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

[SwillerAlesbane]

Thanks Cliff...I like people posting what they believe and everyone has a different viewpoint....and yours may be closer to the truth than mine....however...

"I think it is the mis-information that is the biggest problem."

Agreed. The biggest mis-information out there were stated income loans. Who controlled that? No....couldn't be the BANKS...nah not them, they didn't screw us. With the BANKS approving loans for anything with a heartbeat, it fueled the meteoric rise of home prices in CA, without the banks breaking the law, this bubble would not have happened to this extent.

"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."

Banks make their money by USURY. Yes, they are out to screw you for the most buck they can.

"None of us know the particulars of the files that are being declined...though I agree, the changing guidelines are not a good thing."

Untrue. Many of us know our particulars because we LIVE THEM. We may not be privy to why Chase is playing this game, but rest assured, THEY know why they are doing it, and I can assure you, it's in their best interest, not yours....again, I do believe they ARE out to screw us.

"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."

Agreed.

"Can't have both."

I vehemently disagree with this. Any GOOD business would have both. The bottom line is they don't have to have both because there simply aren't that many players in the game to cause the competition we need in banking. Add in the fact that our government is backing these corrupt institutions, and no one is "hurrying".

"Like anything else in life, it comes down to how much you want something, and what you are willing to do for it."

Amen...keep preaching it I agree! I want my home, but not at the cost of living with zero disposable income. Life is more than that...and I believe I'm not the only one who believes this. I'm willing to live in my house for as long as it takes the SHERIFF to come post for me to move.


"My husband and I bought a 520K home on salaries that could not withstand an economic downturn. Who is at fault?"

Ultimately, only you are responsible for the decisions you make, but having the system flooded with fraud, and you just happened to buy at the wrong time = not your fault. I guess if you KNEW that massive fraud was going on and you bought anyhow...then yes, you are 100% responsible.

"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."

What fight are you going to fight? Fight to keep your home? How...you would have to fight AGAINST the bank to get a loan mod. Do you honestly think that your bank is going to be willing to just let you "off the hook" of your signed financial agreement? Be ready for a very long and protracted "battle". One where you send in your documents multiple times. One where you get constant calls from collection officials (that is if you default...if you don't default...no worries, you will never receive a phone call).

I wish you all the best in you "fight", but it seems to me you are coming out with the white flag waving as you approach your lender. The "I'm at your mercy, please give me a loan mod" might work, but I'm thinking not.

Vaya con Dios.

[Chased around and around]

I just want to post up the wording on the trials for HAMP:

Length of Trial Period: The Trial Period will last for 90 days (three payments at modified terms) or longer if necessary to comply with investor contractual obligations in the Pooling and Servicing Agreements. The borrower must be current at the end of the Trial Period to obtain the HAMP modification.

The "OR" is all that is needed to string us along for however long they feel they want to string us along...

[rachel_p]

Originally Posted by Chased around and around

I just want to post up the wording on the trials for HAMP:

Length of Trial Period: The Trial Period will last for 90 days (three payments at modified terms) or longer if necessary to comply with investor contractual obligations in the Pooling and Servicing Agreements. The borrower must be current at the end of the Trial Period to obtain the HAMP modification.

The "OR" is all that is needed to string us along for however long they feel they want to string us along...

Yikes...."the borrower must be current at the end of the trial period to obtain the hamp modification".

That really stinks for those of us that are 6, 12, 22 months behind. That's a big chunk of change.

[cmarquesjr]

does it mean current as for the trial pmt's or current on all the back pmt's and fees of the original defaulted loan?

[SwillerAlesbane]

Being current is only what the banks say it is. If you missed 10 years of payments, but the bank is ok with it, you are "current".

I agree...the "OR" is a very huge word. It works well in this sentence...

"You will follow though on your loan modification promise, OR, (insert name here) will stop making his payments and the house will have to go to foreclosure and Chase will have to get the Sheriff to remove (insert name here)."

Yup...it's a mighty big OR. A few thousand dollars at least.

With the way things are being run, don't look to a recovery anytime soon, the banks want to extract every single drop of lifeblood from those whom are willing to pay. I'm not willing anymore, now you are going to have to TAKE it from me....see you in court Chase, and hope you like bankruptcy proceedings, I'm SURE it will increase the amount of time I get to live in a house I refuse to pay for.

[Chased around and around]

The wording "current" means on the trial payments. There is no way any of us could be current on the loans, if so none of us would be in these messes.

You can bet your bottom dollar the scummist sleaziest corp lawyer wrote this garbage one day having steak and lobster with the CEO of the bank.

