Getting Repayment Plan Instead of Modification??!!!

[Marie T]

Okay ...I have been off here for awhile ...really bummed as I found out at beginning of week that I am now approved for "repayment plan"!!!

My payment is going UP by $700 a month! I am two payments behind and can't afford my current payment!

I was denied before due to insufficient income.....raised my income and resubmitted everything and quit paying all credit cards so did not put that on expenses so now they are screwing me over...sorry...thought I was calmed down enough now to write on here.....apparently not.

NACA is not returning my calls...I have not been able to get through, message says if you have not had update in month to leave message and I have not had any update from them in a month so do not know if I have any hope there.

Any thoughts? are any of you getting this "offer"? CHASE/WAMU is either being run by morons or they are greedy beyond words...maybe both!!! I feel like they want to make the same interest rate or they will just deny you due to insufficient income!!

[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.

Honestly, if I could get a 6 month forebearance from Chase that allows me to pay about 50% of my mortgage during the forebearance period, and be assured that it will not affect my credit, I wil take it and use the savings to pay off my high credit card debts and hopefully stop this slow but steady financial drowing. At the end of the six months, I will be happy to resume my full mortgage payments without the struggle of paying for the credit cards as well.

[MAXIE19]

Marie, try Kevin Winn (NACA supervisor at ext 254). I am currently having difficulties with NACA and my numbers. Chase denied me on two occasions for insufficient income, the NACA rep on my file thinks we make too much money even though our expenses are nearly 100% of what we bring in. Go figure. They claim Chase does not care about our credit card debts and personal loans.

Anyway, called Mr. Winn this afternoon, and he called me back this evening. I explained my plight to him and he promised to take a fresh look at my file and to get back to me tomorrow. Even, if he can't do much, he seemed much more knowledgeable and reassuring as compared to my rep and her supervisor who sounded quite unprofessional to me. My rep had discounted my income taxes and schedule C which is more exhaustive in its list of business expenses than the NACA self-employment worksheet. He specifically asked for my schedule C and even asked me for a P & L for 2009 which I do not have but waiting on DH to hopefully complete this evening. The rep also appeared to have my numbers wrong as he read them back to me even though the appropriate paperwork was submitted. Will see what he has to say tomorrow but he made me feel better already. Also, still waiting on the results of my 3rd submission with EMC/Chase. I called today and was told that the file and the new submissions were still with the underwriter. Will see.

[OH-WAMU]

Originally Posted by MAXIE19

Honestly, if I could get a 6 month forebearance from Chase that allows me to pay about 50% of my mortgage during the forebearance period, and be assured that it will not affect my credit, I wil take it and use the savings to pay off my high credit card debts and hopefully stop this slow but steady financial drowing. At the end of the six months, I will be happy to resume my full mortgage payments without the struggle of paying for the credit cards as well.

ME TOO! This would be a tremendous help! But, Chase does not want to give up/forgive any fees or interest for this 6 months!

[cliffdweller]

Hi Marie,

I agree with Maxie. Don't Stop. You are in as much need as others I read about. Is the "repayment offer" letter on WaMu or Chase letterhead? Kind of wondering if Chase has completely taken over now. One person on here filed a BBB complaint against Chase after getting a run around and ended up with a temp and permanent mod offer. Did you see that one? I'm rooting for you!

[Marie T]

Sorry, I have been off the forum over a week and this is a book now!!!

I had to go out of state for about a week and I have been so stressed and not sleeping all over again with this latest news - delivered by FedEx from WAMU in Jacksonville, FL on Monday - that says "GREAT NEWS....so happy to inform you that you may qualify for a repayment plan"!!!

So I think I have answered my question I put on here - called and spoke to a guy at WAMU earlier today and asked why am I getting this when I am trying to do modification? The guy at WAMU told me that after making so many payments, loan gets pre-selected for this plan..... which is to defer all the late payments to the back of the loan and waive the accrued late fee balance. Everything else would stay the same as original promissory note. I told him there was no way I was doing that, I can't afford current interest-only payment and it is set to re-adjust to who knows what in less than another year!

