Permanent Payment update will have permanent mod info 8/13 - Loan Modification Forum

shade · 08-12-2009, 07:53 PM

All -

I first got the run around with the home division when the plan came out so I stopped calling and began working with the executive team.

I was put on a 2 month forbearance 7/1 and 8/1. I have docs stating this exact terminology.
It appears that the executive team did this - since I was current when I began this adventure Chase opted to put me on the forbearance to make me past due. The forbearance amounts equaled the HAMP amount.

OK so I made my 2 payments and called to inquire about what happens next. I understood it to be I would now roll into the trial modification.
I talked to my contact at the executive team and he has my loan already in underwriting. Tomorrow he will have my approval for a final modification and permanent docs sent out shortly thereafter.

I was shocked. I asked doesnt the underwriting process take 30-60 days? He said "I have a been getting 5 day turn arounds but mostly 2 days for final approval. I have another customer that is in the same situation and theirs was finished in 2 days. I will call you tomorrow 8/13 with your approval info"
Now I dont know if he gets special treatment or since I raised hell with him he is fast tracking it....

So to all - I will know tomorrow about a final approval after only going 2 months on a forbearance (which Chase considered would qualify as the 3 payments)
If the administrators would allow me to attach documents I would attach my forbearance agreement.

Lastly my credit got dinged - I now have a 90 day late and also explained that to my guy. I told him I have it in writing from Chase that this would not harm my credit. He said "fax it to me and I will send it to loss mitigation"
If Chase doesnt fix it I will dispute it with the credit agencies. As I have written proof and proff that it was delivered on time that should also fix it.
If it doesnt I will have my attorney read them the riot act.

Its not fair because I am looking for a job and employers now run your credit

famlena · 08-12-2009, 11:44 PM

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. Please keep us posted tomorrow when you receive your permanent paperwork. Thanks you.

shade · 08-13-2009, 06:34 PM

Called my executive team member who is handling my file. My file is still in underwriting and will be shipped out for permanent mod next week. He said the delay is due to sheer volume - so hopefully there will be more perm mods to come for the rest of the people out there.
I was straight forward and asked is my file going to get denied he said no your file is fine as long as the income situation stayed the same.

Investor - Freddie Mac
Details - income $4850 monthly
Expenses based on credit report - $4473. Food, utilities should not be included

Obviously my back end DTI is almost 100% - he said still no issues (as it should be there is no limit on backend DTI % under the making home affordable plan)

Old payment $2560
New payment $1101.43

I also lose ~ $300 a month on my rental property so they are required to lower my occupied house because of this. Otherwise my payment would have been ~ $1400.

Final sticking point is credit - they placed a 90 day late. I was current when this process began. If loss mitigation doesnt fix it, my executive guy put in for this question to be answered, then I will send a dispute to the credit agencies. The making home affordable plan clearly states if a borrower going in is current then they are to be reported as current as long as their trial period payments are on time.
I will send this along with my proof payments were paid on time.
If the bureaus for some reason give me crap I will have my atty read them the riot act as this is not supposed to be happening.
One of my credit cards limits just got banged down because of this (and there was no balance)
I am also applying for jobs and I will explain if it comes up I have proof that this is an error.
I hope this gives hope and helps some of you waiting for this nightmare to come to an end.

babbles · 08-13-2009, 06:43 PM

I thought you said today was the day you got the final word? Isn't this how they string everyone along?

shade · 08-13-2009, 07:05 PM

My executive said today and personally called the dept. Said it has been approved and is just waiting the final processing since there is a long line.

lsmith12 · 08-14-2009, 11:56 AM

That's great for you! I haven't read all of your posts because I just signed on to the forum, but it sounds like you have gone through the whole process with Chase. I wonder if you could share some feedback with me. We have been told that we are now assigned to a processor and the next step is underwriting. I just gave them updated financials, new p&l, and pay stubs for spouse. It does always seem like I hear something different from each person. We are current on our loan, but my self employment income has been cut in half. We can make the interest only payments on our first and second, but we are way underwater. We are trying to improve our situation before we get into serious trouble. If you have time to answer these questions below I would really appreciate it.

