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

[SwillerAlesbane]

I live in Lake Forest, Orange County, California. I bought my 1200 sq.ft. condo in 2004 for $420,000.

I defaulted in January 2009. Went 90 days with harassing phone calls. During the 3rd month of default, Chase offered a trial 3 month payment plan. $1667 a month, which was to include the impounding of taxes.

I made my 3 payments MAY-JUNE-JULY. I called repeatedly in August to check on my file and see if I was too make payment. One rep said to make payment, another rep said not too. Of course I chose to *NOT* make my payment. Yesterday, Chase called and revealed what the offer was.

1st - 5th year - 2.375%
6th year - 3.375%
7th year - 4.375%
8th-30th year - 5.375%

No principal forgiveness. Missed payments were added to the total amount shown.

Even though I'm upside down by $100,000, I'm going to take this offer. Good luck to everyone in their modifications.

[Evan Bedard]

Hi swilleralisban welcome and thank you for joining the forum.

Congratulations! You have achieved an excellent modification and many here are still waiting for a final out come after the trial periods. Principle reductions are just not happening with any lender at this time...

[Jillian118]

Congratulations! For those of us who have been waiting 8 months like me it seems like you managed to get this done pretty quickly!

[cliffdweller]

Hi Swiller,
Thanks so much for posting. I think this is a pretty darn good offer. Congratulations!!
It sounds as though you did not have to go through the process of re-submitting everything. Any idea why some people have to and others don't?

[Chased around and around]

Swiller, I live just down the road from you in Mission Viejo. Condo paid 535K in '06 and now we are worth 316K per OC tax Assessor.

I stop paying the both loans in Feb and paid the second loan June and July.

I was told by chase and the mod company I hired that chase is not doing any principle reductions or forgiving any lates or fees, all added to back end.

So far no mods have been done as of yet that I have heard.

So far I have not been offered any trial plan and not sure we are going to stay no matter what they offer. As I see our values will never be what they were...

[Jillian118]

Hi Folks!

I am not far from you all over in the Riverside area. I have been dealing with chase for over 8 months now, with no trial in place, and not even a hint of a mod. I finally got naca involved as I was just getting the runaround.

I owe 436k in the unpaid bal, chase says it is worth 330k, but my ex husband just bought the house around the corner from me for 269K. (that is a whole other story) bigger house, same acreage And the county just assessed my taxes based on a value of 230K.

So based on the fact that I am working two jobs to pay chase, for an underwater house right around the corner from my ex and his butterface girlfriend...my motivation for continuing to bust a** is waning...and they are giving me the runaround to boot.

[Chased around and around]

Jillian, So many of us here in CA are so underwater its not even funny.

I just don't understand why chase can't toss out the seconds and give us a straight 4% 30 year across the board. I would have no problem staying and it would cut my payments by $1000.00 a month.

I have been paying close to 4K a month for this condo and I have had enough of being mortgage poor, not fun anymore.

I have enough saved to move and start renting at 40% more sq. ft. for half what I pay in mortgage payments, plus no taxes, no repairs, no HOA.

I will wait it out to see what and if chase comes through with something...

[smit5454]

Swiller,

Those rates are in line with what I have been verbally quoted all along. I finished my trial end of July. I called them up to ask next step, they indicated they needed to see current paystubs to reverify wages. I faxed them in and was told it would take about 30 days.

Couple questions.
1) How long after your last trial payment was made did you receive the offer.
2) Did they verbally tell you it or did you receive documents to sign?
3) If you did not receive documents, how long did they say it would take to get them?



Thanks. I hope this is a sign that there is a shot at getting it done. You are the closest I have seen anywhere! Heck, go buy a lotto ticket while your on a roll.

[SwillerAlesbane]

1) How long after your last trial payment was made did you receive the offer?

1A. I made my last trial payment at the end of June....it was July's payment. It was about 6 weeks from my last trial payment that I got the offer, waiting on Fed-X right now.

2) Did they verbally tell you it or did you receive documents to sign?

