New Thread - Reporting 3 Month Trial Updates

[snapple candy]

They know its a problem and trying to address it I suppose but I do think it is all part of the plan. they simply dont make money doing mods and will drag their feet as long as it suits them.

Smit, you are not alone in the despair in all this. After 1 year, I feel like the life has been drained from me and without little hope left. Although I am resigned to the fact I may walk away even after final terms offered (thats when I see it) I have leaarned to accept what I cannot control. I am tired of fighting as many are. They grind us down and spit us out. Only the strongest survive and what we get in the end remains to be seen although I am not expecting much out of any of these lenders.

[amiracleplease]

When did 3 month trial start : 07-01-09 "first mortgage" 4mnth trial
Have you been using Western Union Quick Collect? NO, certified funds
What is the payment schedule? : 7-1-09 / 8-1-09 / 9-1-09 /10/01/09
What trial payments have been made to date :7-1-09
Was CHASE loan, fannie mae
received Forbearance paper then apply for perm mod. Told I qualify for MHA. will go right into MHA.

on second: I am refusing 3 month verbal trial start : 08-01-09
Have you been using Western Union Quick Collect? they want to automatically deduct from my account. "can only done on this plan, by automatic deduct from account.
What is the payment schedule? : 8-01-09 / 9-1-09 / 10-1-09 /
Was CHASE loan, FHA fannie mae

im told based on what happens to the first will follow same on second. told that until the first loan is completely mod. they will not modify my second.

I will do forb on first. see if it auto goes into MHA. then I will deal with my second. I will not do a verbal, I will not make any more payments on second. and see where it goes.....

[snapple candy]

amiracle,
Thought you would appreciate this: Chase sent me a promotional offer of $100 to set up an checking account at their bank. Ha like I am so stupid to put all my money there and they can monitor my spending habits and the like. I think I will set up and only deposit just enough funds to make electronic payment for trial mod.

That was an easy $100.

[amiracleplease]

that is just to funny.
Chase is trying every angle to scrap every penny they can from us.
I would never do it either.

funny thing is rep tells me on 2nd in order to do this temp forb. and we will go from here. you have to set up were they automatically deduct from your account..... "give all that to me in writting" lol

i refuse to do this poor temp forb. based on this will only help keep you out of forclosure. They want to take me for every extra penny they can. The hard thing is if people are taking any number they throw out there with out the correct calculations then you are going along with a plan, that most likely was poorly put together. i look at it like this until a stable plan is set i am not going to give any extra money that I may loose anyway. POOR attitude but reality...
ps: it is important we donot give in, because poor decisions will just bring us back to this same position we are in today.

Once this mod stuff is over. me & the husband swore we will never borrow nothing extra..... "lets pray"

[kathy2008]

I have contacted Chase 3 times since my final "trial" payment was made on 7/1. Since they redid their computers they have not been able to give me any real information regarding my perm modification. I was told by 2 of the 3 reps that I will receive the perm papers in about 30 days. (The other rep gave me no information other than the computers were down and to call back in a few days) I will still call each week. More to come .....

[amiracleplease]

Hello kathy2008,
I would send them a certified letter, and also fax them a letter. the question i would have is now that my Forb agreement is complete, i am awaiting for the paper work on complete my loan modification, as per our agreement i have completed our agreement on my end and awaiting for finalized papers.
**the question I would have is
you are complete with your forb. do you make another payment? and how much?
or do you hold it..because they may not complete your mod and blame that it on Obama again.

[snapple candy]

amiracle,

I suspect the forbearance thing was a ploy to stretch it out so they could continue to rack up delinquent amounts as well as continue to charge your the interest in original contract. They dont set the final cap on the interest rate until the end of the trial mod period. I do believe they are delaying for a reason...and it isnt in our favor.

[amiracleplease]

Im afraid they are passing the time, collecting every penny the could, to tell us a disappointment at the end. The banks can find away around everything.

Insurance company rule the court system
banking rule the Lawyers & Judges
and the Lawyers & Judges make the law...
go figure. we are the tiny people who are in trouble.
Have you ever seen an Lawyer ********?

[lost at "C"]

I am paying my 3rd trial payment today. We actually started this process in Nov of 08...1st trial payment was 5-1 2nd was 6-1 3rd will be today 7-10. All were Western Union....all were probably in actuallity about the 2nd week of each of those months....we called Chase and they advised it was ok to pay within the grace period as long as we called so they could note our account. Will update what comes next.....

[amiracleplease]

Is this with your first mortgage? and did you get in writting? and did they tell you what happens after the trial base is over?

