Getting Repayment Plan Instead of Modification??!!!

[Marie T]

Caldwell....like I have said here in another post...it's almost like they expect you to apply and re-apply. Sometimes I feel I am in some kind of Twilight Zone movie I saw once....maybe they are testing us on our persistance and perseverence. I do not....so far...feel good about NACA but I sure hope that will change as I feel they are almost my last hope here.

It seems like there's a trend where the people who have FannieMae or FreddieMac backed loans seem to be making more progress...maybe because they have a way to hold the lender's feet to the fire.

I think it is absurd and a huge waste of resources...ours and the lenders.....when you are denied and then have to start completely over! That is a horrible unbusiness-like way to do anything and because we are working with lenders who are not dealing with us in good faith and also not using basic common sense, it doesn't matter how smart we are!

[Marie T]

Update ....I went online to my congressman's website and posted a letter to my congressman on his website about a week ago - very easy and fast! I would guess that every congressman has such a site and I would suggest that all of you do that as we all have access to the internet if we're on this forum.

Do your research and make sure that the congressman you are writing/complaining to supports home loan modifications and then write to that one. It took about a week but I received a personal letter back from my congressman on Saturday. It was not a form letter and I was surprized.

[Do not want to lose it]

Hi everyone and thanks again for being here
I too am being given another repayment plan. Nothing on the paperwork states trail payment.
I was on a repayment plan before-$600. every 2 weeks April -August 1 when I made my last $600. payment. I have a $248,000 loan @6.75 for 30 years.
I am self employed. I fell behind with EMC slowly starting about 2 years ago after a
Molar pregnancy knocked me out and I was unable to work.
I was denied a modification in March -insufficient income. I have owned this house for 17 years. The house is worth $222,000 on Chases website which is a joke. It states my next door neighbors house is worth $10,000 more than mine, theirs is a 2 bedroom 1 bath with 1/2 the land and mine is 3 bedrooms 2 baths.??? A house just like mine on this street sold for $320,000. last month. My lot is twice the size of that house lot.
I have been doing a bit better and when they asked for new financial info a week ago they upped my payment to $1775 a month with this new payment plan. That is 55% of my income. I have used up all my savings and stopped paying my ccards.
I told the rep I could not afford this new payment amount. She didn't care.
I am thinking about not making the payment and just sending in my info.-Bank statements hardship letter etc.
I have a Fannie Mae loan.

[Marie T]

Hi Do not want to lose it,

If you have a FannieMae and you are eligible for the MHAP, a new development in the last 30 days or so is that some of the Chase Homeownership centers can now qualify you at their offices. Have you tried that? Mine is owned by WAMU, no other investor so that doesn't work for me.

Also, it is in your favor for your house to be worth less on the Chase site if you are trying to get a restructure or modification because you want it to be less profitable for the lender to foreclose than to work out a modification so you can keep it.

Have you tried NACA? Go to their website ...there is a lot of info there. If you are in an area where there is a "Save the Dream" event in the near future, that would be an option too.

I still do not have any paperwork on this "repayment plan" although they said they were FedExing it almost 3 weeks ago now. They told me it was a 3 month trial repayment plan and my payment could go down or up at the end of that. I could not afford the original payment, I really can't afford the larger payment.

[AACPA]

Do Not Want to Lose It:

I concur with MarieT about NACA especially if your are self-employed. Chase has been giving me the run around for months first denying me for insufficient income, then no hardship, and then again for insufficient income with the same income amount that they denied me for no hardship on. I believe there are several of us here who are self-employed and have not been able to get any approval for a modification with Chase without having to get someone to advocate on our behalf. One of the customer reps I had spoken to flat out said that the underwriters believe that those of us who are self-employed are purposely either inflating income or inflating expenses in an attempt to qualify for the HAMP program and that the underwriters are purposely making it very difficult for the self-employed to get approved.