Also, just got mail and there was a fat letter in there from CHASE Home Finance LLC Homeownership Preservation Office in Columbus, OH saying they received my initial request and asking me to provide all supporting documents so they can begin to process!!! They have included all the forms again. So I just got off phone with Alma at CHASE, first she told me that I had two files, both closed. I said no way, I just resubmitted everything so I was on hold for almost ten minutes and she comes back and says it was submitted August 4th, it is now in loss-mitigation department at WAMU, package being worked and is in underwriting.

This lady I just spoke to at CHASE was extremely helpful, but because she is at CHASE, she said she cannot see my WAMU file. She was able to give me the name and direct phone number of the guy who I guess is my case manager at WAMU so hopefully when I figure out what to say to him, maybe I can call him. She said in the last month, the open cases have gone from 176,000 to 200,000, and they are training hundreds of people. SHe said that how fast my mod gets done will depend on the investor and I said WAMU is the investor and she said that is good, it gives them a lot of flexiblitiy then and much faster.

Okay ...I have now talked to three different people from WAMU/CHASE while writing this entry!!! That has to be a record.

My head is splitting....just got off the phone with the guy from local CHASE Home Ownership center. He told me that I HAVE been approved for "payback plan" .....so basically they are taking my payment I already had and adding about $700 to it! He said it looked like on paper that was 37% of gross income!!! So my 3 month trial payment will be $4,200 and he said after that it could go down with the permanent modification....yeah right!

I am so frustrated right now I could scream! I told him this absolutely will not work. He said he is not sure if I can re-apply since I was not denied. I said there is no way I can afford more payment...I can't afford the one I have and I told him that the way I see it CHASE denied me initially for "insufficient income" and now they are trying to make sure they get all their money. He said I initially showed my husband made $5,500 month and now it has increased to $8,300 - so he says it shows my husband had a $3000 month increase - I said that had to be a mistake ...no way...that would almost make the payment right there if that were true!! Then I figured out ---one must be net and one must be gross! I had one good commission last month that raised my average by $1400 month. Since they had told me before that I was about $2000 shy of qualifying and my husband had about a $200 increase, I thought we would just squeak by getting approved.

He said this was a good plan and I said the payment would take most of my husban's take home which is only $2,500 to $2,700 every other week and that would not leave me enough to pay everything else. He said on paper we make $11,000 a month and that's what they were going by.

I said my pay is sporadic and 100% commission...the two deals I did this year were both from last year's work (that justified not taking out expenses) and I was sick the first five months of this year so basically have started over. I told him that the $8000 I have sitting in my business account has to go to the IRS and I actually have to put another $2000 with it in order to be put on a payment plan. I do not yet have the numbers from the IRS for payment amount. Both NACA and the other homesaver organization I consulted said not to tell WAMU/CHASE about the IRS debt.

So now ...not telling them about the IRS, doing everything possible to make income look great, not putting in any credit card debt, cutting our insurance and all other expenses to the bone - now it looks like we make so much they think we can pay $4,200 a month!! and the guy at the CHASE Home Center is acting like I am some kind of lying sneak!!!

I said what about the people who are getting the 2% for 5 years and then a graduated plan capping at 5%...he said that was not even realistic for me to expect that. I said if anyone should get it, I should.... I have paid them so much money on all my WAMU loans and never been late until now! I do think it has hurt me too not to let it get more than two months behind.

I also reminded him that I have a predatory loan and that I had said that if I got a decent mod I would "forget about" the $10,000 plus that WAMU stole from me in my refi but of course he did not want to even acknowlege that.

Maxie - have we talked about NPV on here before? Is there website to go to to do the NPV test? Is that net present value? I asked the CHASE home center guy if he knew what kind of value they put on my home and he said he had no idea, they had their own system. I asked if they even looked at the addendumm to my hardship letter that I spent about four hours writing detailing everything that was wrong with the house and he said he was sure they had...there is no way or if they did they totally ignored it. I will try Kevin Winn at NACA but I need to re-check all my figures first. I faxed NACA a note today on this latest development.

