Trial Payments Over - Chase offered......

[rachel_p]

Swiller, have you talked to Chase lately? Do they still say they are sending a packet to you? Can they fax it??

Our modification is due to be approved/denied this week. If it's approved I'm scared to death I will not receive documents in time.
If it's denied, I'm scared to death Chase won't work with me on paying back that which we are behind on (6 months worth of payments).

[Liz Medrano]

Swiller..,

A similar situation also occurred with me. I finished my three trial payments and called like usual and one of the reps told us we were approved and gave us the interest breakdown:

1-5 2%
6 3%
7 4%
8-40 4.75% No Balloon. We were estatic - felt awesome our home saved.

I waited and waited for the package nothing -called back and was told to make a 4th trial payment and that the terms we were told was only a proposal..not the sealed deal (they didn't know who told us we were approved, but not so). That was over a month ago...Now we are in limbo just waiting while these banks get their extensions by making it look like we aren't submitting the paperwork in time it is bull s**t. I have never been in such a situation that drags out and that I have no control over.

[SwillerAlesbane]

I have not received the package. I'm not too worried about it though, because if I lose the house, I BK Chapter 7 and start over and I lose the $343,000 first mortgage gorilla...the $39,000 2nd, and I'll throw in $17.5k credit card debt.

I'm still bitter in regards to how everyday americans get treated and what happens to us during financial straits....versus a LLC or mega-corporation when they go BK.

I'm over it all....don't really care about my FICO or credit score, and don't use ANY credit. Credit is bad...usury is bad....yet the capitalists worship both. Count me out, I'm going to a cash based system. I don't need a house, I don't need a fancy car, I just want FREEDOM, and I will get it, even if it costs me what our society holds dear.

[SwillerAlesbane]

Sorry, didn't really reply to your post....here goes.....

No worries...just don't send in the "4th payment". Nothing I signed said ANYTHING about a 4th payment...and guess what...I'm not making it. I still have never received an NOD even though I went 90 days earlier this year. So...IF they post my NOD, I'm still looking at roughly 4 months of NO PAYMENTS, and that's if they move fast. Go ahead...dare me to save four more months of mortgage payments.....in fact, you can double dare me and hopefully I'll get 8 MONTHS OF FREE RENT!!!!

[snapple candy]

FYI....supposidly Chases computers are down for the rest of week as they finalize the WAMU to Chase conversion. No more excuses they can see each others files!

[MW87178]

I've made 5 payments. Was told today that I have to fill out a hardship affidavit (Has anyone else been asked to do this?), which includes re-writing the hardship letter I wrote almost 1 year ago. Every time I speak to Chase they tell me that I need to fill out one more thing, this is after my file was "all ready for underwriting" for the past 2-3 months. We'll see. I have little hope and feel like they are trying to make $ off of all of us and then will end up denying many of us. I hope I'm wrong.

[rachel_p]

MW, we had to rewrite a hardship letter and send in new forms once our forebearance period was over. It's supposedly so their information is current. For example, you could be making a lot more $$ now than you were a year ago when you first sent your stuff in. That is pretty routine, I think.

However, Chase is always needing more forms, or things to be re-faxed over and over.

[MW87178]

I would say you're right except that I've already sent them new paystubs, etc.. They are just postponing. As soon as I get close to an answer on the final they suddenly forgot a form, need new paperwork, etc...

[rachel_p]

MW, that seems to be a recurring theme here. They always say they are missing something.

At this point I would take another forbearance offer, now that I am more aware of how these things work. If I could get a 6 month forbearance, I could come up with all that I owe in back payments.

[cliffdweller]

Hi all,
Just in from my sister who is a Real Estate broker. Looks like
interest rates dropped back again. Check it out:
5/1 ARM @ 4%
7/1 ARM @ 4.5%
10/1 ARM @ 4.875%
30yr fixed @ 5%


So, maybe the stalling (if that is what they are doing) is not such a bad
thing...maybe?

[Hard Times]

Swiller and Smit-----I once again am SOOOOO darn frustrated with Wamu/Chase. I too have been through the run-around and the many many people as you have. I started this process in Oct 08, was approved, then rejected, resubmitted, then approved, then "papers are on the way", ......LIES, LIES, LIES! They wanted a current bank statement about 2 months ago, and got it, and said there would be no problem....that surely I would be approved this time. Damn underwriters never called, and finally tonight I find that they want me to RESEND that prior bank statement as they "claim" that I did not send the last page. UNBELIEVABLE!!

