Denied by Chase

[J&D in Socal]

Our story,
We had been trying to work with WAMU/Chase since January to get a forbearance on our mortgages after having been laid off, only to get three different stories from three different people and then finally being told by a fourth that “since we are now Chase, we no longer do forbearances”
Then I saw Jamie Dimon’s press release on Feb 18th stating “We look forward to working with the administration, Congress, the agencies and other interested parties in implementing these initiatives to help families - and the U.S. economy.”
JPMorgan Chase`s Dimon Supports Mortgage Modification Plan | Reuters
I was so frustrated by the obvious disconnect between the employees and his office that I called their media contact Thomas Kelly and left him a voice mail explaining our situation and the run around we were receiving from Wamu representatives. The very next morning I received a call from the Executive Resolution Department and after telling Pam our story we were promptly told “you are the folks Chase wants to help”. Fast forward to the middle of August and long story short, after eight months of being unemployed, jumping through every hoop possible and not missing a single payment on both of our mortgages by scrapping by with nothing and draining what meager savings we had…….. guess what? ……….Nada, nothing, zilch…….. you don’t qualify Mr. W…… you don’t have a hardship.
Imagine my confusion, no hardship?? Really???? How is it that going from a six figure salary to unemployment is no hardship??
Anyway we are pressing forward with our attempt to get a modification but any tips, hints etc would be greatly appreciated. Here are some names and numbers if anyone wants them (hope they help).

Melanie Welch
Executive Resolution Group
Chase Home Loan Servicing
2210 Enterprise Dr.
Florence, SC 29501
(P) 843-673-3716
(F) 866-272-7345
(E) Melanie.Welch@wamu.net


Ali Khansa
Litigation, Escalations and Executive Support
Imminent Default
JP Morgan Chase
8880 Freedom Crossing Trail
Jacksonville, FL 32256
800-894-6995 xt 4623229
469-549-5716 fax
Hrs 8-5 ET Mon-Fri
ali.khansa@chase.com

Rebecca Filakosky
Home Equity Loss Mitigation
Washington Mutual Bank
Backed by the power of JP Morgan Chase
3990 S. Bab**** St . WORD FILTER AT WORK rhymes with rock
Melbourne , FL 32901
FL4-3903
Ph: 866-865-6403 x2294
Fax: 206-926-6909
Email: rebecca.a.filakosky@wamu.net

[SillyWorld]

I would go to www.naca.com and apply save my home ASAP

[briknope]

start missing payments, then you will qualify.

[shade]

I disagree with briknope - and I have not had to use NACA.

I called the executive team directly and said this is bullsh!t. I am nto late but both incomes were lost and now on unemployment. I qualify under the HAMP plan and I wanted it rolling immediately. (this is after 2months of trying to work through the stupid sh!theads at the call center who barely know up and down)
I got a 2 month forbearance making payments the same as the HAMP plan and they took this 2 months as my trial period and now I am very close to getting a permanent mod. Should have a decision next week.
I am starting to see more people report trial mods happening and permanent mods starting to come through. I WOULDNT waste my time with the people at the standard call center - call the exec team directly and make sure you know the details of the plan and have your end together (income stubs, bank statements, hardship letter, etc)

[briknope]

Well, I hope to God I am wrong. I have actually been keeping an eye on your posts because I am dying to see someone actually get a perm. mod. Keep posting!

[J&D in Socal]

Originally Posted by shade

I disagree with briknope - and I have not had to use NACA.

I called the executive team directly and said this is bullsh!t. I am nto late but both incomes were lost and now on unemployment. I qualify under the HAMP plan and I wanted it rolling immediately. (this is after 2months of trying to work through the stupid sh!theads at the call center who barely know up and down)
I got a 2 month forbearance making payments the same as the HAMP plan and they took this 2 months as my trial period and now I am very close to getting a permanent mod. Should have a decision next week.
I am starting to see more people report trial mods happening and permanent mods starting to come through. I WOULDNT waste my time with the people at the standard call center - call the exec team directly and make sure you know the details of the plan and have your end together (income stubs, bank statements, hardship letter, etc)

The Exec team called me after I left a voice mail for Thomas Kelly on March 1st. I submitted every document twice and they "hand walked it" through underwriting - end result was denial. Obviously no hardship if you can make the payments on two mortgages that have HELOC's while collecting unemployment. What they don't take into account is the gas, groceries and what not going on the credit card to make ends meet. End result is that "doing the right thing" doesn't work, so I have to agree with briknope. And yes I am no longer paying on any of the notes, if Chase wants $500,000 worth of property carrying $900,000 in loans then they can be my guest.