[Do not want to lose it]

Hi again and thank you for the response!
My EMC rep said I was qualified for the Gov. program when she took my info this last time. Still, she sent out repayment papers not trial. I did receive them within a weeks time.
I can document everything.
I do hope you are right about it being best if my value is low. Values are must likely going to go up here due to a multi million dollar development of 14 movie studios being built here within the next year. That Chase values site is not based on current sales around here. It does not make sense.
I would rather spend this months payment on getting some finishing touches done on the house if I am forced to sell. Houses are selling around here due to the first time home buyers tax. This is a desirable oceanfront community priced on the low end. $300,000 -$400,000.
BUT.....where would I go, now with bad credit and no $$$$ ?

I thought I would be retiring here with my mortgage paid off.
I was a Realtor for years. I knew what banks looked for when it came to ratios,documentation and all that. Now it is anyones guess .

[Do not want to lose it]

I called EMC today to ask them why the paperwork they sent me had no mention of a trail payment for a Gov. mod. when the rep. who took my info 2 weeks ago said I was qualified for a Gov. mod. My loan is Fannie Mae.
The rep. today said I was NOT qualified. I am waiting for the rep. who took my info last week to call me back. I will not hold my breath.
I am trying to decide if I should make this months repayment payment or not.

[shade]

The normal call center reps barely know their head from their ass.

[Marie T]

Just got off the phone with the IRS...after being on hold for 108 minutes! Dealing with them is about like dealing with WAMU/Chase...seems like each IRS agent has something different to say. I still do not have enough money to pay it down to below $25,000 so we can then be put on a payment plan so told IRS person I would send what I have right now out today and pray that I can somehow come up with the rest before the end of the month here. The agent was pretty snotty...saying things like I can see from what you earned in 2008 that you probably have the lifestyle that you will not qualify for the IRS hardship plan.

The IRS agent said they had sent a registered demand letter out at the beginning of last month but I have not seen it. Maybe it is in the same black hole where my "repayment plan" documents from WAMU are!! I still have not received those and they were supposedly sent out on August 10th!

I am also over three months late on house payment now so that is really nerve-racking. I was thinking of calling a payment in today and telling them that I would only pay it if they agreed to count it as a regular payment since I'm now over three months late - I will not do it if they are putting it in suspense account. However, that would totally deplete my checking account and now I have to come up with another couple thousand for the IRS by the end of this month!

There are days when bankruptcy looks really good except that will not help me with the IRS or the house really and I think it would affect my husbands earning ability as he has to have background checks so probably not really an option.

[Marie T]

I have made the decision that I need to get an attorney involved here and I probably should have done that three months ago if I had been able to find one I felt confident about. I spent most of today following up with the attorneys I found and researched online.

I have had a problem finding an attorney who has experience in loan workouts and predatory lending so had the bright idea a couple of days ago to go through all of the online local newspaper articles on predatory lending to see what local attorneys the newspaper was quoting. I came up with several names with a couple standing out as specializing in predatory lending and loan workouts. I had tried to use the state bar association to find a "real estate attorney" and it pulls up about 600 names so had to figure out something. I had already met with two attorneys months ago and found I knew more about predatory lending, what a QWR was, what the statute of limitations is, etc. than they did so that was a problem!

I just read Joanna in Oregon's post and I am wondering if having an attorney was the magic bullet for her? I still have hope for NACA to come through but my scheduled appointment that I had set up weeks ago before talking to Kevin was today at 1:00. They sent me an email about 2:30 today saying they were sorry, they were overwhelmed so could not call me. I still have not heard back from Kevin at NACA so after talking to some of the attorneys I am feeling better although with my tax issue I sure don't know how I will swing attorney's fees!

Another day has gone by and I still have not received the FedEx packet from WAMU/Chase...I know I can't afford the $4,200 repayment plan they were trying to put me on but I am surprized it still isn't here. I verified with them that they did pay the insurance premium for the whole year so I guess they think we have a modification in place. Weird as I have always paid that on my own as the insurance company does an automatic payment from my checking. What I am really concerned about is that they pay the property taxes before it is advertised for tax sale in the next week or so and the guy at WAMU could not see if that had been paid or not.

