New Thread - Reporting 3 Month Trial Updates

[smit5454]

I would like to start a thread where people post where they are in the 3-month trial program, as well as where they may be currently if the 3 month program is complete and a permanent modification is being pursued. I have yet to see anyone complete the loop.

If anyone has interest, please post the following
When did 3 month trial start : 6-1-09
Have you been using Western Union Quick Collect? Yes, per the instructions given
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

If you have completed all 3 payments, can you provide some detail about what Chase is doing to convert you to a permanent modification?


Much appreciated!!

[MW87178]

My 3 month trial began on May 1, 09. I have been making Western Union payments and never received anything to sign, no agreement from Chase, was just told to send in my modified payments via WU. I made my final trial payment for July 1 last week and called my analyst after, as he instructed me to do.

When I called him I was told the following:
1) they forgot to calculate my taxes/insurance into my modified payment and that i would need to make 3 more trial payments at this new amount before Chase would consider me for a permanent mod.

2) that currently there are NO PROGRAMS IN PLACE for me because I wasn't late when I started the trial mod. period!

A week prior this same analyst told me that once I made my final payment I would be getting my permanent mod before August 1 was due. Apparently everything has suddenly changed and he could offer me no sense of when a mod. program for me might be available. In the meantime I am to continue to make WU, modified payments. I convinced the analyst to let me make one lump payment for the 3 month overdue taxes/ins. escrow so that I would not be postponed for 3 more months with no end in sight and he agreed to let me do this. I am to make that payment today, which by the way pretty much empties out my bank acct.

Needless to say, I am furious and feel that I have done everything they have asked and am getting the run around and unbelievable stalling. I believe that they do not want to modify our loans. I began this process in November 08. I have no idea who to turn to or call at Chaser. Please let me know if any of you have any thoughts. For all of your sake I'm hoping that this isn't a sign of what's to come for everyone else.

thanks so much.

[smit5454]

MW,

That STINKS!. So, you did not receive any paperwork about the trial modification? I received a packet that had detailed instructions, the payment amount, payment dates, how/where to send funds via Western Union, my analyst's contact information, etc. I can't believe we all have to go through this when the process is supposed to assist homeowners, instead we get to spend hundreds of hours on the phone to no avail and still try to manage our lives outside of this.

[MW87178]

The analyst seemed upset to tell me all this and said that it was out of his control, he's only doing what he is being told to do. He then did sort of suggest that at least they are letting me make these lower payments for now and that I should be grateful for that. Of course, I have no idea if I will ever get an actual mod and in the meantime I will have this ding to my credit and postpone the possible inevitable if I don't get a mod, which would be having to sell (if anyone would buy) or foreclosure. I can't quite believe that the bank is not operating in good faith, but perhaps I am just naive. Would appreciate anyone's advice for next steps I might take. Doing what I'm told doesn't seem to be working out for me.

[MAXIE19]

Have you tried sending an email detailing your circumstances to their CEO Mr. Jamie Dimon. Perhaps someone in the executive office may be able to assist.

[MW87178]

That's a great idea. Do you have that contact info or know where I can get it?

[j66chevell]

Mine has gone super fast and easy, so far. I submitted my paper work mid-may. Last week, got my fedex package (was just starting to think about making daily status calls). Sent in first payment (money order) with pre-addessed envelopes they gave me on the 24th (1st due by 7-1-09). I still have other paperwork to send, it is due by the 11th of July.

When did 3 month trial start : 7-1-09

Have you been using Western Union Quick Collect? No, using pre-addressed envelopes

What is the payment schedule? : 7-1-09 / 8-1-09 / 9-1-09

What trial payments have been made to date : 7-1-09

[MAXIE19]

Here goes: jamie.dimon@jpmchase.com

[MAXIE19]

J66CHEVELL:

Do you mind telling us who your loan servicer is and whether you are current?

[snapple candy]

SMit
You might want to add a few new categories to this 1. Is WAMU/Chase owned? Fannie/Freddie? other?
2. Are you on Obama MHA trial modification?
3. Current in payments or delinquent? (How many months?)

[snapple candy]

MW87,
Sounds like Chase just did a verbal over the phone with you. If you were on the official trial mod program, you should have got the paperwork and contract. Did you fax in MHA program application? Your problem is that you werent late I imagine. If you poke around some of the other threads, there are others whom are current that have found ways to get around this. You are going to have to got thru another 3 mth trial but you need contracts. I dont think there is any way around this based on what I know how this works. I dont think paying the escrow will help you. You never had a contract set up and that is what you need. I highly doubt they can achieve backtracking on this and re-figuring the escrow amounts into the payment. I think it would be unrealistic to think they can do this. I may be wrong but dont think so. If you want the Obama MHA program, you have to get the proper paperwork to sign before you start the 3 mth trial. I have been working at this a year an donly just got mine 1 mth ago. Good luck. You'll find alot of help here.(you may have to be late 1 payment to get this to work.)

[j66chevell]

Originally Posted by MAXIE19

J66CHEVELL:

Do you mind telling us who your loan servicer is and whether you are current?

As far as I know, it is Fannie Mae.

As for being current, technically I was, but Chase forced my taxes into an escrow and I never paid them, only paying my normal payments. So by thier book I was 5-6 months past due (they paid the first tax installment in December). I had been fighting with them to remove the escrow, then decided to use the new plans to make lower payments so I could actually pay things on time, rather than trying to scramble all year to build up for my taxes.