[Hard Times]

Swiller and Smit-----I once again am SOOOOO darn frustrated with Wamu/Chase. I too have been through the run-around and the many many people as you have. I started this process in Oct 08, was approved, then rejected, resubmitted, then approved, then "papers are on the way", ......LIES, LIES, LIES! They wanted a current bank statement about 2 months ago, and got it, and said there would be no problem....that surely I would be approved this time. Damn underwriters never called, and finally tonight I find that they want me to RESEND that prior bank statement as they "claim" that I did not send the last page. UNBELIEVABLE!! (I did send all three pages).
So....this third page is just general bank terms...nothing about my bank accounts. It is clear that these banks are playing major games with all of us, and I am FED-UP with it all!!!! Yes, I would like to revolt, as Swiller says above......we need some major "grass-roots rebellion in this country".

I am 1 month behind, going on 2 months.......I love my home, but these scallawags are not getting another dime from me for missed mortgage payments. They can have their collectors from Mexico or India keep calling, but thats it.....no dinero from this guy! Its either a mod or they get a home which will probably have burst pipes by winter, and water damage everywhwere.

Do they realize how angry they are making Americans?

[SwillerAlesbane]

Agreed. I made my 3 trial payments...nothing was discussed about continuing payments for an undisclosed time. Either mod me, or take your property back and suck up the $100,000+ loss. I'm very glad I'm in a non-recourse state where you can kiss my rosy behind and not throw me into debtors prison (I'm sure you uber wealthy are all behind debtor prison).

I think it's a good thing that the wealthy got greedy...because this will teach people like you and I to live within our means...to not borrow needlessly, and to only buy when it is economically feasible.

I'm *STILL* waiting on my "modification". I've received zero phone calls so far...and I'm not biting my nails over it. One way or the other, I...yes I, will get closure on this issue. It may be a fore-closure, but at least it will be resolved and I can go forth with a new plan.

To all the Banksters that read this....I am not afraid anymore, I don't need you to survive and flourish. May all of the usury institutions get their just rewards. For me and my household, I'm marching to bankruptcy with a smile, because I know that once and for all, I'm done being bled dry.

[SBBLUEWATER1]

I feel the same as you all do. We finished our 3 months of trail period mod payments and were told in writing to not make any more payments as our final loan mod docs would be sent to us soon. After numerous e-mails and phone calls they e-mailed us back today with the "proposed" final numbers. They make no sense and are much higher than what we had been paying on our trial mod plan! I have gone back to them asking for clarification and showing them that they made a mistake. I am fully prepared to let them foreclose on us. I have spent well over a year working on this. Every day I spend time pulling together more paperwork for them and sending it in only to be told to send it in again. It is so frustrating that the banks can't get their act together. If they don't want to give us a loan mod then they should just say no up front and stop wasting everyone's time. They can take the $200,000 loss!!!!

[snapple candy]

Go swiller! Yahhoo. Fk em. Thats what I say. Take my 100K loss too.
I havent heard anything yet either and made my last trial payment mid-august. I am now trying to find out if my Chase equity line is owned by Chase or is it investor owned. They are getting pretty squirrly on that answer and need to call me back.

[Chased around and around]

Originally Posted by SBBLUEWATER1

They can take the $200,000 loss!!!!

I see it the same way, my condo is 219K underwater. They can have it and I can go rent for half the price it cost me to rent this condo from chase. Plus no HOA, no repairs, no taxes. Yup renting sounds better and better each month this drags on...

[lost at "C"]

Wow!! That is great news!! We have been waiting since October of last year!! Did you know they were giving you this offer or did you just come home one day and find the docs in the mail? I check the mail everyday hoping new loan docs are in there or Fedex will show up!!!

[SwillerAlesbane]

Well....just an update, I still have not received my modification package!

I'm not paying until a modification is in front of me...and the longer it goes...I may not even sign THAT. I may just allow them to take back the house after I mattress fund.

I want to give another thanks to the creators of this board, and all the members who make it what it is.

