3 month trial period over....

[lhydefsu]

First I e-mailed the guy I had been dealing with in the Homeowner Assistance Center set up in my town about the modification. He has become much less helpful and gave me a (800) number to call. They said it can take 30-60 days to get assigned an analyst for the permanent modification and that if I don't hear anything just keep paying the modified payment. If I get something in the mail about foreclosure don't worry I am not in foreclosure. I get why they are stalling and I be pissed to if everyone that owed me money renegotiated at the same time but I feel uneasy about continuing to make these payments with nothing further in place. What has everyone else decided to do?

[AACPA]

If I get something in the mail about foreclosure don't worry I am not in foreclosure.

There have been cases where Chase has put a homeowner into trial payments and foreclosed anyway. I wouldn't follow Chase's advice on this one.

[Evan Bedard]

Yes I would continue tro follow up wuth chase at least once or twice a week until the process is finally complete. If you do recieve a notice of foreclosure you need to contact chase right away to see if they can postpone the sale to complete the mod. Most lenders will do this while oin the modification process..

[CHANLY]

I would definitely make sure that you call Chase and the law office for them if you get anything about a foreclosure to make sure it is put on hold. I have talked with their lawyer's office in my state about various notices and they were actually helpful.

[maryland7]

We also made our 3rd payment and received a foreclosure notice in the mail the same day. They continued with the forclosure process while we were making our payments. We called Chase and they agreed to hold off the forclosure proceedings for 30 days while they work on the modification. We also confirmed with the lawyers that they indeed did halt the process.

After we made our 3rd payment, my husband called our processor 3 times per day for 10 days until she finally called him back. She agreed that our file was complete and said that our file will be at our closer today (Monday, August 10th). She said that the closer will determine the final modification. If my husband hadn't left 30 messages with her, I'm sure we would still be lost in the shuffle.

I'm a little nervous to see if they really modify our loan as it is $300K underwater. They will have to do a principal reduction to reach our trial payment along with 2% and 40 years. They have already charged off our $80K second. Hopefully, we will know something soon.

Good luck!

[Chased around and around]

Originally Posted by maryland7

I'm a little nervous to see if they really modify our loan as it is $300K underwater. They will have to do a principal reduction to reach our trial payment along with 2% and 40 years. They have already charged off our $80K second. Hopefully, we will know something soon.

Good luck!

Are you sure that the second is charged off? I was told by chase the seconds would not be modified in anyway. But then again the right hand has no idea what the left hand is doing at chase...

[learning patience]

Congrats Maryland7! Looks like you're the closest to final mod of anyone! Can't wait to hear your results.

Our 2nd was charged off too...125k back in December. Several stories on that, including, "it will be sent to a separate collection agency," "it sits 'on hold' not collecting interest and won't show up again until you refinance or sell the home & then it needs to be included in the selling price," and, "it was charged off because it is deemed uncollectable."

December was the last month we made our forebearance payment on it. And never heard anything else about it, until May?? Bankruptcy filing wiped all of this out, which is why I think they offered us a trial period, because they stood to lose more by us walking away "free and clear" than foreclosing and letting it sit empty for a year and a half like the house next door. Because of our situation, we won't even bother asking about the 2nd......the way that their right hand doesn't talk to their left?!... keep thinking they'll somehow magically/accidentally erase all information about the 2nd at some point in this process. ha! wishful thinking.

Sent our trial docs & payment today.....here we go! Thanks for 'paving the way' for those of us who are following in your footsteps!

[famlena]

I had completed my 3 month trial in July and been waiting for the permanent paperwork. I was told by my closer that Chase has a new set up where the new system will determine who will be qualified for a permanent loan mod. It used to be the management approving this process. She said that the system has been updating since mid-June and that no one has been receiving any permanent offered yet. The system is being tested right now and should be completed within the next 2-3 weeks. I am very confused. Did my closer lied to me?

I have contacted the executive team and Melissa from the exe team said for me to continue working with my closer. That is not very helpful.

In the meantime I received a notice of intent to foreclose a month ago and just a few days ago I received a certified mail from Chase. Unfortunately, I do not know what it is about since it got sent back to the sender because I didn't get to it in time. I am only guessing that it is the notice of default since it has been 30 days since the notice of intent to foreclose.
Could everyone tell me what your negotiator/closer is telling you about why the permanent mod process is delayed? Mines is telling me it is due to a system update.

[snapple candy]

I just made my third payment and was told last week I would be getting a fed-ex package of forms requesting updated financials so they can proceed with the perm mod. When I asked how long ti might take, she himmed and hawed and wouldnt give me an answer.
I applied for a mod on my 2nd with Chase (they hold both) and faxed in same paperwork as for the first (just changed the loan number). I sent it to a different dept (I think loss mitigation). It was processed quite quickly and the automatically reduced the payment 50% when I told them I was on the HAMP program for the first. They said they would givew me the same terms as the 1st when it is made permanent. Dont know why Chase told you they arent modifying 2nds. In fact they are! It was so easy, I couldnt believe it. After 1 year of hell trying to do the first, it was a shocker.