Cliffdweller - no I won't stop, although I am really drained right now - I am planning on spending all weekend getting this together agin and getting letters ready to send to BBB, cComptroller of Currency, Senators, whoever....to answer you...WAMU made the offer in the FedEx letter and the guy at CHASE home center confirmed that it was a repayment offer but weird as he said it was trial plan. Alma at CHASE I spoke to today said it would be probably 2 years before CHASE had all the WAMU files integrated into CHASE. Really a mess as they cannot see files yet they are trying to tell you what to do.

OH-WAMU - paying half payments for six months on a forbearance would help for now not solve the issue for me ...just prolong the pain!! I have not been paying ANY cc debt - one card has already offered to redo the whole debt at 0% interest, the others want to "work with me". Our credit is totally ruined now - cc's are all 2 or 3 months late and when they call I tell them they won't get any money as long as my house payment is two months late and they backoff right away. One today told me they could see that in seventeen years I had never been late so I guess they know I have not been a habitual deadbeat!!

[dtap57]

Maria, Are they putting the payments you are behind at the end of the loan? or they making you pay them back over the next few months? Im little confused?

Did he explain to you why this is such a good deal for you?

Are you still being consider for a loan mod?

[Marie T]

Hi dtap57,

How I understand it - and I took notes - when I talked to the counselor at the CHASE Homeownership Center is that I am qualified for a repayment plan...meaning that my NEW payment would be $4200 a month for 30 years so he says that is what makes it such a good deal for me. He could not tell me what the interest rate was and without knowing what is included I can't figure it either. He was not sure if it included property taxes and insurance (about $575 a month) and the $140 for HOA for sure not included.

He said this is a three month trial so could go down after that and I said it could go up too.....and he said yes. For sure it will go up if taxes and insurance aren't included.

They would put arrears on back of loan...so basically my loan is not modified to a lesser payment for me even though they are calling it a modification I can't see how it's helping me. Also, he thinks that because they are calling this a modification and not denying me that now I am not eligible to re-apply (although like everything else with this guy ....he doesn't really know for sure!)

He said WAMU sent me the new plan and I have to sign everything and send it back -- that may be what the certified mail from WAMU postcard I got yesterday is about. I will try to pick that up today and maybe will know a little more. Hopefully it is not just one of their stupid ads telling me I may be eligible for a modification!!!

I am very foggy today....I did not sleep at all last night and now I have work all day so will not be able to look up all my paperwork til tomorrow. Not sure how anyone does all this while still trying to earn a living...I am doing it all on my own....my husband tries to be supportive and he has no idea how much work I have put in trying to get this mod done. He has been paying about 75% of the mortgage for the last couple years although he's not on loan but my husband says let the house go. This house is the culmination of me owning four houses and each time I sold I rolled all the equity into the next house so that would be a really bitter pill to swallow!

[Marie T]

dtap57...... in case you have not read my prior posts ....I have a 6.75% interest-only scheduled to reset in less than two years so that is why they are pushing this as such a good deal. I can't see any way that adding $700 onto a payment I already can't afford can be a good deal though!

[dtap57]

Maria, were you paying taxes and insurance on your last payment plan? or were you paying those yourself? So you are basically on there 3 month plan right now and you really don't have any ideal what the payment will be after the 3 months.

I have been following your story over the last few months and i do feel for you a lot. It seems like two people can be in the exact same position with one getting 2% for the life of the loan and the other getting kick out in the street. Chase seems to be all over the board on these modifications right now.

Keep hanging in there! I know how hard you are trying to save your house!

[Marie T]

dtap57 -

Thank you so much for your kind words! Today I am having the kind of day today where I think I am nuts to go through this! However, I have no choice now but to move forward as I have totally ruined both my and my husband's credit by not paying cc's so we I would not be more than two months late with mortgage.

Also wondering if my loan being with WAMU is making it difficult???

