Let's see if we can figure out a trend with those who were approved or denied for trial pymts

[AACPA]

I'd like to see if we can get together to try and figure out what the magic numbers are with Chase to see the differences between those who were approved for to start the trial payments and those, like me, who were denied due to "insufficient income". I'd like to see if we can figure out what the what numbers Chase is looking for by answering the following questions:

1. What percentage is your current PTI to your gross income?
2. How much excess funds, if any, do you show after paying PTI and other debt payments/expenses that were listed on the HAMP application?


My original mod application had my PTI at about 55% of my gross income and I was in the red at the end of the month by about $500 after debts/expenses. I was denied due to insufficient income. I've since re-applied showing the PTI at 41% of income with about $700 in excess funds and I am waiting to hear back from Chase if my loan mod under HAMP will be accepted this time around.

[Evan Bedard]

Thank you for sharing this information I hope others here in the forum join in as well

[LukeD]

How can you magically come up with more income and why didn't you disclose that in the original application?

[AACPA]

Originally Posted by LukeD

How can you magically come up with more income and why didn't you disclose that in the original application?

My business income has increased since April which Chase did not take into account when they denied my application. I DID disclose this infomation and the underwriter only looked at the application and not the 4 months of P&L's from my business that showed the increase.

[learning patience]

Sorry. This is long:

1. In the red $800/mo (yay for living on unemployment for 4 months), but were one month into bankruptcy when we first applied for HAMP.

3/11/09 1st application submitted

5/28/09 After bk discharge = $0 unsecured debt. "surplus income" (because we weren't making house payments)? about $1200/mo after food, utilites, etc.... plumped up the savings for 1st, last, & deposit if need be.

7/7/09 received "application cancelled due to insufficient income," letter.

7/8/09 I called saying we were discharged from BK, & husband received a $1/hr raise in May. She said, "You can try, but your taxes and insurance need to be current in order to get the trial modification." (apparently not true).

7/13/09 Resubmitted application, 1/2 hour after I faxed it, Stacie called to say she received it & was walking it to negotiator.

7/17/09 Received our Trial mod package via Fed Ex.

2. Our original 1st loan pymt was $1419, 2nd $800.

The 2nd was 'charged off' ($125k) in December '08. Our 1st is $224k. The property is assessed (county) @ $178k.


Trial pymt for 1st is $1049.82. Total income submitted on 7/13 was $3981. It changes month to month due to my inconsistent, unreliable owner/operator biz. 2nd is charged off....not gonna worry about it until the 1st is permanently modified.

How 'bout this irony??? Our "trial modifciation 'monitor'" told my husband that if we show more income during the trial period assessments that it may disqualify us for a permanent modification. It hasn't changed, and more than likely won't til next May, but wha???!!!! 1st insufficient, but now, "don't make any more."

Why were we 'accepted' for trial period after all this? I have no idea.

Perhaps (huge speculation here) because we haven't made a payment since February 2008, we included house in Bk, the value is $162000 less than what total loans w/ Wamu are, our current income is consistent & fairly reliable.... ???

An attorney recently told me from looking over trial agreement & our bk docs that Wamu/chase would make more money if they continued to work with us than if they foreclosed.

[LukeD]

Originally Posted by AACPA

My business income has increased since April which Chase did not take into account when they denied my application. I DID disclose this infomation and the underwriter only looked at the application and not the 4 months of P&L's from my business that showed the increase.

Got it.. Just wondered because I'm in underwriting right now, and when we originally purchased our home our DTI was in the 20% range. With the downturn, our DTI is 60% range, but since our application was submitted we've had a slight increase in income that'd put us in the 50% range.

[Shelly17]

I would like to know if anyone has gotten the 3 month trial payment and then been denied. Or are all of the denials prior to getting the 3 month trial payment.
I just made my 3rd trial payment 8-1-09 and I see they cashed my check on 8-4-09.
I haven't called yet, I figured I would wait til Friday to start bugging them.

[SingleMom14]

I have a different situation...It's been a year and I have not heard from Chase whether I was approved or denied. But they cal me when they need updated bank statements or check stubs. What the hell is going on?? I was told to keep current to increase my chances of getting approved...Well of course they want their money, it's an interest only loan at 7.35% on $369K!! This is very frustrating and upsetting. I don't know what else to do. I'm over my head in borrowing money and selling my things to make this payment that CHASE stuck me with in the first place. I had planned to keep it for only 2 years but they lost my payment and that's when it all started. What a nightmare! Someone please help as I'm behind almost 2 months and I am now making less than my mortgage payment...

[shade]

Single mom - push the executive team they help to make it go faster.

To the others - if there is a 25% change in income up or down Chase can deny it (this is in the federal guidelines)

I also believe that people that are self employed are getting more scrutiny than others who show 'stable' income.

[briknope]

Better questions would be, how late are your payments and how much does the bank stand to lose (how far underwater is the home loan)

Why approve any mod if you are current? Faster and easier to deny and move on to the next in the pile I am sure. If a 500k loan on a 250k house is about to foreclose, then WHOA! Make an offer to keep the residents put.

