Need Help/Advice on Chase Modification

[bur342]

My situation is I bought a home in 2007 when the market was high for $400,000. I live in Riverside County in California (one of the hardest hit areas in the US). I put 20% down and my home just got reevaluated for $220,000. My interest rate is 6.75% and I am trying to modify. I am current on my loan.

I started the modification process in February and resubmitted my paperwork to Chase when Obama announced his plan in March. It has been a big headache with several phone calls, but finally in June…

I received a FedEx the Making Home Affordable logo so I called and was told I got accepted to the Obama plan. I come to find that I am calling Fiserv in I completed the paperwork and returned the necessary paperwork w/ signatures. Kept following up and when I called Fiserv on July 16^th they told me that the FedEx w/ my offer was sent out on July 15^th. They also gave me the new payment verbally over the phone, which is about $700 a month savings. Well, no FedEx so I called back on July 22^nd and told them I never received it and they said they would send it out again. The representative said she could FAX it to me as well. She did so within 10 minutes. Great! There were about 12 pages. First page was the Making Home Affordable cover sheet and the following pages had the new payment due Aug. 15^th, Sept. 1^st, and Oct. 1^st. At the end was 2 copies of the agreement that I needed to send back w/ original signatures.

My husband called a few days later just to get a breakdown of how the payment would be broken down since the paperwork only gave a number. Fiserv said Chase took our file from them and closed it with Fiserv. They transferred us to Chase and got incompetent people saying things that didn’t even make sense. No one can give us any answers as to why Chase closed it with Fiserv.

My husband got a representative at Chase Friday that “seemed” to know a little about what she was talking about. She was able to access the documents from Fiserv and said that now it looks like it’s a Forbearance. We have been told several times by Fiserv that it was the Obama plan we are in.

We got the run around on the phone Friday and the representative said we should contact the Loss/Mitigation Dept. Monday to find out the breakdown and try and find out what happened with our situation. I am at a loss and don’t know who to contact to find out what could have possibly happened and how to get back into the Making Home Affordable Obama Plan. I don’t want Forbearance.

One rep said Chase is taking files back from Fiserv to streamline Chase and WAMU loans. I don’t know how true this is, but how can they take an offer back that we have faxed documents of?

Any guidance on who we should contact or what we should do would be much appreciated.

Thank you.

[Evan Bedard]

Hi bur342 welcome and thank you for joining our community.

Sorry to hear that this has happened to you, I have personally seen quite a few very similar cases to yours. If you are currently going through the modification process and your loan happens to be transferred to a different servicer you will usually have to start the process over again. but in your case it seems that chase is willing to work with you and are offering a forbearance, I have seen many forbearances turn into permanent modification when the period is complete.

Is the forbearance saving you about the same as the trial period originally offered?

[bur342]

I don't think it is a forbearance. The rep I spoke with in customer service didn't sound like she knew what she was talking about. She was looking at the Fax I received that indicated "Making Home Affordable Plan." We spoke with a supervisor from Fiserv today to try and get to the bottom on why they would close the account. They were rude and said the fax offer we received was void and we didn't qualify. Nothing has changed so it doesn't make sense why we qualified and now we don't.

They told us to call customer service at Chase, but they are really clueless on what is going on so it's a waste of time. We called the Executive Team right after and they seem like they are a little more proactive and helpful. They said they are going to look into the situation and will get back to us by Friday. I am really crossing my fingers.

If anyone has gone through this and has any input, it would be much appreciated.

Thank you.

[shade]

If the executive team doesnt get back to you by friday call again and again. They will get back to you and are much better in being proactive and finding an analyst who has somewhat of a clue. They really have just hired monkeys who think they know it all when in fact they dont have a clue about the program at all.
I have talked to 9 different analysts and got 9 different answers and educated most of them on how they have no clue on what they are doing.
Called the executive team and let them have it and told them to stop wasting my time with stupid pathetic level 1 reps who dont give a crap.
Since then it has been much smoother and I get a call back from my executive 'team member' within 24 hours of leaving him a message.

[azdmsmith]

ahhh the Fiserve roller coaster, just another side trip in the modification carnival ride. I too had a horrible time with Fiserve. They were completely incompetent and uninformed. They repeatedly told me one thing on the same day Chase would tell me the opposite thing. My file finally got pulled from them as well. Although I still don't have results, I think it's a good thing not to deal with them (exec resolutions didn't even know who to contact at Fiserve to escalate my file!).

I agree with Shade, deal will the exec team and keep calling. A Better Business Bureau complaint regarding poor customer service seemed to get some attention as well.

Best of luck to you.

[bur342]

So here is an update...

The last few weeks have been a nightmere with hours of phone calls. Fiserv blames Chase for taking our file and Chase blames Fiserv. The Executive Team has not been helpful. Our assigned person there basically told us to start over and would send us paperwork to see if it can somehow be rushed, but we have seen nothing from him.

The only reason they gave us for closing the file is it has been coded as "Bankruptcy or other reasons." Well, we have not filed for bankruptcy nor have we ever been late on a bill. One analyst told us to close our or 401k and use that money to pay and it will make us more eligible. I have never heard of such a thing. They are just using any excuse!!!!

Each Chase Analyst tells a different story. Bottom line is the MHA offer we received is null and void. Someone yesterday told us we received it on accident because we are current and should never receive it.

Is that true only those in default get MHA trial payments???? Not from what I understand.

One Analyst tells us you need to be late to be considered and another told us it is better if you are current. No knows what the heck they are talking about.

So on Tuesday after speaking w/ Imminent Default I went back onto Chase's website downloaded the forms again and put together all the financials and faxed it over AGAIN!!!! We called yesterday and they received it, but who know how long it will take.

My husband is going to take a drive to one of the Chase Homeownership Centers in Orange County this afternoon. It may be a waste of time and gas.

Bottom line is we have come to the conclusion we are not making this months payment. My husband had to take a week long mandatory furlough and it won't be possible to pay. I am not going to clean out the little savings we have just in case of an emergency!

Any thoughts on how to proceed would be appreciated. I am so scard about not paying, but there is no choice.

Thank you.