[J&D in Socal]

We finally received our "Official Denial" letter, and the reason..... Your application has been denied by the Investor.
Would a Qualified Written Request filed by us to find out who the investor is actually be taken seriously?

[Marie T]

not sure you will get investor info from Qualified Written Request...I found who mine was....owned by WAMU...no other investor...by repeatedly asking every time I spoke to WAMU or Chase and that was after I went to the FreddieMac and FannieMae website, put in my address and determined not backed by them.

Unfortunately, I believe that if they still see that you are paying, they will not take you seriously, but just my opinion. It seems there are those that have gotten results while being current.

[Jillian118]

Originally Posted by Marie T

not sure you will get investor info from Qualified Written Request...I found who mine was....owned by WAMU...no other investor...by repeatedly asking every time I spoke to WAMU or Chase and that was after I went to the FreddieMac and FannieMae website, put in my address and determined not backed by them.

Unfortunately, I believe that if they still see that you are paying, they will not take you seriously, but just my opinion. It seems there are those that have gotten results while being current.

Hey Marie,

Are you still current? I am beginning to wonder what I should do. I got stonewalled at naca, now I think that is moving again. Now Chase is asking for employment verifications etc... so it seems they are moving over there as well??

I just have no idea what is going on anymore or how this is all going to play out.

Is anything progressing for you? I know both our loans are owned by wamu.

[Marie T]

I had met with NACA and when I was able to see online what they submitted to Chase, it was really wrong. I called NACA and now I am waiting for a call back from NACA. In the meantime, I have not received the FedEx from WAMU/CHase that was supposed to have the details of my "repayment plan".

I am now 3 months behind on the mortgage and behind on credit cards too as I was trying to keep mortgage from getting any further than two months behind but I am also dealing with having to pay the IRS a huge chunk.

[caldwellb02]

Hey all. I got a call at 6:00 a.m today (I'm in CA) from NACA rescheduling my 9/5 appointment with them because they are getting a new phone system installed over the weekend. Each time I call I confirm: this is not a resubmit - and they keep saying it's not - it;s just getting updated materials (Chase denied me for a bogus reason in August). For any of you working with NACA and Chase - Don't tell Chase! Once you do, they may, as they did with me, stop working with you at all (not that I was really getting anywhere). According to Chase (and confirmed by Kevin Winn at NACA), Chase interprets its contract with NACA such that it will not negotiate with you if yoiu are working with NACa. I have tried to get a copy of this contract, but have been unsuccessful. I am a month late on my mortgage and not a peep out of Chase. I've not given up, but will settle for nothing less than a mod I can live with. If that can't happen, then they can have my house in a few months. The house is $65,000 less than what I owe, thus making the second mortgage unsecured. You'd thing they'd want to work with me! I have been making myself sick over this and I am DONE. I don't want to leave, but I'm not about to continue being as stressed as I have been.

[Jillian118]

Hi Caldwell,

Im trying to think logically about this as well. According to Chase, my house is upsidedown 177k, according to zillow its 88K upsidedown. I love my house but the stress of all this, combined with having to work two jobs to even make this payment is burning me out very quickly. Im thinking that if no one is willing to help me, it may just be best to let it go.

Im still struggling with that as I look toward the future. I had planned on living here for a long time....but life is what happens when you are busy making other plans.

[Hard Times]

Caldwell.......I understand, and my patience is gone now too. I have bent over backwards trying to give anything these dumba--es need for the mod, been pushed around and passed around to the point I sense the "process" is worthless. I think the banks are doing all this on purpose to pretend to be "playing the game with government mandates", but with a hidden agenda of screwing us homeowners over.

If there are so many mods being given out as they claim (look on the Chase website where they claim they have processed thousands and thousands of modifications under the HAMP plan. Again a legal technicality, as "process" can mean anything), then why arent we seeing more successes at this website? I think the gov. should provided a state-by-state list of the banks and actual mod information for all mods completed. This list may only be a page or two long!

Good luck....and wish me luck too in this absurd process.