Just some more lawyer garbage to screw you again, have fun with that last paragraph:

Trial Period Required. Successful completion of the Trial Modification Period and entry into program agreements between the Servicer and the Treasury’s financial agent are prerequisites for any payments to the lender/investor, servicer or borrower.

Modification is effective on the first calendar month following the successful completion of the Trial Period. Successful completion means that the borrower is current (under the MBA delinquency calculation) at the end of the Trial Period.

Borrowers in foreclosure restart states will be considered to have failed the Trial Period if they are not current at the time the foreclosure sale is scheduled.

No payments under the program to the lender/investor, servicer or borrower will be made during the Trial Period. No payments under the program to these parties will be made if the Trial Period is not completed successfully. NO payments under the program to these parties will be made unless and until the servicer has entered into the program agreements with the Treasury’s financial agent.

[rachel_p]

Ahhh, gotcha. "current" with trial payments. That makes a little more sense.

[Hard Times]

Yes......the intent is that you must be current on all Trial Mod payments. There is no way they could force homeowners to pay all their past due payments plus the trial payments. So, just make the trial payments on time, and HOPEFULLY these weasels will start approving final mods.

[Hard Times]

Originally Posted by 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??

Jullian.....I agree with you. I have been in this process since October 08, and am extremely agitated at the way they have treated me. Based on my conversations with others in this forum who have their trial mods, I fully qualify and fall within the parameters that these people have in getting their trial mods. It makes no sense why they are trying to falsely pick my documents apart so as to try to find a cause to Reject me. Others have gotten their mods done over the phone, and in only 4 weeks! For us to waite almost a full year to get an answer should be criminal. I was also told that these mods would be processed on a "first come, first served" method, and since I had been in line for months already, they would push mine through fast. Sure.......that was 6 months ago.

They should be able to review the application and make a determination within 30 minutes.....its not rocket science here.

That was another good point.....in the "good years", these banks processed thousands and thousands of mortgage loans, refinances, etc every week. That part of the business is way down, and they have hired thousands of new employees to help with these mods.....so, why is it taking them a year to review my package, and it only took them 30 minutes to approve the loan in three years ago?

[cliffdweller]

Thanks Swiller for the thoughtful reply. I too like open and honest discussion and the ability to offer up different perspectives. I think you have many good insights.

I have been involved in the process since November 2008. The bank was dragging its feet at that time because they knew the Obama Admin. was coming up with a rescue program.

I think we
all pretty much started over again in March 09 because of the Obama guidelines. It took about 30-60 days to figure out trial mods after that.
So for many of us, things really got going in April and May 2009. I would be the first to agree that the process has been frustrating and confusing.

I was really hopeful that we would be hearing more good news this month. Looking at stats in the newspaper, 10% of all apps have resulted in permanent modification so far. Call me crazy, but I am still hopeful.

Banks are in the business of making money and giving loans, but not restructuring mortgages...that is the rub. They have had to create processes and policies that did not exist. Correct me if I am wrong here.


You know - doctors are in the business of drugs and surgery and that is how they are paid...I would not say that they are necessarily screwing you over because they recommend this as opposed to lifestyle changes, nutrition, etc. which in many cases would be more effective and beneficial.
They are simply doing what they do. To change the medical system into a more proactive, holistic system is a slow, tedious, political process...so is attempting to change the banking industry.

Swiller - when I say I will continue the fight...I mean I will fight to demonstrate that it is a win/win for the banking system to restructure our mortgages, I will fight for what is fair for all of us, since I do not believe we are 100% at fault, and I will fight to uncover fraud and injustice.

I posted on my thread "WaMu/Chase Moving Forward" the approach I use when dealing with the bank...not white flag, help me, help me...but assertive and hopefully well balanced.

Best of luck to all.

[MAXIE19]

Cliff:

I have followed your threads and postings and absolutely agree with your positive but assertive approach. In dealing with the banks, a rational and logical approach will always win the day. Keep the emotions and the sense of entitlement out. Methodically put together a solid case that will make it hard for them to deny you. Even if they do deny you, do not give up, augment your submissions and resubmit. Email as many higher ups as possible, and be as persistent as possible until you get the results you want.

[SwillerAlesbane]

Wow Cliff....that was an excellent post. I get pretty down on the whole system when I think too hard on it. I guess I still have a spark of hope, but it has been all but extinguished by Chase not following through. It's not all their fault either, as I'm struggling to see if I even want to keep the home in the face of it being underwater for some time to come.