[smit5454]

I will be sending them my last payment this week. Still yet to see anyone who got a permanent mod. Unbelievable.

[amiracleplease]

I have noticed that some people are on the forb. 3 mnth payment plan, and some on 4 mnths forb plan.
** I also see some receive notice before they pay there entire 3-4 mnth forb plan is up they receive there documents for the full modification. far and few
but again no direction as to what is happening. no standard steps..

Its going to be very interesting to see what is happening now that there forb.
is met and now CHASE is to modify the loan... we shall see.. LETS HOPE FOR A LIGHT AT THE TUNNEL.. so we can breath and live again. and stop this unjustified behavior....

[antel]

Hi,
I started my trial payment 4-15, 5-1 and 6-1, made all the payment on time thru western union. After I made the 3 month trial period, I called chase and asked me for.updated docs and they told me it will take at least 30 days to review. That was 1st week of june. Now they wanted me to send another payment bu july 15 same amount as my trial payment while my file.is still undere review. I'm so stressed right now that even if I completed my trial payment, they still can't figure out to do. They can't give me a clear answer.....now I don't know what's next.

[flyingpuppy99]

When did 3 month trial start : 6-1-09
Have you been using Western Union Quick Collect? No (personal checks)
What is the payment schedule? : 6-1-09 / 7-1-09 / 8-1-09/ 9-1-09
What trial payments have been made to date : 6-1-09 / 7-1-09

I called on 7/10 to ask where my mod was at. I was told no one would see if I qualified for a pernament mod until after they recived the 8/1/09 payment. And it would take at least 30 days after that to see if I qualified for any thing. They said that is why they sent a coupon for my 9/1 payment.

I dont understand why they can not have every thing ready so that when you make your 3rd payment they are ready to tell you if you qualify for a pernament mod or not.

Chase sent the attorney General and I a generic letter saying they were sorry that Chase did not meet my standrds and that I was offered a trial period and that it was UP TO ME to call and find out if I would qualify for a pernament mod. I have been the one doing all the calling since November of 08. ugh

[MW87178]

I made my third payment on july 1. have called several times for an update on the status of my perm. mod only to be told that they still don't have any programs in place for me at this time! the analyst again said that if they don't have a program for me before 8/1 then i can make another trial payment on 8/1 while i continue to wait. he has offered no words of encouragement at all, basically sounds like he can't wait to get off the phone- don't call me, i'll call you kind of a thing. of course i call 1-2 times/week regardless. a month ago before i'd made my 3rd payment he had said i would be getting the perm mod. before 8/1, very encouraging and confident. that voice is gone. something is definitely up here. still have not of heard of a single person in this forum get a perm mod after the trail period. just hoping that they will come soon.

[amiracleplease]

Originally Posted by antel

Hi,
I started my trial payment 4-15, 5-1 and 6-1, made all the payment on time thru western union. After I made the 3 month trial period, I called chase and asked me for.updated docs and they told me it will take at least 30 days to review. That was 1st week of june. Now they wanted me to send another payment bu july 15 same amount as my trial payment while my file.is still undere review. I'm so stressed right now that even if I completed my trial payment, they still can't figure out to do. They can't give me a clear answer.....now I don't know what's next.

This is exactly what we are all afraid of.... SHAME ON CHASE!!!!!!
contact the executive office, The SAG Office, FTC, OCC. complain to all of them and the FTC will give you a reference number maybe they will put some pressure on them.. also the executive office. It sounds like once again they are extremely on organized and it has just delayed more time for CHASE... This is exactly why we do not want to sign a forb agreement. SAD.... I feel like a little puppet doing as they say... I would also certify them a letter with your forb agreement with copies of there checks and say you have done exactley as they requested you would appreciate some closure to this stressfull situation. .....They either expect you to hit the lottery or give up....

[Chased around and around]

Well after hiring a mod company in April and talking to chase a few times I have come to the conclusion they have no clue what to do next.

So far according to the mod company not one single mod has had any terms for a new loan after the third payment is done on this new plan.

All of the banks are flying by the seat of their pants.

I did find out about chase that they are NOT reducing any principles, missed payments and lates will be on the back of the loans and they will give us 5 year loans at a low rate. This way they are hoping the inventory goes down and the prices increase so they can recoup their original amounts and see what the market will bear in 5 years.

Well here in CA my condo purchased in 2007 at 535K is now worth 316K according to the tax assessor dated 7-10-09.

So far they have not set me up on any payment plan, stoped payment on both loans 2-28-09.

Right now chase is asking I pay the second loan in full each month so the loan does not go to the recovery dept and goes to charge off. I did make the June and July payment on the second.

