Anyone who had complete 3 months Trial Period PLEASE post your updated here!

[RAMD05]

Anyone finished their 3 monts Trial period and moved on to permanent loan mod? Please tell us your experiense and tips! Thank you.

[Evan Bedard]

Hi ramd05,

Anyone finished their 3 monts Trial period and moved on to permanent loan mod? Please tell us your experiense and tips! Thank you.

I'm sorry but I have not yet seen anyone here achieve a permanent modification after the trial period has been complete.

Maybe there is someone here I missed??

[Hodgini66]

Looking at the "Success Stories" thread, there apparently WERE successes some time ago BUT that was before the horse-puckie/crisis hit the fan. My guess is Chase (& other banks) are stringing it out to figure out what to do with all of us. Meanwhile.... Back at the Pre-Foreclosure farm...

[Chased around and around]

Originally Posted by RAMD05

Anyone finished their 3 monts Trial period and moved on to permanent loan mod? Please tell us your experiense and tips! Thank you.

The loan mod company that I have said that so far they have not seen any modifications yet from any bank after the trial payments are done. The woman with my account said she has right now 15 owners who paid the last of the three payments on 7-1-09, and so far nothing in writing from chase on what to do next.

She also said, "chase is NOT modifying any principles, you may see anywhere from $200.00 to $800.00 in monthly payment decrease, all lates and fees will be tacked on to end of loan and we may see a 4% loan for 5 years".

Great news huh...

[Bert C]

Chased, I posted the following in another forum yesterday...but, after reading your post am wondering if I may be setting myself up to be disappointed even further?

Hello all. I have had all my paperwork submitted since April of this year. I have resubmitted just last month in order to keep the info fresh. Yesterday I decided to call a local Chase/WAMU home office nearby (which I never knew was here) and I resubmitted everything through the Chase Loan Officer there. He said when he looked at my online file that although it did say "under review" it hadn't been assigned a negotiator yet. It's been since April!! for goodness sakes. I also found out through this gentleman that my paper is owned by Bank of New York. This person said, that they have been very willing to adjust interest rates and extend the loan period and he even mentioned "splitting" the loan in two if necesarry in order to accomodate the numbers and work something out for us. I left feeling somewhat better, at least feeling I have someone I can speak to about what is going on with the mod. He did say flat out that I shouldn't expect anything until 60 days or so. I said, "listen, I've been at this since April, 60 days is a drop in the bucket at this point".
My question is: has anyone been through a similar experience where they have dealt with someone personally as this person and what was the outcome? Thanks in advance for your input.


BC

[Chased around and around]

Bert C, I hate to be so pessimistic, I am usually a very upbeat kinda of guy. I have been framing/building houses most of my life. This is the the first home/condo I have ever purchased. Did alot of remodel work to it and was enjoying the place very much. Looking back I see I purchased at the wrong time, but no one knew what we were in for with this economy.

Like I have said in the past, the banks could fix this whole mess by dropping all intererst rates to 4% fixed for 30 years and forgiving lates and fees.

But banks being banks and thats what they do is make money, we are not in for any miracle fixes here. I hate to say as I have posted before, not modifying my principle there would be no loan modification that would be worth it. I am now today 219K underwater, I don't see a rosy outlook with property values turning around at least in my area for a good 10 years...

[Hodgini66]

I've been at it since October, mine is a divorce-related train wreck. Did everything I could except subject myself to beat-down phone calls from nasty collection agents @ Chase.

My house is upside down $400k+, can't afford the payments and Chase knows it. Stopped paying in February, after borrowing from everyone including the neighbor's dog.

I've been bounced around to about 5 or 6 different "Loss Mitigation" agents.

Received NOD's (Notice Of Default) about 75 days ago (May).

After the automated collection phone calls stopped for a while, the phone rang with a new voice. The "teaser" he offered was not even in the same country, much less zip code of what I can afford.

He told me Chase would NOT not take into account my court-ordered child & spousal support payments. At the end of the phone call: "One last thing, it looks like your house is scheduled to sell on October 3rd."

"Gee... Thanks for that unaffordable offer, Chase's lack of understanding for my situation and the GREAT new information!" [click]

Another month goes by, seventeen more NOD's came via USPS, certified, re-fried and via carrier pigeon. And another phone call from a NEW voice. Kind lady. Says they got a "new system" up and running.