[snapple candy]

Ok heres my scenario:

When did 3 month trial start : 6-1-09
Have you been using Western Union Quick Collect? NO, certified funds
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
Was WAMU loan, fannie mae backed
12 mths delinquent (Had one 4mth forebearance Oct08-Jan09)
Turned down 1st mod March 09, demanded MHA mod.Recieved May 27th
On Obama's (MHA) Making Home Affordable program

[willywonka]

I was given a three month forbearance . Received a fedex letter , signed it and faxed it back the next day . Payments were to be made with a certified bank check , and sent by certified or registered mail . They were for 4/15 , 5/15/ , and 6/15 . After the last payment , Chase called and wanted a list of monthly expenses , bank statements , hardship letter , and two recent paycheck copies . I faxed it a few days later , and called them to make sure they received it . After that , Chase called again wanting the my home value , he then ran some numbers and told me I did not qualify for the Obama plan . I called back again the next day , and they told me to wait and they will call me when they know something . I started this whole process back in Dec. 08 .

[GJMOLINA]

Here is mine!!!


When did 3 month trial start : 7-1-09
Have you been using Western Union Quick Collect? NO, certified funds received pre-adressed envelopes with payment stubs
What is the payment schedule? : 7-1-09 / 8-1-09 / 9-1-09 / & got one for 10-1-09
What trial payments have been made to date : 7-1-09 sent with MHA packet
Was CHASE loan, freddie mac backed
2 mth delinquent (1st modification completed in 03/01/09,..this is 2nd mod)
Received call from a guy offering the MHA on 06/11/09,..received packet 7 business days after via-FedEx 06/22/09
On Obama's (MHA) Making Home Affordable program

[cliffdweller]

Here is mine:

When did 3 month trial start: 7/1/09
Have you been using Western Union Quick Collect? No - standard bill pay- the same way I have always paid. No envelopes and/or payment stubs provided
What is the payment schedule: 7/1/09 / 8/1/09 / 9/1/09
What trial payments have been made to date: 7/1/09
WaMu-owned loan - no backing
4 months delinquent
Not eligible for Obama plan because WaMu owned
Taxes and Insurance are not included in Trial payment

[pingtsaii]

For those who has approved for mod/trial, can you also post what rate or terms that Chase offer (before and after)? Does it really bring down the ratio to 31%?

I think it helps others whether to take their offer or should negotiate some more. Thanks.

[cliffdweller]

My trial payment is 31% of gross without taxes and insurance. If you include these, the payment is about 38% of gross.

[snapple candy]

My trial payment is 31% and I thought of another category:
How much underwater are U? I think this good data to know to see who is actually getting mods and what the terms offered will be in the end (Thats of course any of us actually get any of them).

Im 110K underwater.

[cliffdweller]

I'm 11K underwater..maybe less.

Also, we have Chapter 7 BK scheduled to follow permanent modification.

[MW87178]

My trial mod payment is 31% of our income, not including taxes and insurance. Since these are escrowed they would be factored into any perm. mod and will be added to our apparent never ending trail mod beginning August 1. We did make a lump sum Western Union payment yesterday for the 3 months of unpaid taxes/insurance (Chase error in calculating) and I was told that this means that we will not have to go to the back of the line and start over with a new trial mod for 3 more months. Of course, we will be continuing to be on this trial until they decide whether or not to make our mod permanent. Someone commented that we will need to be 30 days late to qualify but technically we are heading towards 90 days late since during this trial period I have received my regular statements from Chase and my payments have not been applied to my mortgage but are being held in a special account. This is what makes it all the more absurd and frankly smells like they just don't want to modify. They don't have a program for us because we weren't late when the trial period began but now we are late because of the trial mod! This is nonsense!!

Does anyone think I should follow up with someone on the Exec. team? Is there any point. I've had the same analyst since January and he knows me when I call, which I thought was good sign but now I wonder.

We are not underwater yet, still have I'm guessing about 100-150k in equity, not that anything is selling where we live, but that would be the appraisal. We put 35% down when we purchased in Sept. 2007.

It seems to me from the posts above that NO ONE who has finished the 3 month trial has received a perm. mod. Can this really be true?

Thanks again for any advice. I'm feeling really, really desperate.

[rollertom]

When did 3 month trial start : 5-29-09

Have you been using Western Union Quick Collect? NO, certified funds
What is the payment schedule? : 5-29-09 / 7-1-09 / 8-1-09 / & 9-1-09
What trial payments have been made to date : 5-29-09 / 7-1-09
Was CHASE loan, FHA
Never late, analyst said in May not to make payment because trial started May 29.
Notu sure what program I am on, papers just said Forbearance.

[kathy2008]

HI All! I was late - working on a modification since 08'. I have a Freddie.
My 3 month trial started - 5/1, 6/1 & 7/1 Made all payments through WU. Paperwork said funds must be certified or sent through WU - Quick Collect. (Chase - Ohio)
Called today to follow up on perm modification ... computer is down - told to c/b tomorrow.

[cliffdweller]

Wow Kathy - you are the first that I have heard that is this close to perm mod. We will all be anxious to hear the outcome. Good luck! Curious, did you have any unpaid Credit Card debt with WaMu or Chase? I am really worried that the amount of debt I have with them that will eventually need to be discharged in BK is going to bite me when I go for the perm mod.

[snapple candy]

Kathy,
I am assuming you are on MHA program? Yes, we are all waiting to hear a positive outcome to these trail modification. My Chase person says that it takes up to 30 days to get the permanent modification after last payment. For example if your last trial mod payment was any day in July, your first perm mod payment would be due Sept 1.