2A. Verbal so far, and I only received that yesterday. The docs are coming Fed-X. Last time they promised documents for my trial period there were at my door step in 2 days.

3) If you did not receive documents, how long did they say it would take to get them?

3A. The Chase rep said they should be at my door in a few days and they were finalizing the paperwork.

A few things to add. When I bought my condo I put down 20%, so I had some area to work with. The second was taken out AFTER my first, and was not a part of the inital purchase. (Currently working on a Chapter 13 to consolidate credit card debt and strip my 2nd Lien)

I submitted paperwork to Chase three or four times. When they asked for my paperwork, I already had it put together and would fax it in shortly after I talked to the rep.

I worked with at least 5 different people:

Sherica Higgins - initial loan modification analyst

Noyt a lot of progress with her so I called the Executive Line (thank you very much Loansafe for that information!)

Mir Zeta - Executive division analyst? Went quickly from her to.....

Kate Jackson - Executive division. By far and away the most helpful person throughout the process. She followed up on my file, and gave me numbers to call (which worked but you have to stay online forever mashing in your account numbers etc)...it then went to...

Victor Canales - negotiator...not sure what division. Then it went to...

Mr. Brown - Didn't get a first name...and was never able to get ahold of him through the phone number he gave me. It finally ended up with...

Tammy Felder - Final negotiator and review. She was the one who called me yesterday with the final decision. She had all the numbers for me including the total current amount owed, the start and end of the interest rate, and the amount to be impounded. 1st Payment is to be September 1, 2009.

I'll answer any other questions when I get time. I would like to thank all the people here at Loansafe that have posted and shared. You have helped me in the last year in deciding what to do, as well as helping to reduce the FEAR and STRESS of not knowing what is going to happen.

If Chase did not give me a good offer, I would have lived in the house for as long as I could rent free, and in the meantime I would have replaced all my nice fixtures with bottom of the line stuff. There would be no way I would leave all the upgraded items I painstakingly put in this house.

[bittersweetme]

Originally Posted by Jillian118

Hi Folks!

my ex and his butterface girlfriend...

I just HAVE to ask.... what does "butterface" mean? (chuckling)

[caldwellb02]

Hey I have not heard of anyone who has gotten any help at all from Chase without first being in default. Well (deep breath) this will be my first month in default, after 7.5 months of trying other avenues. God it's scary, but the only thing that makes sense right now.

Good luck to everyone.

[Stressed_EMC_Customer]

We are also going to be late with our payment this month (first time ever late on any payment in 20 years). We've been trying to keep our excellent 20+ year credit history intact by living on the credit cards for the past 8 months while waiting for their response. We were denied due to "insufficient income" which is insane. Now we're receiving letters from the credit card compaines that our credit limit was cut and they closed another account that we weren't using (which didn't even carry a balance). This is totally taking over our lives now. We reapplied a second time and are praying for it to work out. We can't possibly handle this torment for another 8 months.

[MW87178]

I made my last trial payment in July and was told to go ahead and make a 4th payment (trial amount) for August while everything was under review (new system- blah, blah, blah). I was asked last week to provide updated paystubs, which i did in 1 day. I spoke with my guy today and asked for an update and he said that they were "testing out the new underwriting system" and would no something in the next 2 weeks. Wondering if this is all just more of the same old stalling, especially since it now seems that some people are receiving perm. mods, right? Why not me?! I started this whole crazy process in November 2008 and my trial mod is through Chase, not MHA. Would love thoughts but I guess many of us are still in the wait and see camp. Is there anything I should besides calling in weekly? If they deny me I have no idea what I'll do. My trial mod was based on 38% DTI and that hasn't changed so if they deny us for insuffficient income I will be furious.

[azdmsmith]

ha, ha, ha, butterface! He may have the bigger house, more acreage, AND butterface but you still have a sense of humor in spite of everything. That is the funniest thing I've read here (sorry to steal your thread swiller).

butterface- as in she is really nice but-her-face is...(fill in the blank), ha, ha. Hang in there Jillian.

