial payment check, and completed paperwork right back. I sent it on 5/13/09.

They sent a form back with their signature on it - which I later determined was my "approval".

I sent my 2nd trial payment on 6/30 (overnight).

So.. I am anticipating my 3rd payment due 8/1 & I hope that my payment will be recalculated properly. I faxed them a letter recently, asking them to please re-do my payment amount so that it is accurate prior to the mod. being finalized...

Hope that gives you a better idea of the timeline I encountered? If I had just waited to apply until they were actually doing HAMP mods. It might have gone more quickly?!

Good Luck

[CW California]

Originally Posted by snapple candy

Yeah, I dont mind carrying some of the burden but when it is disguised in actions that they are meant to profit from us, on top of extreme stress....well you know what I mean CW. They knew this was coming a long time ago and I think planned out. I do not believe they have acted in good faith. The bottom line, is that I have been put thru the ringer by my lender for 1 year and had to fight every step of the way. It was practically a full time job fighting them. I may have a reduced payment now, but its when and if we recieve final mods is where the true test will lie. I like the OScar Wilde saying. Have a good 4th CW

I agree, I don't mind carrying some of the burden but how about they lower the principal balance to reflect the market that they have collasped. Instead they still will make it back after we pay less (yes lower payment) interest but we make payments without gaining equity and they get all their $$ back when we sell.

[snapple candy]

MN daddy,
Cant wait until we hear your final mod terms. According to Chase, if you get the perm mod, your first perm. payment will be due Sept. 1. I am curious, are you underwater? if so how much? Many of us are waiting with baited breath how these final terms will play out on the MHA program. I like the idea of the 2% for 40 years although I think those terms have not yet been achieved though the MHA program and only on bank owned/investor loans?

[Kalvin09]

When did 3 month trial start : 5-1-09
Have you been using Western Union Quick Collect? No, I have paid with a personal check
What is the payment schedule? : 5-1-09 / 6-1-09 / 7-1-09
What trial payments have been made to date : 5-1-09 / 6-1-09 / 7-1-09
Never had late payments before....

[love40love]

When did 3 month trial start : 5-1-09
Have you been using Western Union Quick Collect? Personal Checks
What is the payment schedule? : 5-1-09 / 6-1-09 / 7-1-09
What trial payments have been made to date : 5-1-09 / 6-1-09 / 7-1-09


I was 3 months late.

[grullagirl]

Making Home Affordable Trial Modification
Three month trial started 6/1/09
Send payment via Cashier's Check
Payments due 6/1, 7/1, 8/1
Sent in 6/1 & 7/1
Freddie Mac Loan
30 days late + had not paid ins. or taxes
Trial payment is 34% of gross income (trial payment includes taxes & insurance)
Since start of trial, Chase paid my taxes and insurance for the year
Also, Chase sent me coupons for the payments and added an additional coupon for Sept. in case I don't hear back re: the permanent modification
We are definately underwater, I would say by $200K

[Shelly17]

Mine is almost the exact same at grullagirl....

Making Home Affordable Trial Modification
Three month trial started 6/1/09
Send payment via Personal check
Payments due 6/1, 7/1, 8/1
Sent in 6/1 & 7/1
Chase Owned
3 months late + had not paid ins. or taxes
Trial payment is 31% of gross income (trial payment includes taxes & insurance)
Since start of trial, Chase paid my taxes and insurance for the year
Also, Chase sent me coupons for the payments and added an additional coupon for Sept. in case I don't hear back re: the permanent modification
We are upside down at least 300K (sometimes I think we are crazy for staying)

[snapple candy]

Interesting. They send some people coupons and some not? I didnt get any and no mention of a fourth payment. I think it is good to know the info about how underwater we all are as a gauge for what final terms might be.
Shelly, I ask myself everyday why I am even considering this too. I will wait for final terms and then make a decision. IF I only get a reduction for 5 years, it wont be worth considering.

[AACPA]

Could those who have been put on trial payments also tell us WHEN you applied for the Obama plan? It would be interesting to see how long it is taking individual cases from the time they applied to the time they were approved for the trial payments. I applied on the 24th of April and I have heard nothing yet and my file is still in underwriting purgatory. Purposely going late has done nothing to get my file any attention from the underwriters.

[MW87178]

I just spoke with my analyst about whether or not there are any programs in place for those of us (like me) who have finished their 3rd trial payment (thru chase, not mha) and he said, "No." They have apparently just switched over to a new computer system and will be getting up to speed all this week. I have to say that I've heard this before and have to wonder if it's not just more and more stalling tactics. Has anyone else heard something more definitive or promising about a perm. mod? From what I've read, no one here who has made 3 payments has received a perm mod yet. Is that right? I'm very eager to hear stories where a perm mod has been finished. Thanks.

[CHANLY]

When did 3 month trial start : 7-1-09 but I got the packet on 7-3-09
Have you been using Western Union Quick Collect? No, I have paid with a money order
What is the payment schedule? : 7-1-09 / 8-1-09 / 9-1-09 and they gave me a 4th coupon for 10-1-09
What trial payments have been made to date : 7-1-09

My last regular payment was made December 2007, I had a ch 13 bankruptcy and the house was included

I started the process around Sept. 08, did not get approved for trial mod until April-with MHA program, received packet with incorrect payment amount, just got it straightened out last Monday with correct payment amount and the new packet was received the same Friday.

I am about $125,000 underwater

[smit5454]

I have yet to find anyone who has received a permanent modification after the 3 month period. My only glimpse of hope is the fact that "Kathy" who was posting in here seemed close back on 7-1, and has stopped posting. The only reason I would stop posting would be if my mod were finally converted, but I would pop in here and give an update to at least give some hope. I tell you what, mod or no mod, any CHASE or affiliated company will NEVER see another nickel from me. What they are putting all of us through seems borderline criminal. Barack needs to grow a pair and drop the hammer on all of these companies like Chase that are taking what is supposed to be a real assistance program and instead turning it into pure hell. I feel like suing them since I have now hit my local shrink for antidepressants because to be honest, this process has taken the one glimpse of hope I had and drained the life out of me.

[smit5454]

Pulled this from a news article from a few days ago.


The Treasury Department is pressuring servicers to streamline the application process. And officials say they will check to make sure banks are following the guidelines.

The soon-to-be-issued reports will include how many loan modifications and refinancings have been extended and how many are underway at each institution. Servicers with low approval levels or high complaint figures will raise red flags. Also, the administration has hired Freddie Mac (F, Fortune 500), the mortgage finance firm now under the government's control, to check the applications that have been approved and rejected.

"It's not just that we're hoping that servicers get out there and get results," Wheeler said