1. When you were approved for a trial modification, did Chase handle your payments properly? (We have an automatic debit with our loan payments now, but I'm hearing that it is different during the trial. I've read scary stories about the payment not being credited and Chase reporting the person 3 months behind, when they were not late prior to the trial mod.)

2. Did they give you information in writing prior to the trial mod?

3. During the trial mod, how do they report your payments to credit reporting agencies? (I've heard bad things about this as well.)

4. When you finish the trial period, do they make you go through a whole approval process again by updating financials etc, or is it automatic and you sign new loan docs.

5. Who should I contact at the Executive Team if I continue to get the run around or they mess things up? Can you provide phone numbers.

I really appreciate your time.

lsmith12 · 08-14-2009, 12:12 PM

I just noticed your next post, where you stated that Chase reported you 90 days late. That terrifies me, because my spouse's credit rating has to remain perfect to retain security clearances for employment. Damage like this can take along time to get the reporting agencies to fix. I wonder if this is what they are doing to everyone? To me, it must be something that they are doing on purpose to throw the home owner into more turmoil. They could actually make you a person appear to be three months behind and then deny the permanent mod. Then they could start the foreclosure process or try to get encourage a short sale. I'm so scared. I don't trust them at all. Please update us on what results you get on the permanent mod and on getting something in writing to repair the credit situation. They should be giving people written committments up front about how they will report this, before the trial period begins. I wish someone was regulating these companies. They have all the power right now!

shade · 08-16-2009, 11:04 AM

lsmith12 - I cancelled my auto payments and made the payments via cashiers check and fedex for proof.
Yes i received written verification of what was occurring - basically they were going to roll a 2 month forbearance then start the trial mod. It seems they have used the 2 month forbearance as the trial mod payments and are looking to finalize the mod permanently.
They initially didnt report me as late but they have since smacked me with a 90 day. While this sucks I have in hand that the forbearance will not affect my credit. So I told my executive person to contact loss mitigation to have it fixed. I should know early next week if loss mitigation will comply. If they dont I will dispute it with the credit agencies and provide the proof from Chase. The obama plan also calls for the following credit reporting - if you are current while entering into the trial mod and stay on time during it then you are to be reported as current. I can prove that I was current and stayed curent. If the agencies for some reason deny it I will have my atty send a letter. I clearly followed the rules and have PROOF. So I am not pushing that issue hard yet - I am waiting for the mod to become permanent then I will start raising hell.
I was told that I may need to send another bank statement and income verification but I do not need to fill out all the paperwork again.
I dont trust them as well in regards to the credit but the rules are the rules and again it comes down to proof. The credit agencies should fix it as I have that written documentation so honestly I am not worried about that, it just sucks that it will take 30 days once I initiate the process to get it fixed.
I cant say for sure who to contact but the executive number is 1-800-242-7399.
I will update the thread early next week when I hear more. Stay tuned.

lsmith12 · 08-16-2009, 05:47 PM

Shade,

Thanks! It sounds like it's been an ordeal but it if it works out, you will be better off in the long run. It's good that you received it in writing. The quickest way is for Chase to correct it. If they don't and If you have trouble with the credit burreaughs taking it off, send a letter to the Attorney General. My husband had a false reporting a few years back by a collection agency and this company was not reputable, so he wrote a letter to the Attorney General. It's not like the AT General's office has the ability to handle your case individually, but for some reason the financial companies don't want to have any issues with them. The Attorney General sent this company a letter regarding the problem and the company immediately responded with a letter that it was all a mistake and they have corrected the problem. The company also added a long statement of how they make every effort to follow the guidelines of the Fair Credit Reporting act. Blah, Blah...But it made them fix the error asap, so that was good. Has Chase sent anyone to your home to inspect it during this process? I've heard that they are doing this. I wonder if, even in down market, if they could see a particular home that might seem more valuable to an investor in the future, so they choose to deny the modify. I'm just seeing so many foreclosures around us and we are wondering if companies like Chase are just making it so difficult that the homeowners just decide to give up and this is what they (Chase) is hoping for. I just can't stand Chase's new "We are here for you" slogan.