I think WAMU would get a notice from the county that the proprty taxes are still not paid so maybe I am worrying too much...the darn county still owes me $2500 from when I had the taxes reduced...I might have to have whatever attoreny I get send them a letter too!

[SwillerAlesbane]

"Repayment Plan" is nothing more than a simple forbearance with the next few payments plumped up to get you "current". Send nothing...request a modification.

When you are 90 days late or near there, they tend to get a tad more motivated as they DO NOT want to have to record another NOD, but then again, Chase has done some really whacko things to people here.

[Marie T]

I finally received the packet from FedEx late yesterday from CHASE, on Chase letterhead...get this, the letter is dated August 8, 2009 but the FedEx shipment date is September 7, 2009... almost a month later! an excerpt of the letter says:

"this plan is for your recent curtailment of monthly income in your household.

Since you have told us you are committed to pursuing a stay-in-home option, you have been approved for a Trial Plan Agreement. If you comply with all the terms of this Agreement, we'll consider a permanent workout solution for your loan once the Trial Plan has been completed.

Please sign and return the Trial Plan Agreement. We must receive the signed agreement at the following address on or before 09/01/09:

Washington Mutual Bank
7255 Baymeadows Way
Attn: LMT MONITERING TEAM (LMT-redundant for loan monitering team?)
Jacksonville, FL 32256

I love that they say if I do everything they say, they will consider a permanent workout solution. On the next page the trial plan agreement goes on to say that they must receive $4244 by September 1, 2009 then the next two payments Oct 1 and Nov 1. The last time I checked curtailment meant "the act of decreasing" so I am not sure how they think giving me an increased payment is helping!!!

The letter says that if I do not pay exactly as stated in letter (and I already haven't as the letter was sent after Sept 1 due date) then they can start foreclosure and of course it has all the usual that after I have made all payments on the trial plan, they will reevauate to see if they are able to offer a permanent workout solution to bring my loan current.

I do not know if this is what everyone else has been getting for trial mods but this is not a contract of any kind, it is worthless.......a contract is when someone says "if you do this then you will get this with the exact terms spelled out"....not if you do this we will consider that we might do this and by the way, we can change the payment, the interest or the terms during or after. This is way too ambiguous.....for all I know, after three months they could arbitrarily determine that I have to pay $6,000 a month since there does not seem to be any rules in place.

I am actually really happy to see that they are bungling this up so badly as I feel it just gives me even more ammunition as I am now planning to use an attorney.

I will give NACA another call to see what is going on there...I also just found that there is list of NACA recommended attorneys but it is mind boggling how long it takes to research all this!

[BudgetCutsinOC]

See,, there they go, THREATENING FORECLOSURE! Call their bluff,, these guys are so backed up I wouldnt be suprised if somebody could live in their house for up to 2 years mortgage free!



Also you should do the same thing they did to you. Post date your documents 9/10/2009 and then send them in 2 months later!!!!!

[Marie T]

Swiller... It does not say "Repayment Plan" on it anywhere...it does not say anywhere what the $4244 even covers. My guess is that it is inflated to cover missed payments but the additional amount x3 doesn't even equal one of the old payments and they already told me inurance and taxes not included but no way to know as it does not clarify.

BudgetCutsinOC...I wonder if CHASE threatening foreclosure when they have sent this out a week later than the date everything was due would qualify as an illegal fear tactic? it is illegal for debt collectors to use fear tactics.

[BudgetCutsinOC]

YES very illegal, do you have a lawyer?

[Marie T]

I am in the tedious process of trying to select an attorney right now. I have a couple already who want to take it on. I just found a NACA site that lists some too so I will try to call them this afternoon. I want one who knows about contract and loan fraud and also can handle the modification.

Right now I know for sure that I have a case of bait and switch on my re-fi and possible mail fraud among other things.

Has it occurred to anyone that the reason they use FedEx to send these trial mods is to avoid mail fraud charges? am I way out of line in thinking that?