Chase's new VERBAL "teaser" offer for a permanent MOD offers good news.

YAY! All of a sudden, this MIGHT make a little sense. Except....

The TEMPORARY payment plan only goes out 90 days, after which I'm right back in default unless a permanent MOD is in place and executed by BOTH parties (I've heard the banks don't execute THEIR end of the mod agreements, rendering them unenforceable). Read this here: Broken Credit Blog — Mortgage Foreclosure Short Sale Credit Report Loan Modification » Forbearance

This temporary "Forebearance Agreement" only pushes the loan term out by the number of missed payments/months.

WORST OF ALL....

They require I waive TOO MANY rights (bring legal action against them... Possibly even waive the right to personally discharge the shortfall debt in bankruptcy?)

OK, I'm done for this week.

I just faxed this letter to my specialist, I'll check back in with her on Monday or Tuesday.

=================================
Attention: (LOSS MIT SPECIALISTS NAME)
CHASE HOME FINANCE
PO BOX 78420
PHOENIX AZ 85062-8420

July 24, 2009
(SPECIALIST'S NAME),
Thank you for working with me over the past week and a half. I discussed the Forbearance Agreement with my attorney. His first words were: "Under NO circumstances should you sign a forbearance agreement even remotely similar to the one they presented." His characterization of it was something like: "It indefinitely delays offering a tangible solution.", also commenting something about waiving rights but I can’t remember exactly what he said.
After re-reading it on my own, I gathered that immediately after the "trial period" ends (10-01-09), this loan will go right back into default anyway because I cannot afford the original payments. This scares me. As I wrote in my previous letter, I’ve read horror stories about this roller coaster dragging on for years.
In summary, here is where I am (some of this is regurgitated from my attorney):
1. Unless Chase is willing to present a bonafide, written offer for permanent modification that mimics what was explained/offered over the telephone on July 17, 2009, supposedly which only becomes available at the end of the trial period (forbearance agreement), Chase should consider proceeding with foreclosure without further delay.
2. Borrowing from Chase's own forbearance agreement, "Time Of The Essence". I couldn’t agree more. I have proactively taken the initiative and tried to deal with Chase since October 2008. To compound this matter, I’ve been drug into and am STILL actively involved in a long, messy divorce battle. I would like to move forward with in life, the sooner the better.
3. If Chase is going to foreclose on this property, please proceed post-haste, so I can file Bankruptcy and begin rebuilding my life and credit rating. If however, Chase is interested in offering a permanent solution in lieu of foreclosing, I am "all ears". I am also able and willing to hold up my end of the bargain as we discussed last week.
Please call me with any questions or if you would like to discuss.
Respectfully,
(ME)
=============

Have a great weekend folks and relax for Pete's sake!!!!!

Its only money.

Don't sacrifice your health, your family or your peace of mind!

[maryland7]

We just sent our 3rd payment in the mail today but when we checked our mail we received our foreclosure notice in the mail. What??? They can start advertising our house for sale in 30 days...are you kidding me? My husband is talking to them now but I'm not sure how much faith I have in Chase. I have 7 small children and can't be put out on the streets in six weeks. Hopefully, it is just a misunderstanding.

[Chased around and around]

Originally Posted by Hodgini66

WORST OF ALL....

They require I waive TOO MANY rights (bring legal action against them... Possibly even waive the right to personally discharge the shortfall debt in bankruptcy?)

Absolutely not, don't give them an inch, once the inch is given, a mile will follow.

Don't forget:

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Maryland, Stay on them, the right foot has no idea what the left foot is doing at chase. When discussing anything from the chase people get operator name, number and make note of time of call...

[Chased around and around]

Hodgini, I forgot to mention, if you do file BK 7, then that will put you at the end of the line with chase and you will have to start all over again. I am sure that really bugs you now huh, maybe this will get you quite a few more months of no payments if you decide to go that route...

[Hodgini66]

I was more thinking in terms of "What about AFTER the foreclosure is completed and they come after me personally?" aspect.

I do understand BK merely TEMPORARILY STALLS any progress of other issues, such as a foreclosure.

[Hodgini66]

You know, I heard a story from my girlfrind's boss:

Years ago people used to signed Quit Claims Deeds over to the bank and sent the Deed & the keys to the house to the banks.

The banks reportedly could not do much about it, partly because they were so inundated with similar cases, partly because what would they do else-wise? Foreclose? LOL

That left the banks with the only option of pursuing personal deficiency judgements.