shade · 08-19-2009, 06:20 PM

Got a call from my executive team rep today they are missing some update financials and bank statements.
I also filled out the HAMP documentation that appears to be now included. It was a form asking for my SS#, reason for the hardship and loan number.
I scanned and emailed it back to my rep and he said they 'perm mod' department(he didnt call it that Im just using that term) is actually moving fast and will have it finalized in 5 days.....
Will update with more info as I get it.

briknope · 08-20-2009, 03:13 AM

Quote:

Originally Posted by shade

Got a call from my executive team rep today they are missing some update financials and bank statements.
I also filled out the HAMP documentation that appears to be now included. It was a form asking for my SS#, reason for the hardship and loan number.
I scanned and emailed it back to my rep and he said they 'perm mod' department(he didnt call it that Im just using that term) is actually moving fast and will have it finalized in 5 days.....
Will update with more info as I get it.

Uh oh. I hope its not the run-around starting with the missing documents story!

shade · 08-20-2009, 11:33 AM

I emailed my docs to my exec team member and he responded back with I have all the docs necessary. No wasting time faxing. Faxing is for babies

I was lucky he gave me his email address.

ugh_2009 · 08-20-2009, 11:54 AM

shade,

Did they use unemployment benefits as part of the gross income? Did you have to do anything to prove that 'you are going to get the benefits for at least 9 month'?

shade · 08-20-2009, 12:50 PM

Yes they used unemployment as gross income - they have to accept it as income per the guidelines.
They didnt ask me to prove how long it is good for they asked for the award letter.
In my state its a small generic statement that says this person is qualified and will receive X and total amount is X. This doesnt include any extended benefits under the stimulus plan which I also told my executive rep.
So in short they didnt ask me to prove 9 months.

08-12-2009, 07:53 PM	#1 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Permanent Payment update will have permanent mod info 8/13 All - I first got the run around with the home division when the plan came out so I stopped calling and began working with the executive team. I was put on a 2 month forbearance 7/1 and 8/1. I have docs stating this exact terminology. It appears that the executive team did this - since I was current when I began this adventure Chase opted to put me on the forbearance to make me past due. The forbearance amounts equaled the HAMP amount. OK so I made my 2 payments and called to inquire about what happens next. I understood it to be I would now roll into the trial modification. I talked to my contact at the executive team and he has my loan already in underwriting. Tomorrow he will have my approval for a final modification and permanent docs sent out shortly thereafter. I was shocked. I asked doesnt the underwriting process take 30-60 days? He said "I have a been getting 5 day turn arounds but mostly 2 days for final approval. I have another customer that is in the same situation and theirs was finished in 2 days. I will call you tomorrow 8/13 with your approval info" Now I dont know if he gets special treatment or since I raised hell with him he is fast tracking it.... So to all - I will know tomorrow about a final approval after only going 2 months on a forbearance (which Chase considered would qualify as the 3 payments) If the administrators would allow me to attach documents I would attach my forbearance agreement. Lastly my credit got dinged - I now have a 90 day late and also explained that to my guy. I told him I have it in writing from Chase that this would not harm my credit. He said "fax it to me and I will send it to loss mitigation" If Chase doesnt fix it I will dispute it with the credit agencies. As I have written proof and proff that it was delivered on time that should also fix it. If it doesnt I will have my attorney read them the riot act. Its not fair because I am looking for a job and employers now run your credit

08-12-2009, 11:44 PM	#2 (permalink)
famlena Senior Member Join Date: Jul 2009 Posts: 57 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 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. Please keep us posted tomorrow when you receive your permanent paperwork. Thanks you.

