Getting Repayment Plan Instead of Modification??!!!

[Marie T]

I am looking for the email of the Executive Team - I know I have seen it on here but if someone has it handy could you post it please? I called and left a message for my case manager at WAMU yesterday since I have finally gotten a name and dirrect phone number and (of course) have not heard back. Also left voicemail for local and national NACA and emailed yesterday morning and no word back.

Okay.....after all the time I spent on the congressman's website yesterday and filling out all the forms, I just now found out that even though that was mailed to me with that congressman's name on it, since it was really mailed by CHASE - he is not in my district so can't help me!

Here is some good info for everyone though - I was told to go to votesmart.com....put in your zip code and you can see who the congressman is for your district. Supposed to be national site so should work for everyone.

[Marie T]

oops ...that is supposed to be votesmart.org......for the name of your congressman

[caldwellb02]

Hey everyone - have you seen the new QWR posted on this forum? It's 13 pages long.

Also - has anyone else been told that if they are working with NACA then Chase can't talk with them? That's why Penney Davis, the Exec team member I have been talking to for months, just told me this week. I can't imagine what the NACA contract could look like if it means the lender can't talk to us. Any ideas?

[caldwellb02]

Executive team e-mail: executive.office@chase.com.

[looking411]

Hi Everyone, I am new to the forum but have been reading and gathering info(wonderful info) for weeks. I don't know if I am doing this correctly or not so I am sorry if I am wrong. I have a question abut Chase's BAU Plan (business as usual plan), does anyone know anything or been offered this plan? Thanks

[Marie T]

I have a question....since I was told about this repayment plan at the beginning of last week, I still have not received any paperwork on it and all collection calls from WAMU have stopped! It is nice not to have them calling once or twice every day but also makes me nervous, why would they stop calling?

Caldwell - thanks for the Executive Office email. I was searching the forum and realized someone would have it if I asked! Are they located in New York? or do you know hours they keep?

Yes ...I just saw that 13 page QWR...wow! That was one of the first things I did back in March or so I think. I don't think you can do it twice, right?


Looking411 - do you have any details about what Chase's BAU Plan (business as usual plan) is about? Since you are new, you might want to post your own new thread with a bit of your background and your question.

[cliffdweller]

Marie,
Could it be related to the cc statement due date?

I believe the mortgage and credit card depts. are totally separate.

[Marie T]

Hi Cliffdweller.... No, the cc card companies are still calling all the time but not every day like WAMU was...all of them! I am probably nuts but unless we are eating dinner or someone is here, I will usually talk to them. I never want to give the cc's an excuse to call the neighbors or my husband's employer or our family which I think they are allowed to do if they can't reach you.

I have not had a collection call from WAMU now for two weeks I think... again, not that I miss it but I am wondering why.

[cliffdweller]

Maybe something you said got rid of them??

[Marie T]

Cliffdweller - I sure do not know what I could have said to have WAMU collections quit calling me. Maybe it is becasue they put the repayment plan in place but I was told I would get paperwork to sign on that and still do not have it.

I am thinking now that probably one of the biggest reasons I was put on a repayment plan and my payment was increased was because I have slightly over two payments sitting in my business savings account. It is there because I need to come up with another couple thousand to pay the IRS down enough to be put on a payment plan. I was supposed to pay the IRS last month but was shy of having enough to be put on payment plan and they told me they could not do it unless I had it paid down. I am selling some items on Craig's to hopefully come up with the rest. Based on info I got in the forum, I am also going to call the IRS and explain that I'm trying to do a mod and see if there are any other options. I am thinking that I need tom just go get the money out of the account but I really hate that much cash at the house and not sure what to tell them if they ask where it went.

My property taxes are also past due and the house will start being advertised for tax sale next month. I am guessing that WAMU would pay the taxes before that happens but it would make more sense for them to just put me on a modified payment I can afford, with the taxes escowed. The county owes me about $2,500 for overpayment in 2005 but I have yet to get that back.

[cliffdweller]

Yep - that sounds right..especially if you put that $$ down in the savings on the budget form you sent them..