I figure $835.00 a month is worth it til they can figure out witch way is up.

I have set in my mind now that I am not emotionally attached to this property and if the 5 year loan is not worth it to us, we will walk...

[snoop78]

my trial period is for 6/15-7/1-8/1 our said forebearance we are about to pay our second one because we sent in a lump sum because we were 3 months behind emptied our savings and then got the forebearance of course we could not get our money back so we set up a payment plan to be paid at the end of each month which they said would be ok. it's not the obama plan because we don't have a fannie mae/freddie mac loan. they only said it was a forbearance and would let us know if we will recieve a mod at the end of forbearance. i don't trust chase so we are getting things in order to file bankrupty and move to an apt for cheaper rent. i hope they can do something for us but if not we can't wait to be put out of our home.

[Hodgini66]

Snapple Candy: I received the same offer for $100. Headed there next week for my freebie too! :-D

As far as interest rates, the overriding factors are the "guidelines" on what you can pay/afford. They'll "adjust" the interest rates to meet take you up to the 31% limit. For all of us, it means don't take in any extra income or work overtime or accept bonuses. Quit that extra side job for now.

If you have these options, think about what I just wrote above, while coming into the process's final phase and having to "re-qualify" for the permanent mod.


MW87178: On the credit rating issue, there are guidelines issued by the govm't on this. https://www.hmpadmin.com/portal/docs/sd0901faqs.pdf


Q28: How should borrower payments be reported to credit reporting agencies during the Trial Period?

Servicers should continue to report a "full file" status report to the four major credit reporting agencies while evaluating a borrower for program eligibility and during the Trial Period Plan. If a borrower is current when they enter the Trial Period, the servicer should report the borrower current but on a modified payment if the borrower makes timely payments by the 30th day of each Trial Period month at the modified amount during the Trial Period. If a borrower is delinquent when they enter the Trial Period, the servicer should continue to report in such a manner that accurately reflects the borrower’s delinquency and workout status following usual and customary reporting standards.

In both cases the servicer should report the modification when it becomes final.


amiricleplease: On the 2nd mortgage, I'd do the same exact thing if they won't provide a binding contract/paperwork. That's my plan. I'm lucky that Chase OWNS and services both mortgages. If you don't pay it, they'll start dealing in good faith.

I'm about to start on the trial plan, will post details here shortly.

BTW, EXCELLENT THREAD IDEA!

[amiracleplease]

I Expressed to 2nd Mortgage group. "mind you both Chase" "one does not know what the other is doing" i expressed once the first is completely modified then I will be able to move forward on my second. I will not make any payments until I am securely sure what is happening on my first.
I WAS TOLD BY CHASE REP.. that they could not modify my equity line until my first modification was complete, then it would mirror my first.

OK SO BE IT.. they called the shot now I will do the same ....no payment until complete and then at least I will have more direction...... My credit is shot to hell thanks to Chase prolonging process..... I have received letter from credit cards ... do to reporting of other creditors my rates have been increased, my balances were cut off, a domino of HELL.... Now no payment to the cc either and I will deal with them after this mess. i think for me Debt settlement offer will be the way to go. if not bankrupcy.... I never in my life thought I would live with this type off mess. This is all totally against the way I do business and banking.

[lost at "C"]

My husband and I also have had excellent credit before this mess and it is now shot to hell!! We wonder if we will be able to get an apartment if this doesn't work out. This is the 3rd house we have owned in 20 years since we have been married and we have never missed a payment on any of them ever or even been late!! We are at a point now that if this doesn't work out we will have to walk away and start all over (hopefully!!)

[antel]

Update:
I called chase today to inform them about payment I sent thru WU. I asked them the status of my file and she told me that the last update she has is that yesterday, it was submitted to the underwriter and that it should take another 30 days to complete. In the meantime, she told me to continue paying the trial mod amount even ifd the 3 month trial is over until they come up with the decision.

[lost at "C"]

I can't tell you how many times i have called Chase and asked the status of my file and the standard answer is always "Its in underwriting, keep paying though". No can do anymore...

[snoop78]

I think a good idea for everyone on this forum to do is to start naming names of the people we are talking to at chase because some people you talk to make sense and some can't even speak english well. that way when whoever answers the phone says thier name we will know if they are the person to talk to or hang up. I have been fortunate to talk to a guy his name is marcus i have gotten him on the line at least 4 times in one month he has been the most helpful for me.

[amiracleplease]

Originally Posted by smit5454

I will be sending them my last payment this week. Still yet to see anyone who got a permanent mod. Unbelievable.

Hello smit5454 can you give us an update as to status with your modification. "thank you" look forward hearing some good news.