08-13-2009, 06:34 PM	#3 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 Called my executive team member who is handling my file. My file is still in underwriting and will be shipped out for permanent mod next week. He said the delay is due to sheer volume - so hopefully there will be more perm mods to come for the rest of the people out there. I was straight forward and asked is my file going to get denied he said no your file is fine as long as the income situation stayed the same. Investor - Freddie Mac Details - income $4850 monthly Expenses based on credit report - $4473. Food, utilities should not be included Obviously my back end DTI is almost 100% - he said still no issues (as it should be there is no limit on backend DTI % under the making home affordable plan) Old payment $2560 New payment $1101.43 I also lose ~ $300 a month on my rental property so they are required to lower my occupied house because of this. Otherwise my payment would have been ~ $1400. Final sticking point is credit - they placed a 90 day late. I was current when this process began. If loss mitigation doesnt fix it, my executive guy put in for this question to be answered, then I will send a dispute to the credit agencies. The making home affordable plan clearly states if a borrower going in is current then they are to be reported as current as long as their trial period payments are on time. I will send this along with my proof payments were paid on time. If the bureaus for some reason give me crap I will have my atty read them the riot act as this is not supposed to be happening. One of my credit cards limits just got banged down because of this (and there was no balance) I am also applying for jobs and I will explain if it comes up I have proof that this is an error. I hope this gives hope and helps some of you waiting for this nightmare to come to an end.

08-13-2009, 06:43 PM	#4 (permalink)
babbles Senior Member Join Date: Feb 2009 Posts: 41 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 I thought you said today was the day you got the final word? Isn't this how they string everyone along?

08-13-2009, 07:05 PM	#5 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 My executive said today and personally called the dept. Said it has been approved and is just waiting the final processing since there is a long line.

08-14-2009, 11:56 AM	#6 (permalink)
lsmith12 Member Join Date: Aug 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 That's great for you! I haven't read all of your posts because I just signed on to the forum, but it sounds like you have gone through the whole process with Chase. I wonder if you could share some feedback with me. We have been told that we are now assigned to a processor and the next step is underwriting. I just gave them updated financials, new p&l, and pay stubs for spouse. It does always seem like I hear something different from each person. We are current on our loan, but my self employment income has been cut in half. We can make the interest only payments on our first and second, but we are way underwater. We are trying to improve our situation before we get into serious trouble. If you have time to answer these questions below I would really appreciate it. 1. When you were approved for a trial modification, did Chase handle your payments properly? (We have an automatic debit with our loan payments now, but I'm hearing that it is different during the trial. I've read scary stories about the payment not being credited and Chase reporting the person 3 months behind, when they were not late prior to the trial mod.) 2. Did they give you information in writing prior to the trial mod? 3. During the trial mod, how do they report your payments to credit reporting agencies? (I've heard bad things about this as well.) 4. When you finish the trial period, do they make you go through a whole approval process again by updating financials etc, or is it automatic and you sign new loan docs. 5. Who should I contact at the Executive Team if I continue to get the run around or they mess things up? Can you provide phone numbers. I really appreciate your time.

08-14-2009, 12:12 PM	#7 (permalink)
lsmith12 Member Join Date: Aug 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 I just noticed your next post, where you stated that Chase reported you 90 days late. That terrifies me, because my spouse's credit rating has to remain perfect to retain security clearances for employment. Damage like this can take along time to get the reporting agencies to fix. I wonder if this is what they are doing to everyone? To me, it must be something that they are doing on purpose to throw the home owner into more turmoil. They could actually make you a person appear to be three months behind and then deny the permanent mod. Then they could start the foreclosure process or try to get encourage a short sale. I'm so scared. I don't trust them at all. Please update us on what results you get on the permanent mod and on getting something in writing to repair the credit situation. They should be giving people written committments up front about how they will report this, before the trial period begins. I wish someone was regulating these companies. They have all the power right now!

