Need Advice Please ~ 4 Months Waiting for Chase Mod now almost 90 days late!

[Hopeful]

Hello,

Thanks in advance for any responses! Long story short. I filed for a loan modification through Chase on 3/21/09 and still do not have a response. I will be 90 days late on my mortgage payments on 8/2. I don't know what to do. Should I make a payment or hold off until the modification request is processed? Right now no NOD has been filed. We want to keep our home. I have just sent an email to Jamie Dimon's office at Chase.

Loan Details:
5/1 ARM Interest only payment + forced escrow for back taxes puts our payment is at $4044.00 ( I am paying $875.00 per month for taxes in escrow)
Homeowner's Insurance- $90.00 per month
Interest Rate: 6.995%

The house is at least $250,000 dollars upside down (Southern California)
Nearly 90 days late.

I have an appointment with an attorney on 8/4 but that won't help me to determine whether or not I should make a payment to avoid going 90 days late. Please advise.

Sincerely,
Hopeful

[SillyWorld]

Just call the bank and see what they can do again, and being late will start them in a faster pace than before, Good Luck

[Hopeful]

Thanks for the reply. I feel like I can't get them to help me at all. Every time I call I get a different answer about the status. If I make a payment will that hurt my chances of getting a modification?

[Moe Bedard]

Hey Hopeful!

This is VERY TYPICAL with Chase, They are a huge mortgage servicer with hundreds of thousands of delinquent loans. They are over burdened and under staffed. I have seen homeowners go from 6 months to over a year in dealing with Chase on a loan modification.

I agree with what Silly says, you have to be that squeaky wheel for 6 months to get help. Just understand that and you will not be frustrated because that just makes you stress and your life a bit miserable. Keep living and keep fighting and you'll be just fine !!!!

[Moe Bedard]

Originally Posted by Hopeful

Thanks for the reply. I feel like I can't get them to help me at all. Every time I call I get a different answer about the status. If I make a payment will that hurt my chances of getting a modification?

If I were you, I would save that cash just in case. I have seen people go the whole time without making a payment. Yes, over a year, but when the time came to sign papers, they were required to come in with good faith money to get the loan mod.

[Hopeful]

Thanks Moe!

I just keep wondering what will happen if we are denied. I mean we are almost 90 days late and 250,000 dollars upside down. What are the chances that they will try to forclose?

[AACPA]

and being late will start them in a faster pace than before, Good Luck

I really wish those on this forum would stop telling people this. It is NOT true and encourages people reading these forums to purposely go late and potentially cause more problems than what they already have. Being late, or going late, does not make Chase pick up your file any faster. The only way to potentially get "quicker" attention from Chase on a loan mod would be to put yourself in a position of being on the brink of foreclosure. Going 30,60 or even 90 days late will not get your file pulled to the top. The only thing you will accomplish by trying to go this route is a bunch of late pays on your credit report.

[Hodgini66]

Double-edged sword mee thinks.

It all depends on your situation.

On one hand, aacpa is right. On the other, If you are maxing creit cards or borrowing from Peter to pay Paul, then going late & pushing forclosure is the only option, if it's inevitable anyway, then no loss for forcing the inevitable to come sooner for closure.

It's dangerous ground but if you are already there, why not gamble to see whether Chase is serious about permanent mods.

I'll post my progress as I am one backed into a corner with no other options.

AACPA: thanks for the disclaimer!

[azdmsmith]

Making my payment late to try and expedite my file resulted in me having "too much money" in the bank and being denied a mod. I agree with AACPA, but it really does depend on each individual situation. I would strongly encourage anyone who is has the money to make the payment and is not doing so in order to try and expedite thier file, to not leave that "extra" money sitting in a bank account, but apply it to other debt.

[Hopeful]

Thanks everyone!

I was planning on staying current during the process but unfortunately my husband lost his job about two months ago so that is why we have become late. I know that my credit is already shot~it's now just a question of whether or not to send them $4000.00 dollars into a black hole or hold onto my much needed cash until a resolution is reached.

Will forclosure proceedings begin at the 90 day mark? My other concern is that we really don't want to lose the house and can afford it with a modification so should I start paying again? My concern if I make a payment is that I will lose any priority that I make have by having been waiting for 4 months.