I have been paying taxes and insurance on my own over ten years now although I really don't know how I will pay taxes this year. I just got notice that they will start to advertise for tax sale if not paid in three weeks!

I'm not a finance whiz but if I add the payment I had and add in property taxes, insurance, and HOA it comes out to $4,229 - really close to the $4,200. I do not know what they are including in that since I do not have the package yet. I stood in line for 45 minutes at the P.O. today to get what is now the 5th registered letter from WAMU/Chase - thought this might be three month trial offer - it was the same ad as the preceding four have been ....saying that I "might be eligible for modification" and the statement showing I am late and they can accelerate the loan.

I do not consider myself to be on the 3 month plan right now since I do not have enough money to pay $4,200 a month - I am not sure I can even get $3,500 for the old payment old payment before the end of the month as I have to pay the IRS. My husband has for sure had his hours cut again as of this week.

I am really wondering if they saw the money I had set aside in my business account to pay the IRS down enough to get put on a payment plan with the IRS - it is slightly over two house payments so that should not effect anything. I was scared to death that the IRS would start taking money out of our account or something and/or garnish wages and decrease our income after I was already denied due to insufficient income but now I apparently make TOO much money!!!!

[shade]

The IRS is actually beign very good through all this hardship for tax payers. If you need to make arrangements I suggest calling them right away and let them know you are working to modify your mtg as well and get you set up with a payment plan. More than likely you will get your request granted.

[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.

[Chased around and around]

MarieT, In one week last month I received two letters from chase, both had the same mailing address from their corp office. I have not paid my first loan since Feb '09. The first letter said, oh we see you are adjusting up in Aug '09 so we are now going to lower your payment by $740.00 a month, new balalnce of $1540.00 per month because we are such a nice company.

Then the second letter I opened said since I was late since Feb '09 my new payment with fees will now be $2900.00 per month. My original first was $2275.75 and my second is $864.80 this is without impounding taxes or insurance.

Like I always say the right hand has no idea what the left hand is doing at chase...

[snapple candy]

Marie,
Sorry to hear about your continuing saga. At first glance, I can only say it is not wise to have that $$$ in an account. I am not sure why NACA says not to tell Chase you owe the IRS. Yah know, WAMU tried this crap on me too. Making promises to certain terms, then offering me a mod that was not much less as current payment the first year. then going up from there for 3 more years. I told them to stuff it and then I filed complaints everywhere I could. I also got an attorney and started requesting bookkeeping records for the accounts. They even filed a Notice of Sale to scare me and I wouldnt budge. I was fully prepared to walk away from the house. I still am. You have to be willing to hold your ground to get what you want and also be willing to walk away. I didnt make payments for a year thru this process. You sound like you get the worst reps. Hang in there Marie, Keep fighting back.

[Marie T]

Not only did the local NACA tell me not to tell WAMU/Chase about the IRS debt - another local foreclosure-help non-profit program told me that also. At the time I was really worried I would not qualify and I did get turned down for "insufficient income" initially so guess they were right but now apparently we make too much. And isn't it great that they do not have to let us know what the criteria is so no matter what we do they can turn us down or make us pay more!!!!

The "counselor" I have been working with at the local CHASE Homeownership Center has been great as far as getting the info to WAMU really fast - amazingly this last time he had the answer back in a week (while I was out of town) but unfortunately it was that we would be on a repayment plan. I really do not think he has any common sense as when I told him there was NO way we could pay $4200 a month he said "well, it looks like you just got a $3000 month raise!" All I can figure is they were using net income to disqualify us for insufficient income before and now they are using my husband's gross plus my one big check I got last month to say we make so much we can pay $700 MORE a month!!

One thing that I have been wondering about - I have not had a collection call from WAMU all week and I had been getting at least one every day. So maybe they have put me into a different system or something???? I still as of today do not have the so-called trial payment info - how is a trial payment and a re-payment plan??

a2kman and shade - Thanks for the info as far as the IRS - I did talk to someone who seemed pretty understanding but he said I had to get it paid down to $25,000 to be put on payment plan. So it sounds like they will work with me more than that?