Caldwell, I was placed in a trial period after 5 months without being in default, but wont believe it for sure till I get my paperwork.

[Jillian118]

Originally Posted by bittersweetme

I just HAVE to ask.... what does "butterface" mean? (chuckling)

HAAAHAA.....Every thing looks good...but her face

[Chased around and around]

Originally Posted by Stressed_EMC_Customer

We are also going to be late with our payment this month (first time ever late on any payment in 20 years). We've been trying to keep our excellent 20+ year credit history intact by living on the credit cards for the past 8 months while waiting for their response. We were denied due to "insufficient income" which is insane. Now we're receiving letters from the credit card compaines that our credit limit was cut and they closed another account that we weren't using (which didn't even carry a balance). This is totally taking over our lives now. We reapplied a second time and are praying for it to work out. We can't possibly handle this torment for another 8 months.

Everyone is having CC limits cut to their balances. No matter what FICO you have. Citi is raising rates to 29.99% across the board and Amex is going 15.99% + prime. So you are not in this alone. So far chase has done nothing with me and I stopped paying the first loan in Feb, so far nothing but scare letters and collectors calling every 30 minutes from 7:00am-7:00pm.

So far I am winning, I am living in their property for pennies each month plus paying off debt. I now actually have money under my mattress for the first time I moved into this condo...

[famlena]

MW87178 , I also completed my 3 month trial in July but am still waiting for perm mod. My negotiator told me Chase is undergoing a systems update & is currently testing it. Should be another several weeks. My loans are also owned by Chase (not investors). So, I guess my negotiator was telling the truth. My negotiator's name is Ann Palmer. Curious to know...who have you been working with?

Also, if you have a 2nd mort you should follow up with them. I left that all to my 1st mort negotiator who said she would handle both and it turns out that is not the case. The 2nd mort had file a Notice of Default and the negotiator did not know anything about it. I am waiting to speak to the 2nd mort when she get in on Saturday.

[Chased around and around]

famlena, Funny I had the negotiator for my second tell me should could do both loans.

Then my 3rd party mod rep told me its not true, chase has one negotiator for each loan.

Swiller, Any new info on your mod?...

[famlena]

Chased around and around, I spoke with the 2nd and she confirmed with me that the closer I am working with is handling both 1st and 2nd mods. My closer did not even know that the 2nd foreclosed on me. Either she's incompenent or lying. I am so frustrated having to deal with her. I did request to work with someone else but then I would have to start the whole process all over again. My closer is nice on the phone but either lacks a lot of knowledge or just lying.

My closer said that she had placed a 3 months hold on the foreclosure. She doesn't even need to do that since it automatically takes 3 months for the foreclosure process anyways.

I've left several messages with the exe analyst but have not heard from her. I'm so frustrated!!!

[Chased around and around]

Originally Posted by famlena

Chased around and around, I spoke with the 2nd and she confirmed with me that the closer I am working with is handling both 1st and 2nd mods. My closer did not even know that the 2nd foreclosed on me. Either she's incompenent or lying. I am so frustrated having to deal with her. I did request to work with someone else but then I would have to start the whole process all over again. My closer is nice on the phone but either lacks a lot of knowledge or just lying.

My closer said that she had placed a 3 months hold on the foreclosure. She doesn't even need to do that since it automatically takes 3 months for the foreclosure process anyways.

I've left several messages with the exe analyst but have not heard from her. I'm so frustrated!!!

I know I hired a mod company so I don't have to answer the phone or even talk to chase anymore which is nice. But yes I did pay for it, but I figured I have better things to do then spend time on the phone being lied to 2-3 times per week by chase. When chase calls me I just e-mail my mod rep and she calls chase. I asked my mod rep if I will be starting the trial payment process and she said most likely not. She is trying to get the mod done as soon as chase figures out which end is up. My rep still has 15 chase loans she is working on with no mods in sight.

Here in CA if you are served with a foreclosure notice its 3 months and 21 days til the property goes to auction. So far I have not heard of one property going to auction after the 3 months and 21 days have expired in my area...