By the way ~ when I initially applied I was current and my file sat untouched for two months in the wrong department. I essentially had to reapply in the beginning of June because I was then delinquent and supposidly needed to be handled by a different department. This is all such an exhausting game.

[briknope]

You can't afford the house now correct? Whats the difference? Credit is shot already (Like mine too) AND I hardly anyone is getting any help so I would say don't pay untill the day comes where it's do or die. $4,000 may come in handy and why let the bank have their grubby hands on it. I'm at the point where if they don't show me anything on paper ready to be signed rock solid, then I won't continue to pay anymore. Sorry Mr. Bank, cannot afford this underwater home anymore. Not going to cry and beg either. If they don't care, then why should we? Most of our credit is shot anyhow, so what more do we have to lose? Besides, if you are under water by 250k exactly how long do you think it will be to recoup that? I am also convinced that we will be able to buy another house sooner than you think. Who is left to lend to if there is hardly anyone with 750 FICO scores around to lend money to?

[SillyWorld]

Originally Posted by briknope

You can't afford the house now correct? Whats the difference? Credit is shot already (Like mine too) AND I hardly anyone is getting any help so I would say don't pay untill the day comes where it's do or die. $4,000 may come in handy and why let the bank have their grubby hands on it. I'm at the point where if they don't show me anything on paper ready to be signed rock solid, then I won't continue to pay anymore. Sorry Mr. Bank, cannot afford this underwater home anymore. Not going to cry and beg either. If they don't care, then why should we? Most of our credit is shot anyhow, so what more do we have to lose? Besides, if you are under water by 250k exactly how long do you think it will be to recoup that? I am also convinced that we will be able to buy another house sooner than you think. Who is left to lend to if there is hardly anyone with 750 FICO scores around to lend money to?

Yes I have seen those that made late payments end up in loss and those who paid up till the last min like I am doing right now never late on any of my Bills. not even 1 day late, BUT times are so tight that may be comming to an end, CHASE and several other credit card comp, have slashed my credit limit, making me higher risk, raising my min because they sl;ashed several cards thus being over the 55% on chargs can and will double int rate, and double min payment thus pushing many of us into Bank Rupsy

[Hopeful]

Thanks for all the input. My gut is definitely telling me to hold onto my cash. I'm just so dang frustrated with Chase and their inability to give accurate information.I had to laugh when I got an "acceleration warning" letter stating to pay up in 32 days or else. The cover page said "You may be eligibile for a loan modification but you must call us today". I called and said I have been TRYING to get a modification for 4 months already. The icing on the cake was that the number on the letter was for the wrong department! Priceless. A perfect example of the right hand not knowing what the left hand is doing.I guess I'll waste some more precious time on the phone with Chase tomorrow. I have an appointment with a bankruptcy attorney next week. I figure at this point I need to have some good legal advice so I can proceed in an informed manner.I can't help but feel like a failure in all of this ~ my husband lost his job. What else can we do?Thanks for listening and responding. Blowing off steam helps! Good luck to all.

[briknope]

Cash is always King, Hopeful! I got a accelerated warning notice in the mail also, and this was in the middle of my trial forebearance or trial mod or whatever they call it. I got the pamphlet about saving homes and how they need to speak with me as soon as possible. Real soft tones about how they want to help and there is hope blah blah. So I called and said "whats up?" Got a lady who could hardly speak english, and god knows where she is. Probably India for all I know. Well, she said that was mailed automatically from a computer and was a mistake.

Yea, its getting old to keep playing this game. I am really wondering if I shouldn't just go out and rent a house in the same foreclosure ridden neighborhood for half as much as I'm paying now. House won't mean that much when I'm lying on a hospital bed with a heart attack.

[SillyWorld]

Originally Posted by Hopeful

Thanks for all the input. My gut is definitely telling me to hold onto my cash. I'm just so dang frustrated with Chase and their inability to give accurate information.I had to laugh when I got an "acceleration warning" letter stating to pay up in 32 days or else. The cover page said "You may be eligibile for a loan modification but you must call us today". I called and said I have been TRYING to get a modification for 4 months already. The icing on the cake was that the number on the letter was for the wrong department! Priceless. A perfect example of the right hand not knowing what the left hand is doing.I guess I'll waste some more precious time on the phone with Chase tomorrow. I have an appointment with a bankruptcy attorney next week. I figure at this point I need to have some good legal advice so I can proceed in an informed manner.I can't help but feel like a failure in all of this ~ my husband lost his job. What else can we do?Thanks for listening and responding. Blowing off steam helps! Good luck to all.

