| Re: Chase MOD approval. Tell me what you think??
Ok, got the documents today. This is what they say and don't say...
My trial MOD payment is $2571.17. They included 4 coupons. The Chase rep from my local office emailed them regarding the statement he saw in the email he received last Friday when he notified me. They replied back saying they had no other information and that the final escrow analysis would be finalized towards the end of the trial period. What he saw in the email last week that prompted him to email them seeking an explanation was a reference made to an added $301.00 to the $2571.17 trial payment. I called Chase's Tax Dept. today and they have paid my previous years taxes (08). Additionally the rep from the Tax Dept. told me that they in fact set up an escrow account and it now shows a negative balance (08 taxes paid). She also said, they will need to make another payment this Nov. for this years taxes. She didn't have anymore info than that. I'm thinking, the $2571.17 payment during the trial period must be inclusive of the fact that they need to collect this amount fairly quickly, as she did say they calculate the escrow in order for them to have the entire amount due in Nov. by the month of September which is around the corner. Of course that could not be the full amount because my taxes alone are $7800.00 if paid by Nov. What I did read in the Fedex package docs is they are able to spread out the escrow shortage up to 60 months. The lady from the Tax Dept. also confirmed this in todays conversation. The docs are actually confusing, in one of the first paragraphs it says that they will take any amounts paid to third parties on my behalf, such as taxes, insurance, interests etc.. and tag these on to the balance of the loan. Then, in another paragraph several down, they say they can have these very same monies spread out over the 60 months I mentioned before. So, I can't make out much more than that. I did make an appointment to go into the Chase office on Friday and go over the documents with the local rep. and sign and send the two sets of documents back along with a first payment.
The Payment schedule runs August 1st, September 1st, October 1st. They sent this out the 31st of July and I just got it today but, the documents do say I have until the 30th of this month to send everything back with my first payment. I guess they include a 4th coupon (November) in the event they still have not permanently modified the loan. They are clear about that also, THIS IS A TRIAL and at the end of the trial they reserve the rights to deny or accept. Seems very one-sided to me. My main concern and one that I truly hope is answered very close to the end of the trial period if not, the end is regarding the so called "escrow shortage" and just exactly how that is being applied. As everyone here has said and I have read, This plan (MHA) doesn't require any monies upfront. So why the inference to a shortage.
As for the question of terms, yes they emailed the local Chase rep and basically laid out the terms.
3.25 ( years 1-5)
4.25 (year 6)
5.65 (years 7-30)
What bothers me about this is the fact that they can arrive at a figure of $2571.17 for me to pay during the trial period yet, they don't have any other figures to explain the "escrow shortage" or when and how they arrive at that number? Anyway, that is what I know. A part of me feels relief and another part apprehension. I will keep everyone posted as information trickles in. Thanks everyone.
Bert | 
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