[MW87178]

Update- I was called this week and told to go ahead and make my *5th* trial payment while Chase continues to get my file approved in underwriting. There was another excuse about how they had forgotten to calculate taxes or something. I have decided that they just want to make more $ off me before making the mod (perm), if they make it perm. After 5 months of paying less than my normal payment my mortgage balance will be over 10k higher than it is right now, so that's more interest for them in the long run. I was also told that I'd be getting yet another contact for this last phase. We'll see. I'm not holding my breath. I fear what my credit looks like, but at this point I care more about staying in my house. Will let you know what I hear next, supposedly I should have the papers finalized and mailed in "about 2 weeks," which could mean anything as you all know.

[maryland7]

My husband talked to our "closer" yesterday...she said that they are updating their software and it should be ready any day...yeah right! Then, it will take her a week to work on our file before we know whether we get a final modification.

She starts out asking if we were aware that just because we have been approved for the MHA trial doesn't mean we will get a permanent modification. My husband comments that the MHA program requires they tell us after one payment if we don't qualify. She said she knew that but they were so busy and they were trying their best. Plus, he reminds her that they have to have the final modification within 30 days of the 3rd payment. She again states they they know this but are so busy, yada, yada...so she basically states that they are not following the rules.

He asked her for a signed copy of our MHA agreement...they don't have those available. So...that is how they are going to get our of these trial payments without making final modifications..."sorry, you were never officially in the MHA program".

The only positive information is that our house has been listed as "foreclosure proceedings commenced" on our credit report for the last 3 months. Chase pulled our credit on Monday and now the report has us listed as "120 days past due". It seems to me that they wouldn't have pulled it out of foreclosure if they weren't going to work with us...we shall see!!

[snapple candy]

Ok, I have called Chase Exec offices last week and asked where is my signed copy of trial mod agreement. Within 2 hours I received a call from the original person assigned to the case. She was more than cooperative on the phone and said the contract was on the system and she would fax me it right away. Well I got the fax and it was scanned in with my post it note saying please fax me this when signed and gave my fax number. The nit wit faxed it to me unsigned by Chase. I sent another fax and left her voice mail 1 week ago. Still no answer. I called again today and they guy was literally "crafting" an email to her. When he was reading it back to me, it was void of the fact she sent me an unsigned copy. They are all covering for each other and doctoring the computer entries.
I made my last trial payment a week and half ago and have confirmed receipt of the payment. I have been asking what the next step is and what will happen next. I have been told a variety of things about how Chase will proceed. Of course I get lots of different stories but I did get a letter today that stated the following:
"Your trial payments are due the first of each month of the trial period as specified by your trial plan (I received my mod papers on May 27 and the first payment due June 1). It is important that you continue to make these payments in a timely fashion. However, if for any reason you make you final two payments after the close of business on the fifteenth (15th) calendar day of the last month of the trial period, but before the end of the trial period, the trial period must be extended by one calendar month."
NOTE: My last payment (only one, not two, was posted on Aug 19th). It goes on to state:
"In addition, you must make an additional trial period payment in the same amount as your previous trial period payments, which will be due on or before the end of the original trial period." Your failure to comply with this additional program guideline could delay a final modification or even disqualify you from the program. Your should be receiving temporary trial period payment coupons to remind you of the need to make payments on time.....blah blah blah." Well does this mean I may have to make another payment before the end of the month now? 4 payments within 3 months?
Chase rep says it doesnt apply to me.
I have already filed a complaint with TARP people about this and requested that Chase negotiator correct the contract to July 1, he refused and told me I could just make the payment within 30 days of the due date without any penalty.
I think it is time to do follow up complaints with my ongoing ones with the OTC and the TARP people.

[OH-WAMU]

Oh Snapple...that sucks. Why can't the reps just be honest? And not typing in what you are saying or at least EDITING what you are saying!

[CHANLY]

snapple, I got the EXACT same letter yesterday. WHen I called the guy said they were changing their computer system in July, was supposed to only take a week but has taken longer so that they will not have final mod terms to offer yet, so we need to make another maybe 2 more payments until the final packet is sent/received. The wording on that letter was so confusing, I couldn't figure out if you had to make the payment by the 15 or what, I think it means if you pay past the first it needs to be before the 15th? My original payments were due july 1 aug 1 sept 1 but I didn't get the trial packet until after july 1st.

[antel]

Hi,

Started my trial payment 4/1,5/1 and 6/1....called chase regarding the status and was told to submit my updated docs. They told me to pay the same amount until I receive the permanent mod. On sept 1st will be my 6th payment with no permanent mod yet....just don't know until when will I keep on paying before they tell me I'm approved or denied......just keeping my finger crossed.....I don't want to loose my house......