Loan Mod for a non FHA loan?

[ciws14]

Hi all:

I have been doing a lot of reading on the forums with some great information. We too have been recently hit by the economic downturn. I was laid off from my for the first time in (15) years. My wife was laid off late last year. We were making ends meet okay in our new house, but since my lay-off happened in April. Things have been getting steadily worse. I have been doing enough work (HVAC) on my own to make payments and keep things current. We are beginning to steadily drain our savings and work is beginning to dry up in the area. We have not been late on a single mortgage payment yet, and I don't know how much longer we can do this. We have a fixed 5.75% non FHA or FM loan. Is a modification still available? My wife and I bring home about $3332 a month clear in unemployment and child support. Her unemployment is due to run out possibly in about (13) weeks. She is on her last extension. Our Mortgage is approx $2114 a month. With insurance and our credit card bills, we are scraping by. We will have to begin to barrow from family soon. Any suggestions on where we should start? We have strived to be financially stable through-out our lives and when we built this house we were doing great. It is very embarrassing to see what has become of us as we struggle like so many others. Thanks for any suggestions.

[ciws14]

Does anybody know if we will qualify for a mod???

[shade]

You are a perfect candidate for a loan mod. Now I cant ay if you will qualify or not but you need to get the ball rolling ASAP.

[so-cal-gal]

Get the ball rolling ASAP. Mods are NOT usually approved quickly. I hope your wife's unemployment does not run out before you are approved, but it may.

I just hope that you have enough income to qualify by the time they get your package thru the approval process.

You don't say which lender you are with. There are certain lenders that have been significant problems. You will want to check to see if your lender has a separate 'thread' of comments/questions.

[ciws14]

Our lender is with Chase. Any tips on the best way to get the ball rolling? Thanks!

[ciws14]

Also, with the existing mortgage and credit card bills our debt to income is extremely high, around 95% if my calculations are correct. Is this going kill the hope for a mod? How does chase typically look at credit card debt this hight?

[so-cal-gal]

I don't know those answers about the ratio possibly being too high.

I would suggest doing a search for threads and posts that have 'Chase' cited. See if there is anyone they are using to help expedite cases. The first thing is to get into contact with either CHASE or some place like NACA to help get the application together.

Chase appears to be one of the 'good guys' so you may be able to get things done faster just approaching them directly.

Check the other posts to find how they got any expedited attention. I think your case may be one they should expedite.

[jakelabry]

Originally Posted by ciws14

Also, with the existing mortgage and credit card bills our debt to income is extremely high, around 95% if my calculations are correct. Is this going kill the hope for a mod? How does chase typically look at credit card debt this hight?

Well, in the HAMP program they will insist you go to financial counseling if your back-end DTI is 55% and over. It doesn't say that you can be denied if it is over that.

[ciws14]

I found on Chase's website the "Homeowner Information Packet" that we are filling out to fax over. Anybody have any suggestions in filling this out? It seems pretty much self explanatory. Our neighbor is going through this right now and has had to resend information several times as they seem to keep losing it. I think I am going to subscribe to one of those internet faxing services to keep me form having to run into town every time I have to fax something over. From what I have been reading on the forums, it seems to be the norm for Chase to want things re-sent. Thanks for any suggestions!!!

[so-cal-gal]

Originally Posted by ciws14

I found on Chase's website the "Homeowner Information Packet" that we are filling out to fax over. Anybody have any suggestions in filling this out? It seems pretty much self explanatory. Our neighbor is going through this right now and has had to resend information several times as they seem to keep losing it. I think I am going to subscribe to one of those internet faxing services to keep me form having to run into town every time I have to fax something over. From what I have been reading on the forums, it seems to be the norm for Chase to want things re-sent. Thanks for any suggestions!!!

If you ever get REALLY tired of re-faxing, I saw that people dealing with BofA/Countrywide (which is REALLY notorious for claiming things never arrived) have resorted to taking the materials to be faxed to the local bank branch. They are given a receipt from the bank fax machine showing the fax was received at the other location.

I know this would cause you to go into town, but some times other lenders have wanted the 'whole thing' re-faxed. If you have a local Chase bank, you might see if they will do likewise for you if you get frustrated.

I have not seen where any of those BofA branch faxes were also claimed to not 'be there'. It is a bit more difficult for them to claim without the real problem being quite obvious, but that is BofA.

Currently, Chase has one of the best ratings of working with people and quickly implementing loan modifications while BofA and Litton are at the bottom of the pack.

So, I'm inclined to believe Chase may just be getting a deluge of the faxes.

Double check that you follow the instructions and submit everything they want.

[ciws14]

Good idea faxing from the local branch. I can imagine Chase is flooded with these requests. I am going to go ahead and send out this first packet First Class registered. I figure I will fax over any other items they may need as needed. Thanks to everyone once again for all the help and our fingers are crossed. God Bless

[ciws14]

I long after the loan mod package is sent should you start calling? Or should you start calling?

[so-cal-gal]

Originally Posted by ciws14

I long after the loan mod package is sent should you start calling? Or should you start calling?

My information is from March-May. Their processing may have changed since. If it sounds like it is different, just play it cool and ask for them to tell you what to expect. Then come back here and update all of us, please?

I presume that you actually kept info on the FEDEX Tracking? And you know that it was actually delivered before the 'due date' for return to CW/BofA?

So, even though you know it arrived, CALL and ask if they got it. Play it cool, just ask if it is in the system yet. If it is not, call again in a few days to check. It can take more than a week for them to even enter it into their system.

Now, once they do have it in the system, they can tell you that date. The next date they can give you should be the 'verification completed date' unless they have changed the system. It took 18 days for mine to get from the first 'date' to that second 'date'.

The next stage is the actual implementation. I was told that takes longer than the verification stage. I can not give you precise details, just don't blightly think that if they accept the new payments it means it is 'done'. They have waited until the 73-90 days AFTER first payment date to inform some borrowers that they 'owed' those 2 months that you are told not to make payments plus the difference for the ones since. They have even sent checks back at that point.

My own contract joined those in the 'implementation twilight zone' where contracts only emerge after the borrower duely hires an attorney, files suit and then signs off on a non-disclosure agreement in exchange for the priveledge of having the modificaiton contract honored and implemented.

I know of such suits where CW/BofA pumped completed modified mortgages out in 5 days from the time of a suit arriving.

[so-cal-gal]

Originally Posted by so-cal-gal

My information is from March-May. Their processing may have changed since. If it sounds like it is different, just play it cool and ask for them to tell you what to expect. Then come back here and update all of us, please?
.

ciws14, you are dealing with Chase, so if they don't inform you of what to expect, just ask them and then do post it here.

I have not heard of ANY of the problems with Chase refusing to honor signed modification contracts. It is still a good policy to be vigilant, in a polite but firm manner.

Where I know there are problems for sure is CW/BofA and also at Litton.