[snapple candy]

Swiller,
Thanks so much for posting the terms you have been offered. I am about 100K underwater and just made my 3rd trial payment and wondering what will be the final outcome. I have a few questions:

1. HAve you asked for an accounting or audit of your loan to have accurate accounting of how payments applied?
2. Is Chase removing all late fees (as required for MHA trial mods?
3. In my case, I was 1 year delinquent on payments. In your, if you were late, I assume they are charging you original interest rate for all past late payments and payments up until perm. offered?
4. Lastly, I am curious why are you accepting these terms when you are underwater by 100K? It will be 7-10 years before you ever break even. I ask because I am struggling with the same question.

PS: Jillian, Butterface.....that is sooo funny. DO U really want to live around the corner from your ex and butterface? Sht I wouldnt!

[SwillerAlesbane]

Sorry, it's been a few days since I replied. Still awaiting the "FED-X" package, but I called again today and they say it is approved, just hasn't been sent yet.

To reply:

1. HAve you asked for an accounting or audit of your loan to have accurate accounting of how payments applied?

No

2. Is Chase removing all late fees (as required for MHA trial mods?

I didn't see late "fees", but they surely added my missed payments and missed interest on that money.

3. In my case, I was 1 year delinquent on payments. In your, if you were late, I assume they are charging you original interest rate for all past late payments and payments up until perm. offered?

Yes. Same interest rate...

4. Lastly, I am curious why are you accepting these terms when you are underwater by 100K? It will be 7-10 years before you ever break even. I ask because I am struggling with the same question.

Well, there's a few reasons.

#1. I put down 20% of MY cash down when I purchased.

#2. I still have one child at home and would like to keep things as stable as I possibly can.

#3. It costs money to move and is a hassle.

#4. I believe the US Treasury and the FED will jack up inflation which will cause the US dollar to fall in value. This in turn will help to keep the prices "inflated" for housing and will also allow debts to be paid off with dollars that are worth less.

#5. After this re-work, owning will not cost a lot more than renting (still more, just not a lot).

Believe you me, I contemplate walking from this house, but if I can get the deal worked out, I'll stay....it's just EASIER, and for me, makes sense because of my future plans to stay put for a while.

[Hard Times]

Swiller------Its Sat pm (8/28), and I just read all the posts under this thread. Congradulations for getting this great mod! May the rest of us be as fortunate.

My question: What percentage of your gross income did they manage to get you down to? Was it close to the 31% target of the HAP? Also,was your % pretty high before the mod approval.....maybe like me, with a huge drop in income with now a very high % of my income going toward the mortgage.

Do you think that there is a limit which this mortgage/income % can be which causes them to automatically "regect" the mod request? For example, if unforseen circumstances has caused my mortgage to become 80% of my gross income, would they still possibly do a mod?

Thanks.

[smit5454]

Swiller,

I am glad it seems like your modification is moving forward. I am at the same point. However, until I actually receive the promised Fed-Ex package, actually receive what I was told on the phone versus some other program (which Chase has done nover and over), sign the papers, get them back to Chase, have Chase permanently modify the loan, then get my first payment stub asking for the new payment, etc., then I will get excited. Chase has #%#^%^% us all over and over again as we all know. I don't buy any of their BS anymore.

[SwillerAlesbane]

So far....so bad. Chase has *STILL* not sent the package they repeatedly said they would. My first payment was "supposed" to be on Sept. 1st. Not gonna happen.

Chase may be sucking up this home, and believe me, it will be in a stage of "construction" for upgrades when I move out, as every fixture I spent money on will be replaced with the cheapest, most inexpensive chinese made crap I can find.

I think the banks may be waiting for Bush's "Mortgage Relief Forgiveness Act of 2007" to run out before they go after foreclosures. The law states that only debt that was DISCHARGED during this time will be forgiven. It's almost time to start the huge foreclosure process now that the usury professionals can drain every last bit of life blood from us.

This country needs another revolution.