08-16-2009, 11:04 AM	#8 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 lsmith12 - I cancelled my auto payments and made the payments via cashiers check and fedex for proof. Yes i received written verification of what was occurring - basically they were going to roll a 2 month forbearance then start the trial mod. It seems they have used the 2 month forbearance as the trial mod payments and are looking to finalize the mod permanently. They initially didnt report me as late but they have since smacked me with a 90 day. While this sucks I have in hand that the forbearance will not affect my credit. So I told my executive person to contact loss mitigation to have it fixed. I should know early next week if loss mitigation will comply. If they dont I will dispute it with the credit agencies and provide the proof from Chase. The obama plan also calls for the following credit reporting - if you are current while entering into the trial mod and stay on time during it then you are to be reported as current. I can prove that I was current and stayed curent. If the agencies for some reason deny it I will have my atty send a letter. I clearly followed the rules and have PROOF. So I am not pushing that issue hard yet - I am waiting for the mod to become permanent then I will start raising hell. I was told that I may need to send another bank statement and income verification but I do not need to fill out all the paperwork again. I dont trust them as well in regards to the credit but the rules are the rules and again it comes down to proof. The credit agencies should fix it as I have that written documentation so honestly I am not worried about that, it just sucks that it will take 30 days once I initiate the process to get it fixed. I cant say for sure who to contact but the executive number is 1-800-242-7399. I will update the thread early next week when I hear more. Stay tuned.

08-16-2009, 05:47 PM	#9 (permalink)
lsmith12 Member Join Date: Aug 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 Shade, Thanks! It sounds like it's been an ordeal but it if it works out, you will be better off in the long run. It's good that you received it in writing. The quickest way is for Chase to correct it. If they don't and If you have trouble with the credit burreaughs taking it off, send a letter to the Attorney General. My husband had a false reporting a few years back by a collection agency and this company was not reputable, so he wrote a letter to the Attorney General. It's not like the AT General's office has the ability to handle your case individually, but for some reason the financial companies don't want to have any issues with them. The Attorney General sent this company a letter regarding the problem and the company immediately responded with a letter that it was all a mistake and they have corrected the problem. The company also added a long statement of how they make every effort to follow the guidelines of the Fair Credit Reporting act. Blah, Blah...But it made them fix the error asap, so that was good. Has Chase sent anyone to your home to inspect it during this process? I've heard that they are doing this. I wonder if, even in down market, if they could see a particular home that might seem more valuable to an investor in the future, so they choose to deny the modify. I'm just seeing so many foreclosures around us and we are wondering if companies like Chase are just making it so difficult that the homeowners just decide to give up and this is what they (Chase) is hoping for. I just can't stand Chase's new "We are here for you" slogan.

08-19-2009, 06:20 PM	#10 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 Got a call from my executive team rep today they are missing some update financials and bank statements. I also filled out the HAMP documentation that appears to be now included. It was a form asking for my SS#, reason for the hardship and loan number. I scanned and emailed it back to my rep and he said they 'perm mod' department(he didnt call it that Im just using that term) is actually moving fast and will have it finalized in 5 days..... Will update with more info as I get it.

08-20-2009, 11:33 AM	#12 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 I emailed my docs to my exec team member and he responded back with I have all the docs necessary. No wasting time faxing. Faxing is for babies I was lucky he gave me his email address.

08-20-2009, 11:54 AM	#13 (permalink)
ugh_2009 Senior Member Join Date: Jun 2009 Posts: 126 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 shade, Did they use unemployment benefits as part of the gross income? Did you have to do anything to prove that 'you are going to get the benefits for at least 9 month'? __________________ .

08-20-2009, 12:50 PM	#14 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Permanent Payment update will have permanent mod info 8/13 Yes they used unemployment as gross income - they have to accept it as income per the guidelines. They didnt ask me to prove how long it is good for they asked for the award letter. In my state its a small generic statement that says this person is qualified and will receive X and total amount is X. This doesnt include any extended benefits under the stimulus plan which I also told my executive rep. So in short they didnt ask me to prove 9 months.

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