Trial Payments Over, Question

[smit5454]

Does anyone know of a site or have any information specific to permanent modification statistics? I would think that the gov't in their recent reports and meetings would have demanded that information. All I can find are statements like "chase has 20% in trial modifications..." Blah Blah Blah. Well, nobody gives a$^&$ about a trial unless it becomes permanent. I completed my payments, resubmitted my income proof, and was told it takes about 3o days to be permanent. Deep down, I don't believe a single one of us will get anything done, at least now. If there were news articles about how Chase had taken $b of dollars, and had made ZERO modifications permanent, I would think there would be some action. They owe me at least $5000 in personal labor charges for the days upon days I have had to spend trying to get answers. In a lot of cases, current mortgage rates would be a big help but none of us can refi. Why the ^&%^& can;t they just convert my loan? If they took my interest only, and made it a current 40year, my payment immediately would drop $500 without any gov't help.

[Chased around and around]

I spoke with my mod company the other day and she told me that they have seen no final mods since March from any bank. I specifically asked her how many chase trials she was doing and she had 10 on her books. She also told me chase is not doing any type of principle reductions and most likely looking at a 4% loan for 5 years and small adjustments after that for a 30 year.

I am underwater 219K.

Of course each loan is different...

[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.

[Liz Medrano]

We also finished our three trial payments and have been given the run around since. We were told it will take another 30-45 days. In the meantime I stress; I lose sleep, and am moody over a stupid house that isn't even worth keeping...go figure all for the "american dream".

[famlena]

Liz, I understand what you're going through. I have been stressed and lost sleep over all this as well. What is the reason that your closer told you why the perm mod has not arrived yet?

[Liz Medrano]

They won't give us a specific reason; just that it is in QC for processing...what ever that means. They said 30-45 days. I don't want to make another payment until I have the modification. If they say no we will be out in the street with no money.

[Liz Medrano]

We called yesterday and now they (WF) are telling us they sent us a letter and that it will take another 45-60 days....I am sick and tired of the run around...and of course they want another payment (our 4th). I don't believe in this HAMP program. I have never seen anything like this; and most of all we have no one to turn to for help...these banks are doing what ever they feel like doing.

[famlena]

I understand your frustration. I really wish that there were some kind of regulations for these banks to follow. They should be held accountable for their actions and what they say. I was told specifically that after the trial that I would receive the perm mod. Now the 2nd mortgage had recorded a Notice of Default. I don't understand why they did that. I'm still in the mod process. Chase is all screwed up.

I want so much to email Michael Barr, the assistant treasury secretary to put out statistic of perm mods. I've been search but have not yet found his email address.

[snapple candy]

famela,
Is your 2nd with Chase too? Did you request that your 2nd do a modification also? My 2nd with Chase (has to apply separately) and they automatically did trial mod since my first was also on a trial payment.

Smit, an answer to your question. There is no data really on perm. trial mods cuz they have hardly processed any yet. Only data on trial mods achieved. If you think abotu how long it has taken these lenders to come up to speed on just processing people to get trial mods, imagine what they are going thru just to do permanent modifications. They are re-creating the wheel and again overwhelmed with doing something they have never done before. There are a few perm. mods eeking out the past few weeks...but only a few. Is it better to be on the front end of the perm mods or the back end after they have figured out what they are actually doing? As for just converting your loan without govt. help....geez smit that would be too simple!

[famlena]

Snapple Candy,

Both my 1st & 2nd are with Chase (owned by Chase themselves, no investors). I would think that it would be easy for them to mod since they didn't need to go through anyone else. But clearly that is not the case.

My negotiator is suppose to handle both loans but she either lacks knowledge or just stringing me along. The 2nd is foreclosing on me & she didn't even know anything about it. I've called several times & she is the person assigned to mod both loans.

I get the same answers "Chase is still undergoing a systems update" "I don't know what will happen...you may or may not qualify for the perm mod...there's no guarantees"

[Marie T]

My loan is with WAMU so I was thinking that should streamline things but obviously not the case. The fact that I continuously get mail and certified mail from WAMU and CHASE advertising that I "may be eligible for a modification" tells me that they do not know who is in the process and who isn't!!

[Shelly17]

Marie T-
OMG!!!! I get the same letters..."you may be eligible for a loan modification" ummm...hello!! I just made my 3rd trial payment...don't they know this????
What a waste of time and money Chase is spending to send letters to people already in the system!!! It kills me!

[snapple candy]

Famlena,
Did you submit a separate application for modification on the 2nd?
It does sound like you have a rep whom doesnt know what is going on. It is my understanding that the 2nd is handled by an entirely different dept than the 2nd at Chase /WAMU. The 2nd is considered a consumer line of credit rather than mortgage handled by mortgage dept. At least that is how I am to understand it.

[famlena]

snapple candy,
My 2nd is a line of credit. I only submitted 1 application since the closer said she is handling both 1st & 2nd. They are both owned by Chase themselves not any investor.