[snapple candy]

Swiller,

Im with you. Im not making a 4th or 5th trial payment. I suppose it could be seen as some as a "good faith" payment but my thoughts are WAMU/Chase hasnt operated in good faith, why should I continue to just to have my final mod rejected and they have extracted another 1-2 mths of payments out of me? My Chase negotiator cant seem to understand why I dont trust him I told him, it is not you personally, it is the process and when you have already been lied to, why would you remotely want to believe what WAMU would say
Fannie Mae guidelines state the lender has to send you a letter within 5 days of the end of the trial period to extend the trial payments. I figure I have met my obligations to the contract, now they need to hold up to their obligations to do the next step.

[BobandArlyn]

CONGRATS! You have given my husband and I hope!

[cliffdweller]

I think it is the mis-information that is the biggest problem. I was told
that I would definitely have a perm mod package by the end of the month, and I know that they may not happen. But I think to say that they have
bad intentions, are out to screw us, etc. is unfounded speculation. None
of us know the particulars of the files that are being declined...though I agree, the changing guidelines are not a good thing.

I think we are dealing with sheer volume issues, lack of trained personnel to handle it, and a banking system that is in disarray. There is nothing turn-key about any of this. Each one of us would like our file to receive individual attention and consideration, and we also want the speed of a bang it out, computerized process. Can't have both. I visualize a semi-trained negotiator sitting at a desk with 2 thousand files on it or something and making it through a couple a day. They need to improve their systems, for sure, and create a more standardized communication process...and really provide realistic time-frames.

Like anything else in life, it comes down to how much you want something, and what you are willing to do for it. My husband and I bought a 520K home on salaries that could not withstand an economic downturn. Who is at fault? We are going to fight the fight and hope that the banking system will help us through these hard times. Fully understand that this may not be the right decision for other people.

[snapple candy]

Cliff,
I agree with your perspective. There is nothing turn-key about this at all, they are overloaded and they are making it up as they go along. I am personally distrustful because of being lied to, and then vague answers to direct questions. Id rather hear, i dont know than to have a negotiator tell me a "guess" answer that will be safe for them.
Its not the banks fault we lost our jobs or got our hours cut or then again they maybe were players in the whole collapse.Its complicated and alot of speculation.
I try to be realistic and not act "entitled", and take responsibility for being where I am. Keeping a balanced perspective is sometimes easier said than done.

[Jillian118]

I would agree and disagree with this as well. IMHO, if they were writing new loans instead of modifying current loans...this process certainly would not be taking this long.

I see here on this forum, people who have been working on their mods for over a year? Really?? I personally have been on this process since Jan 09. It certainly didn't take Wamu 9 months to write up my loan, with LESS information then they are asking for now.

They are currently in posession of 9 months worth of bank statements, bi weekly pay check stubs from two jobs, tax returns, utility bills, letters, proof of hardship and forms requested from them.

After 9 months of fighting my file is still in underwriting. During the housing boom, how many loans nationwide do you think these companies were writing?? Probably the same ones they are trying to modify right now.

I will agree that some of these are not cookie cutter...but I would think that a LOT of them are. "This is what I make now, heres the proof. Can you help me?" The problem is that they dont want to. Just tell me yes or no.

The fact that people with ALL the documentation have been put on trial mods only to be denied a permanent mod to me is a total scam. They get their government money, they get some money from the home owner, then when they deny they get even more money in past due fees etc...

There is something very wrong with this picture.

I do think the people that are not needing a mod are mucking up the system, but they should be pretty easy to weed out don't you think??

[cmarquesjr]

I have sent in my first(Sep1st) trial mod payment in with my signed documents and have been worried about being in the same situation of paying trial pmt's past the contractual agreed term of three months, Chase even sent 4 payment coupons with the FedEx package when the HAMP trial mod papers even though it says only to make three pmt's and that after 30 days i should get a signed copy of the mod. back from Chase(which it seems no one is getting) and that by the 3rd pmt they should have a deal for a perm mod(which also no one is getting), so are we supposed to just keep making trial pmt's past the 3 month contract deal because they have not returned the contracts to show that they are in effect or what, i'm so confused on what to do at the end of the 3rd pmt.

[snapple candy]

cmarquis,

I wouldnt worry too much over it. You are just getting started. By the time the end of your trial period comes around. i think we will have a good picture how this is all going to pan out. They will have hopefully modified (or not) trial mods by then and gained some experience on how to do them.