To which people responded: "Oh yeah? I'm filing for BK!".

[maryland7]

My husband spoke to Chase...they will put a 30 day hold on the foreclosure while they wait for our 3rd payment to get there. Once they receive it, they say that 10 days later we will get a package for income verification so they can do the final documents. Anyone believe them???

[snapple candy]

maryland,
NO I wouldnt believe them. It seems odd that you are in the middle of a trial mod and that this is happening. I wonder if they are trying to eak out one more payment from you before they deny a perm mod?

[Hodgini66]

Probably all the more reason to NOT participate in the "trial" forbearance programs but that's just
me, I've got nothing to lose

[Hodgini66]

If I were in your shoes (and I'm not and your situation may be much different), I wouldn't agree to any more payments on the trial/forbearnce plan.

Some people have posted stories here that they've been strung along for a year or more. Chase seems unmotivated to offer permanent mods, and many who have volleyed the game could have conceived & delivered a baby in the time it takes Chase to deliver a permanent mod offer.

[danoo]

I completed my 3 month forbearance on July 1st. On Saturday July 25th I received a voice mail from the Chase executive resolutions dept ....... It was hard to understand the voice mail. I believe she said I completed the trial and to pay the same payment as the forbearance until I receive my permanent mod package, which has been completed.


She wants me to call her back, so I will know for sure tomorrow.

[smit5454]

Please provide an update ASAP!!!!!!!!!!! You are the closest I have seen. I just WU'd my last payment for 8-1 yesterday, and will start my onslaught of calls later this week. Just hoping someone gets something done!

[grullagirl]

FYI,
Just sent in my third MHA Trial Period Payment today for 8/1/09. Sayin my prayers and hoping for the best.

Read on another blog that tomorrow, Tues. 7/28/09, Tim Geithner (Treas.Scy.) is supposed to be having " a coming to Jesus" meeting w/ mortgage servicers. In this post it stated that the Administration up to now has dangled the carrot and after tomorrow will be using the stick. So, we shall see. I told my husband that just maybe if tomorrow "the law is laid down" to these guys, we may see some of these modifications get finalized.
I guess I would ask that if anyone on this forum hears anything about the meeting tomorrow, please share.

[danoo]

Originally Posted by danoo

I completed my 3 month forbearance on July 1st. On Saturday July 25th I received a voice mail from the Chase executive resolutions dept ....... It was hard to understand the voice mail. I believe she said I completed the trial and to pay the same payment as the forbearance until I receive my permanent mod package, which has been completed.


She wants me to call her back, so I will know for sure tomorrow.

Update:

What she said was, my modification was in the process of being completed and to make the same payment as per the forbearance until I receive the final paper work.

[kathy2008]

I finished my third trial 7/1. Waiting for the perm papers - Instead received pre-foreclosure papers. WTF!!!!
After speaking to a rep, was told to send in same trial payment on 8/1. Rep confirmed payments received and sitting in a holding account until my account is finalized. Rep also mentioned they were handling cases as the come through their que ... you are no longer assigned to one analyst.
Just wanted to give you all an update ....

[antel]

Update:

I finished my trial mod June 1. I called chase and the lady told me to pay another payment same as the trial amount until I recieve the perm mod in the mail. She said that my papers were being reviewed by the underwriter. I already paid my 4th payment and now they're telling me to make the same payment for Aug. With this payment this will be my 5th and I don't know how much longer it takes to get the mod permanent. This week also I got a mortgage statement from Chase which shows my 3rd and 4th payment under suspense account and nothing written about the trial payment. It was just like a regular statement showing all the amount I owe since Nov. 08 when I stopped making my monthly payment. I just hope this will be over soon.

[shade]

Antel - thats completely normal for them to show the amounts being off. There just sitting in a suspense account until the permanent mods becomes active.

[chasepmt2hot-firefighter]

My 3rd and last trial payment was paid JUNE 1st... By the end of this week, it will be 2 months PAST my completion of our trial agreement. I want to be the family looking straight into the camera and stating that Chase did "change our lives" and I'm living proof, they ARE completing modifications. With all the negative, I want to be the positive. With all the documentation, I would think that Chase would clearly want me to be this person... Come on Chase, let's get this over with...

[love40love]

Did you make any payments after the three trial mod payments?
How many have you made?