For now, I'm not paying until they contact me with news of a modification....a permanent one. If not, I'll stay in the house until sale and eviction. Who knows how long it will last...if they move fast I'll have what....120 days?

You see, if I get the NOD in the mail, I stop paying everything, HOA, taxes, 1st, 2nd....etc. That's about 6k more in my pocket to find a rental. Rents in Orange County CA are going DOWN right now and fast, as people lose jobs and consolidate households (how many are living with relatives now or soon will be?).

Is it worth it for me to keep 1200 sq.ft. at the cost of $2500 a month? And that's IF Chase can deliver. Man, I haven't rented in 13 years.....weird.

[BudgetCutsinOC]

Swiller,
I love the attitude towards Chase! These guys are UNETHICAL and ROTTEN............... Where do you live in LF(cross streets) I grew up there and went to ETHS. Small world. I used to live by ET and trabuco.

[cliffdweller]

Maxie: Thank you and likewise. I find you a constant source of "pragmatic inspiration!"

Swiller: For me this started out as saving our home, and has now translated into a cause. Whatever you decide for yourself, I think you have been very helpful to a lot
of people here on the forum....I am hoping for the best for you!

[SwillerAlesbane]

Wow budget...I live very close to El Toro/Trabuco...can walk to Del Taco.

[SwillerAlesbane]

Ok, been awhile and I haven't updated my own story.

Received a letter stating that my modification was being cancelled because I didn't send in paperwork. Shrug.....I didn't call them.

Received another letter that states to call Chase if "I'm having a problem making my payments". LOL

I received a call 10-14-09 from a representative. Yet another collection call from out of the country.....glad them stimulus bucks are working for other countries!!!! Before she could spout about the loan, I told her everything that went on. She replied, "Oh, this should have been done already (yup no kidding!) and she is going to contact the negotiator to get the package sent.

Here we go again on the Chase merry-go-round. At this point, I'm just kicking back and waiting for the NOD. If no NOD, I just live my life....if I receive a NOD, then I get an attorney and start attacking them to make them produce the original signed documents. If that falls through or they puch the foreclosure anyhow, I'll declare BK and that will cause more confusion.

Whatever happens happens. I got 90 days of no payments earlier this year, and now I'm going on 60....still no NOD. I'm crossing my fingers and hoping to get a solid 12 months of no payments.....oh yea....or a loan mod.

Hey Chase.....see how things have changed? I'm not scared of you and your foreclosure, and i used to WANT to keep my house. At this point, I'll be happy either way, because I know it will be resolved.

Mod or rent....and rent is looking real attractive right now.

[SwillerAlesbane]

10-15-09 Chase called my house and said my modification is still approved and they will re-do the loan workout and start with the 1st payment 12-1-09.

Yea, right.......we shall see.

[Jillian118]

Hey Swiller, I looked but couldn't find who your investor is, do you happen to know as I am still battling Chase as well & Im kinda curious!

[SwillerAlesbane]

When I asked them, they said it was OWNED by WAMU...which is now Chase. I believe there wasn't any investors on my mortgage, but then again, I've been told many things by Chase, so it could be owned by some dude in China.

[Marie T]

Swiller...I have heard from everyone I asked at Chase and WAMU that my loan was never sold to an investor...owned by Chase. The attorney I just started working with has told me that even though they are telling me that, it may very well be owned by an investor and he will find out who the investor is if not WAMU.

[wamusing]

I was told numerous times by multiple WAMU andChase assoicates my loan was owned and serviced by WAMU now Chase. When civil summons paperwork arrived Bank of America and LaSalle Bank NA are listed as plaintiff. Resent requested modification paperwork fourth time since Feb 09 on 9-19 and have not heard a word. I will let my lawyer handle any proceeding from here as they have started legal proceedings Good Luck to All.

[Jillian118]

I was told that mine was Wamu..now Chase...owned as well. I originally thought that would help with the mod process since I had a "portfolioed" loan or whatever the hell that means! But after 10 months going on 11 I still have nothing from them.

[SwillerAlesbane]

I received two FED-X packages last night, but I was so tired from work all day and school until 10 pm, that I didn't open them yet!!!! LOL

I will review them later. After all this time and uncertainty, I'm really looking at it from another perspective, and I may indeed decide to default and let it go to the bank anyhow. I'll update what terms they offered tonight when I get home from work.

[c150000]

Swilleralesbane

well...............? Hurry and get home !!

[exhausted girlfriend]

Swiller,
we are all anxiously waiting with you.