Will I ever get a permanent modification from Chase and will this impact my credit

[Frustrated with Chase]

I first applied for a home loan remod in November of 08. I was sent one package said at first in April. Then Chase their were mistakes in my first agreement and they sent me a second one 2 weeks later. I have made 60 or so phone calls into Chase. No department seems to communicate with the other. I get hung up on contstantly. This is a nightmare. I was not delinquent prior to my Trial Modification payments. I was told that this would not affect my credit(I have perfect credit). Now I am receieving collections calls and default letters from Chase. I am in a trial period. What the heck are they talking about? I was told by Chase to ignore those letters and calls because they are automatically generated.....BUT they seem to be very legal. It is now 8/5/09. I have made all of my trial payments on time. No one can give me a date as to when my mod will be permanent. They have all said that despite the letters, my credit will not be affected.

With no end to the loan mod process in sight, I wanted to make sure the my credit rating was safe...I have no late payments on any thing...I am 37 and want to make sure that it stays that way. When the housing market turns around in 2-3 years or how ever long it takes. I want to move and want to have the good credit to get a good rate.

After varied stories, that I had from multiple departments. I finally called the dept in charge of the work out plan. I was assured that this plan would not affect my credit rating and would not be reported to the credit bureaus. Just to make sure I called customer care. I was elevated to a Supervisor who seemd to be genuinely intersted in a positive oout come. He conference in The Work Out Plan Department and again with him on the phone they said that they had been instructed that this should not be reprted to the credit bureaus and my credit should not be impacted....I felt better.

However, I knew better. I called Transunion who confirmed that my credit had been reported as 30 days late by Chase.

I called the same Loan Work out team back. This new person "Shakira" who did not seem very knowledgeable said that according to my first agreement (the one which had to be squashed and a new one rewritten....which I have the new one countersigned by Chase) told me that in the original paperwork it said that I would be reported as being late.

I let her know that according to the fedreal Guidlines that were set by Fannie may that this was not correct (I learned this from this website). I quoted her the language set forth by Fannie Mae. She replied well you have to take that up with Chase. First of all, I thought they were Chase. Secondly, I had just gotten off a conference call with Chase and her department in which every one said that nothing gets reorted to the credit bureaus unless I do not make my trial payments on time. She said that I had to take that up with Chase and that it was out of her scope......they are Chase..at least they say they are.

I thought at first that I may be got a bad customer service person. I called back until I got some one different. Once I did, he quickly came back and said what "Shakira" had said...it took Shakira 10 minutes to come to that conclusion and it only took him 2 seconds. Obviously, he read her notes and regurgutated what she said. The Fannie Mae federal guidelines say that they cannot report me to a credit bureau in bad standing as long as: I am making my trial payments on time and I was not delinquent prior to entering the Home Modification program. Also, they (Chase) say that I agreed to be reported as delinquent during the trial period and reproted to the credit agencies. 1. The new agreement they sent me supercedes (Chase made that clear) the previous agreement. 2. Under the current guidelines set out by Fannie/Freddie, they cannot report me to the credit bureaus as long as I make my trial payments on time.

I am at my wits end. My perfect credit is being destroyed. I am being harrased by collections for payments that are being made on time. I have completed the last payment of my home loan modification and am told that I can be given no specific date as to when it will be a permananet loan modification. According to this website, amny have been succesful in getting a permanent loan mod by other lenders but none by Chase. So, this nightmare has no end in sight and my credit is sliding down the hill the longer it takes.

I need help and advice.

Also. Moe and some of the other pros....why is this not getting more attention by the press? Enough news on this would certainly motivate these lenders to shape up...some thing that should be so simple is the most complicated, stressfull process I have been through.

My advice....do not do a loan mod with Chase.

[shade]

I would send the executive team written notice of what is happening as well as stating this is against the federal guidelines and would like ti remedied in 30 days.
The executive team will thenm contact the right dept that handles changing credit.
Make sure you put them on notice in writing that it needs to be fixed immediately. You can also dispute it with the credit bureau and send in your proof the modified payment was sent in on time (I assume you have tracking) as well as the federal guidelines.

[Frustrated with Chase]

Thank you for the advice! Yes. I have tracking. I sent every thing FedEX. It costs more, but some thing told me it would come in handy. I have a copy of the Federal Guidelines. I also have a copy of the checks that have been cashed. I actually went to a Chase branch today and spoke with a Mortgage consultant. After an hour of calling customer service and getting the same hassles I get(transferred to dept after dept, hung up on...he was hung up on twice). He said that he did not know how I could be so calm, because he was livid and his blood pressure was going up. I replied, "Welcome to my personal Chase hell". He got some one from the Executive Team who said an analyst had been now assigned to my case and said that I should be called in 7-10 days.....we'll see.

Very good idea, though, that I put it in writing. At least, I will spend an hour after work tonight putting that letter together, instead of wasting my time on the phone with the myriad of Chase departments.

[shade]

Send it directly to the chase executive team. They will assign someone to your case from the executive team and it does take 7-10 days. If that time comes and goes call back. They are very busy but the ET is good at making sure they get in touch with you.
Also phone calls dont put them on notice only writing.
If no go there a dispute with the credit agency shoudl also fix it as long as you show proof everything is on the up and up.

As it stands from the guidelines the lender reports you as on time but on a modified payment.
Now I have been hearing that the agencies are creating a new 'classification' called 'on a modified payment.'
This classification is supposed to hurt your credit because you are not living up to your original agreement.
Now I am going to go ape sh!t if this happens because you have your original payment fine. You have a new payment and an agreement for a new payment which now superceedes the original and the original can no longer be considered.
So from my reading this is going to happen November but I am going to start writing the agencies that this tactic should be reconsidered.

Maybe someone can chime in if we should even think about this now or wait until there is something actually documented?
I just run the train of thought of preventative medicine...