Chased - I'm guessing your's is tougher since you have a first and a second but you are only dealing with CHASE so maybe that makes it better - who knows? It is so evident to me now that noone at Chase or WAMU knows what anyon else is doing.

Snapple - I guess I should just go to the bank and take that money out in cash and put it under the mattress until I have to turn it over to the IRS!!! How did you find your attorney? I have interviewed three attorneys now and I knew more than they did. They all want to sue on consumer law "bait and switch" on my predatory loan but I would really like to figure out how to find an attorney who knows what this is about at least as much as me!!!

Question - Is there one place on this site where anyone has compiled all the contact info like for Office of Comptroller and anyone else to start complaining to? I am so exhausted - wide awake at 2 a.m. this morning even with prescription sleeping pills - I truly do not know how some of you who have been doing this forever - like Snapple - keep going!!!

[snapple candy]

Marie,
I found my attorney by calling mortgage broker offices and asking for referral. They seem to know whom the good real estate attorneys are. Yeah, I know what you mean about sleep. I ahve spent many a restless night worrying. After so many months of it, you just dont care about it much anymore. I suppose I have learned to put it on ignore. It might be good to start a thread on OTC complaints. I know I have filed one. I also filed a complaint with TARP people. Sure sounds like they are manipulating your income any which way they want to. Stay on them to get it right!

[Marie T]

Snapple - the problem with only getting a couple nights sleep is that I do not have my brain when I need it the most - I'm sure it is the same for most of us with all the worry. Is OTC Office of Comptroller? I think Maxie had some good places to complain/report to on another thread too. Geez - I can't believe I am at 184 posts and not any smarter than this!

When I was looking for an attorney I spent a couple days on the internet just researching - contacted maybe ten attorneys - only two of those ever called me back. I got the worst attorney of the three I interviewed from a mortage broker who has been doing mortgages for thirty years - maybe I just need to ask around some more.

How much did you have to put down as a retainer? I really do not have a chunk of money with trying to figure out how I am going to pay my property taxes in three weeks and the IRS and a house payment.

I am not sure that I will get to the place of not caring - too much of my life in this stupid house!!

[Marie T]

okay Snapple - I meant couple hours sleep ...see what I mean ...no brain power to work with......

[snapple candy]

Marie,
I know what you mean about not having a brain and no sleep. As for finding a decent attorney.....that is tough. I actually went to legal aid first (I went in personally) and they told me about this attorney whom worked in a mortgage brokers office. They told me to tell him whom sent them and he gave me a reduced rate. For $100 he gave me a consult and sent a letter to Chase attorneys. I think I lucked out, I have been round the corner with attorneys...I dont have a high opinion of them and they really are difficult to find whom wont take you to the cleaners or not require a big retainer.

[Marie T]

what is legal aid? is it a government program of some sort?

I got almost 5 hours of sleep last night so doing better - got kids off for first day of school and really wondering what it would be like to have a normal life again!

I got a letter in the mail yesterday from Chase saying "more and more Americans are struggling to keep up with their mortgage payments....you have a variety of options...opportunity to meet in person with specialists from Chase....etc"

The letter is written as though I have never contacted them and is signed by the local CHASE Homeownership Center that I have been working with for months now so they are probably going to be there. The letter is dated August 12th and includes a flyer for an August 22 event and I just received it yesterday. I cannot go as I have a family wedding to attend. The enclosed flyer says "Housing Fair Hosted by (two local congressmen)" and has an rsvp email for one and the office phone number - office not open yet and I will be gone to a work meeting by then but will call when I get back.

So I have to run but if I get to talk to them later I will update ...Marie

[Marie T]

okay ...I was freaking out today when this forum was down...made me realize I am so dependent on it....

[bittersweetme]

You and me BOTH Marie !!!

[cliffdweller]

Ditto......

[Marie T]

I called the aforementioned congressman's ofice this afternoon and there is a "constituent advocate" that I was told was out today but I can call tomorrow so hopefully I can get some good info.

Will keep you posted...