Re: CC - no idea how they work. For gosh sakes, you can't get blood out of a turnip..I got mad and told them that once..why are you wasting your time calling me?? Look at my credit report - outstanding credit until now...think I like this?? Forget what they said..following the rules or something..

[Marie T]

I have found if you tell the cc collectors you are behind two months on your house payment most of them are kind of speechless after that....

[Marie T]

No, I do not think I put it down on form as savings ...I guess since I know it isn't "savings".......ALL of it goes to IRS....I did not think of it that way. Now my dilemma, what do I tell CHASE where the money went? I guess I will go remove it tomorrow....should have done that last month...maybe I should just do a bank draft made out to me so I do not have cash at the house ...makes me nervous!

[Marie T]

Update of sorts - I took the money out of my business savings that is for the IRS because I think even though it is not three payments worth, it has hurt me getting the mod. I wish I had taken it out right away or slowly over the last month and a half! Now I do not know how I will explain it being gone.

Yesterday I called and spoke to a lady at WAMU loss mitigation and she assured me that my negotiator (who I have never spoken to) would call me today. She instant-emailed the negotiator while she was still on the phone with me and said the negotaitor said she would pull my file and call me tomorrow, August 26. I told her that I would be out all day but would carry my file and have my cell phone with me. So all day long, every time my cell rang I was jumping to answer it and she never called! I checked caller I.D. at home and my cell for any missed calls - nothing! I realize they are busy but when they specifically say they will call you, they should call you.

I have a meeting set up for Monday the 31st with the guy from the non-profit who had originally set me up to speak with the Chase Homeownership Center. He said from what I told him it sounds like they just input the numbers wrong and since it is all done by computer, I was given an unaffordable payment. This is the same guy who told me to leave out the IRS debt because there wasn't a payment set up on it yet but NACA had told me that same thing. One thing he said today...sometimes they have to resubmit over and over.....it's all about getting it to the right person he said. Interesting as I have seen some people on the forum who seem to move much faster and maybe they just had the good fortune of getting someone better sooner? He said that even though the Chase Homeownership Center is fairly fast as they scan the documents right away, they are still just document collectors and a go-between. He said that either he or someone higher up in his office might be able to speak directly to someone at WAMU.

I also called NACA yesterday and got a phone meeting set up for next Thursday the 3rd since I had discovered that almost everything they had submitted to WAMU?Chase for me was wrong. They also submitted nothing about it being a predatory loan. So if NACA could submit such wrong info and they are on the homeowner's side here, I am sure WAMU/Chase could make mistakes too.

I had emailed a letter to my congressman last week but no response at all to that. I am sure that they are overwhelmed but I thought I would at least get an acknowlegement that they received my letter. I am torn between trying to see what the non-profit and/or NACA can do or if I should go full blast with the Attorney General's office, BBB and whatever else I can come up with.

The lady in WAMU loss mitigation yesterday told me they are paying my property taxes and insurance - about $650/month - said they have to escrow those on a modification )and they are calling my $700 increase in payment a modification). At least if it includes taxes and insurance it is only about a $50 increase but if I can't afford the original payment, I sure can't afford a $50 increase! The best I can calculate to come up with the $4200 payment if it includes taxes and insurance is that they lowered my interest to about 5.5% but I do not think that is fair after the guy at Chase was telling me that others are getting 2%.

I still do not have the package/paperwork so do not know anything for sure. I do not trust anything verbal from someone in loss mitigation but my guess is they think they have done a modification for me and that is why I have not received collection calls for two weeks!

When I do the FDIC NPV test, it comes out "pass" even when I put in a higher value than I think the home is really worth (I'm using what I guess the lender might value it at). The NPV test suggests either 30 years at 1.7% or 450 months at 3.2%. I am not sure why it doesn't use 3% if that is the "floor" now? Not sure if there is a way on the NPV test to see a 5 year at 2% and then increase every year to cap at 5.25% as I have seen some people getting.

I am meeting with a loan mod company tomorrow - only because they have some good references and I am thinking I might learn something that will make it worth an hour of my time. I truly believe that knowledge is power and I am trying to be positive though this as I believe that anything we believe, we can achieve - mind power!