If you start BK then the Mortgage Comp has the right to ignore you till BK is settled, it is only best to do one at a time not both, if you search around there are several here that did both and some had the banks foreclose ion the end

[Chased around and around]

Could someone please show one time, just once that chase has done any type of loan mod unless you are behind on payments?

These banks still have no clue to this day what they are doing when it comes to these loans.

Hopeful, I am there with you at 219K underwater, 3/1 arm in wonderful Southern California. So far chase has done nothing about my loan and no payment program yet and I have a mod company working for me as well. Stopped payment in Feb '09 on the first and have made only two payments on the second since then...

[briknope]

I don't know what a mod company could ever do for me that I can't do myself. If I don't have any money to pay for my house I sure don't have any money to pay a mod company to make phone calls and submit paperwork that I can do. I also don't understand the attorney thing. I can't afford my home, I make less money than I used to. How is an attorney going to be able to explain that any better than myself?

[Chased around and around]

The only reason I went with a mod company is that they will only keep 10% of the money I gave them, if they don't come through with a mod.

I have spoken to chase around 5-7 times since Nov '08. I could see they had no idea which end was up back then. So I figured I will pay a mod company and let them deal with the bank on a weekly basis. I get updates whenever I ask for them through the mod company via e-mail or phone. Scanned all my info and sent it once to the mod company. When chase calls and leaves a number, I e-mail it over to my mod rep and she deals with it. I figure if she can't pull a mod through, I will be out of pocket $300.00. That to me that is worth it instead of spending time on the phone every week since Feb when I stopped payment, with a bunch of operators at chase who have no idea what the operator in the next cubicle told me yesterday...

[SillyWorld]

Originally Posted by briknope

I don't know what a mod company could ever do for me that I can't do myself. If I don't have any money to pay for my house I sure don't have any money to pay a mod company to make phone calls and submit paperwork that I can do. I also don't understand the attorney thing. I can't afford my home, I make less money than I used to. How is an attorney going to be able to explain that any better than myself?

NACA.com will set you up in a MOD for FREE no charges at all on MOD or restructure and thats the best way better than alone cause alone you get different answers every call

[Hopeful]

Thanks again for all the info.

I got an email today from the executive resolution team stating that my file had been escalated. Here it is:

Dear Ms. _ :
Thank you for your attached e-mail communication addressed to Mr. Jamie Dimon. We appreciate the effort you have taken to notify us of your experience.
Your concerns, as outlined below, have been shared with the appropriate senior management for prompt review and response. Thank you in advance for your patience.
Respectfully,
Seema Bawani| JPMorganChase & Co | Executive Office

I also got an email from my "advisor" at the homeownership center. He informed me that the BPO had been completed and that my file had been submitted to underwriting for final approval. I guess we'll see where this goes from here.

We are going to see a bankruptcy attorney tomorrow to educate ourselves about the process "just in case". If we get no mortgage help than we will need to seriously consider filing chapter 7 or 13. I realize that we CANNOT do this until a final modification is issued. But I need to have all of my scenarios in front of me so that I know what I'm up against if need be. Let's all hold tight. I would be thrilled to just get on a MHA forbearance agreement at this point.

Sincerely,
Hopeful

[SillyWorld]

I would still start with NACA even if your waiting on the Bank, trust me Citri will spin you around in circles

[cliffdweller]

SillyWorld...just want you to know that I love your handle..so true, so true...

[SillyWorld]

Originally Posted by cliffdweller

SillyWorld...just want you to know that I love your handle..so true, so true...

Well after several Months of Run Arounds from Citimortgage and all the other calls and checking things out I just could not believe how Silly these people are in these Banks and stuff...Jeez just crazy, if we all acted as STUPID as these banker peeps this whole Country would be gone

OH and TIA