[minknmelissa]

I keep being denied and I think not 100% sure that it is because i owe 219000.But last appraisal was for 380000 but that is way off now I think its more like 245000 but they think 311000.I had my house up only because when i was declined the rep so kindly told me to sell before i lose it and i tried and no one wanted it near 300000. I am in an arm mortgage set to adjust nov. I'm thinking if we adjust aybe me and my five children can go live at the nearest bank of america parking lot

[shade]

Its because you have equity in your house or so they think and you dont pass the net present value. Essentially what they are saying is you could sell your house since you are not upside down.

[SingleMom14]

I get mixed values because it's a townhouse ($225/ month for HOA) I get $280K value up to $310K. I understand that since I'm current they figure I can afford it but they told me to make every effort to keep current so that I can increase my chances of getting approved. It has been a year and the least they could say is denied or approved. I am really really tight on money and I owe a lot of people because I have borrowed. I'm a single mom and finances are only getting worse. Should I get an attorney?

[shade]

Right but it seems like you may get denied because of the Net Present Value test the modification guidelines require. Now I havent look specifically at what % you get kicked out so since you are close you may be ok. Do a search for net present value test and you should be able to see if you are Ok in that regards.

[minknmelissa]

I'm not upside down but neither are alot of other people who get approved my sister for example owes 100000 her house is worth 264000 And she was approved so it is very hard to say that they follow that guideline because the plan says that even if you fail npv test you can still try to modify. I'm wondering what do they go by to figure out your homes value right now? Do they do like a drive by appraisal or something. I would rather that then by my old one.

[briknope]

zillow.com it and check it out, usually pretty accurate and honest based on square feet and location. Thats all that matters really.

[AACPA]

Originally Posted by briknope

zillow.com it and check it out, usually pretty accurate and honest based on square feet and location. Thats all that matters really.

Not all that accurate. Has my house listed as worth $250,000...the last 2 houses that sold on my street sold for $120,000 and $65,000 respectively. I should mention my street is very short...about 20 houses total. House next door to me is up for short sale and is listed at $150,000 with no buyers for close to a year. Can't see how my house can be worth anywhere close to what Zillow has is listed for...JMHO...but maybe it is more accurate in other parts of the country.

[minknmelissa]

same here zillow says my house is 311000 house up the street sold 190000 and my house is 100 years older

[OH-WAMU]

MY HOUSE:

Purchased in 10/2002 for $92,000
3 bedroom/1.5 Bath split level house w/1 car garage
1400 sq. ft.

THE HOUSE JUST SOLD DOWN THE STREET:

Purchased 7/2009 for $61,000
3 bedroom/1.5 Bath split level house w/2 car garage
1600 sq. ft.

[chasepmt2hot-firefighter]

Zillow is way off...it increased & decreased 20k since December. Data is not always accurate nor is a bpo.

[snapple candy]

Singlemom,
You didnt mention how much you owe compared to how much it is worth. I stopped paying and went for a year before they finally gave me the trial mod. I wouldnt borrow anymore, it is like a dark hole even you are underwater.
Im underwater 100K and had gone thru BK so not much debt just reduced income and couldnt make payments along with utilities and food with 3 kids. I think I was in the red about $100 a month according to credit counseling agency when I started the new Obama application. They put my trial payment at 31% of gross income which was about $735 a month less in an expense. I suppose according to them that puts me in about a $600 a month surplus beyond the modified mortgage payment plus expenses at this point.Apparently there is some sweet spot they are looking for. WAMU did BPO and then Chase for the 2nd. They both came in almost the same (about 250K). Zillow was way off on mine.

[Stuart C]

Originally Posted by minknmelissa

I keep being denied and I think not 100% sure that it is because i owe 219000.But last appraisal was for 380000 but that is way off now I think its more like 245000 but they think 311000.I had my house up only because when i was declined the rep so kindly told me to sell before i lose it and i tried and no one wanted it near 300000. I am in an arm mortgage set to adjust nov. I'm thinking if we adjust aybe me and my five children can go live at the nearest bank of america parking lot

Try cyberhomes.com. It might possibility give you a little more realistic figure.

[AACPA]

Interesting article found on the cyberhomes.com website.

http://www.cyberhomes.com/content/ne...or-abuses.aspx

The home prices on this website do seem to be more in line with what houses are worth.

[Lainy09]

Holy Cow, that site was scary...shows our house at $375k.....we paid $604k in 2006....zillow shows $402k, which matches the exact amount on our recent revised tax bill assessment..........................figuring in recent sales is so difficult as most are either foreclosures, or short sales...I honestly am so confused on what Chase wants to hear, is it better if our value seems higher? lower? what are they looking for? We had a BPO (drive-by) done recently, but I have no idea what figure they came up with. I feel weird when talking to Chase--they asked, are they doing any building in your area? (well, yes, as a matter of fact they are, right here in our development, for a much lower price, but the construction is going on right around the corner..) Is that a GOOD thing or a BAD thing in terms of getting a mod???? Yeesh....so confusing. I need an aspirin.

[Shelly17]

I made my 3rd trial payment Aug 1st. So I called to follow up today and my Analyst said they are still behind on getting the trial's converted to permentant loans. She did say that they have converted a couple...and for me to fax over our last 2 paystubs and to call back before we make our Sept payment. I asked what my BPO amount was. And she said she couldn't tell me. But for me to look at cyberhomes.com. So I went there and OMG!! We bought 6/07 for 756K and now it is worth $335,808.00 Upside down 420K...if they don't give us a permentant mod...I don't think I would fight it...lol