[dtap57]

Hi Marie, Keep hanging in there! I agree with you there seems to be no ryme or reason on who gets help and who doesn't get help. It is very frustrating thats for sure. You are right the more info you learn the better your chances of getting a loan mod done. Keep us updated.

[Marie T]

Just met with loan mod company - not too impressed. The guy told me as part of his sales pitch that the lenders really don't care to modify because if they foreclose, the mortgages are all insured by the FDIC and the lenders will just collect from that. I told him that I did not have mortgage insurance as I had paid more than 20% down and my loan is not Freddie Mac or Fannie Mae backed and he said that did not matter, still FDIC insured. Does anyone know...that does not sound right to me.

He acted like the hardship was a big deal to the lenders and I said that given my latest scenario with WAMU/Chase, I don't think the lender is even looking at the hardship.

He also did not know what an NPV test was and when I said Net Present Value he still did not know so I think another case of I know more than the people who are in the business of doing modifications.

[Marie T]

Dtap - thanks for the support. So many of you have helped me so much on this forum... I really appreciate it!

[shade]

Marie - I would run if he didnt even understand the NPV.
That means he is a salesman not someone who understands the process.

[Marie T]

Originally Posted by a2kman

I'll second this, I personally owe over the 25K which means I have to deal with the "special department" BUT they will work with you like they have worked with me, just be persistant and if you have to like I did actually go into the tax office don't take the BS lines you will hear on the phone.

My only advise is if you set something up NEVER EVER miss a payment (they are the most powerful collection agent on our country).

The IRS is working with people like you and I.

Can you please tell me if there is a special number for this special IRS department? I tried calling today and no one at the regular number seemed to know what I was talking about. The last guy I spoke to at the IRS said they would NOT put it on a payment plan unless I had it paid down to $25,000 but that doesn't seem right if you are on a different deal.

[Marie T]

Today's latest...after the lady in WAMU loss mitigation told me on Tuesday that they were going to start paying my taxes and insurance ....have to be escrowed now...I received a letter dated 8/18/09 from WAMU today that says:

"the coverage Wshington Mutual ordered on your behalf has been cancelled. Please make certain that you or your insurance agent or carrier provide Washington Mutual proof of acceptable insurance on a timely, annual basis."

They have never paid my taxes or insurance so this is weird.

[Marie T]

Originally Posted by shade

Marie - I would run if he didnt even understand the NPV.
That means he is a salesman not someone who understands the process.

Shade, yes I will run - was also supposed to have the attorney with their company call me back to answer a couple of my questions he could not answer and ...surprize...no call!

[Marie T]

Originally Posted by MAXIE19

Marie:

Don't quit. Re-submit. Did you try the NPV test before resubmitting.....plug in your numbers to see what adjusted gross income gives you a positive NPV result at about 3%. Then submit your income based on that and see if it will make a difference.

I have been going back and re-reading posts ...really trying to learn as much as I can here.... I think I put gross income in NPV test....is adjusted gross income what you put on tax return? I know Chase used gross too ..not adjusted.

[MAXIE19]

Adjusted gross income is what is used for people who are self-employed and do not have W2s. We get to deduct all necessary business expenses, i.e. payroll, office rent, etc. to arrive at our adjusted gross income. If not, it would be unfair to use the entire gross income if it is going back right out to pay such necessary expenses that keeps the business running.

[chasepmt2hot-firefighter]

Maxie19,

Are you sure they've been fair about backing out the expenses? I need to go back and read about your story tonight. Anyone in construction or w/rentals that you know of that Chase has been fair with about the final mod gross income?

[caldwellb02]

I'm so lost. I'm a "senior member" here, I have a @$#%Doctorate, and I am still sooooo confused and stressed. NACA just told me to start all over again. I was under the impression that they NEGOTIATED with the lender when you were denied. Not in my case, though if I was writing this yesterday that's what I would have thought. Today I was told to start all over again with a homesave counselor and the first phone appt was in 8 days. I feel like punching someone.