[dtap57]

I agree with you guys. My patience is also getting thin. I can't seem to get anybody at Chase or any other agency to help me. I have an FHA loan and Chase still hasn't enacted the Obama plan for FHA loans. I really don't know if that will help or not. They offer today to lower my 2150 payment down a 120 dollars for 3 months. I told them that isn't going to help me at all and declined there offer. I figure if i need to i can go back and get the same deal later. Frustrating!

[caldwellb02]

I have no patience. Finally got their letter. Y'know why they denied me? I quote:

"Your hardship is not of a permanent nature."

Yep. That's what it says.

Maybe I'm gonna win the lotto tonight? LOL

[Marie T]

Hi Caldwell,

"...not of a permanent nature?" Geez, tell them you would love to see into their crystal ball too!~

Kind of like the guy at the Chase Homeownership Center telling me that I must have gotten a $3000 a month raise so I can pay an increased payment now ...makes no sense and totally defies logic if they would just stop and think!

Anyway...is there some way you can make them tell you what they are basing that on?

I was at the bookstore this afternoon and looked at the real estate books specifically trying to see if there are any "how to" loan mod books. I skimmed through one and there was something in there about your loan paperwork may have a clause in it that requires the lender to provide a one-time modification during the life of the loan. Maybe you could check on that. I did not buy the book as I want to look around a bit first, and as usual, I was short on time.

[sealag]

I got my letter yesterday...what a way to start a long holiday weekend. I was denied, also, because my hardship is not of a permanent nature. I have been trying to get a modification for almost a year now.

In April I received the HAMP package and made the May 1st, June 1st & July 1st payments...along with August 1st and a September payment that I made last Saturday...

I have bent over backwards, like everyone on these posts...for what? To be ultimatley denied by Chase...greedy a__holes. I love my house, been in it for over 20 years, but it is not worth it anymore. They will not get any more money from me, I've had it.

[snapple candy]

J & D, I suggest you search out an attorney to make the QWR and see where that takes you. I have lost a couple houses thru divorce, gone thru BK and lost everything a couple times. I have been put thru the ringer by WAMU for well over a year now. It was pretty stressful for the first six months, then I just gave into the process somewhat, I still keep fighting but I almost have gotten to the point like all of us have where we just dont give a sht anymore. There is a part of me that cares, but more of me is ready to walk away. I may or may not be offered a perm mod but do i really want one? Ask yourself that question. If we are so underwater, why do we want to keep our houses when it does not make financial sense to do so? I ask myself this question everyday.
These banks are taking advantage of us because we are so emotionally attached to our homes. I learned before just to let go and I felt much better. It simply is out of our control and we are kidding ourselves if we think any of these lenders have anything else but their bottom line at interest. This is simply a business decision for them. Sealag, so sorry you have to start out this holiday with a denial letter like this. 20 years is a long time and that a difficult pill to swallow. I am afraid many of us will get these type of turn downs because "hardships are not a permanent nature."
Is that what it all boils down too now? The economy will get better, and you will be back to work someday, so suck it up buddy, were not gonna help yah!

[caldwellb02]

This is very interesting. So now there are at least two of us whose hardships are "not of a permanent nature." Wonder what that is all about. Wonder how we can find out how many people got that as the reason, and what standards they use to come to that conclusion?
Moe - if you are out there, do you know?

Snapple - I hear you. I was so tied up in this I was not sleeping, totally totally stressed. It is still a bit stressful, of course, and I still want to keep my house if I could, but I am trying really hard not to let WaMu/Chase destroy my life. I've done nothing wrong. We (the bank and I) got into this together. They gave me a loan knowing I needed my son's help to pay it. Since the denial reason makes NO sense other than "the economy will get better, so suck it up (and by the way if they foreclose on me in 6 months then maybe they will get more of their money back becasue the house will be worth more," then maybe they are right. But they will NOT get the purchase price back on this house! It will not go up that much for many years. They are absolutely positively irrational and unreasonable and no wonder there were so many failures!

Whew. Felt good. Have a wonderful weekend everyone.

[c150000]

hi everyone
i have to ask..in regards to the letters you have recived "denied"
how many months were you behind if any?
and has chase offered any other work out solution for you?

cheryl

[Hard Times]

Common sense thought here------If the banks are so worried about losing their presure cash flows for the next 30 years by reducing the mortgage payment, why not offer alternative mods? For example, how about a 10 year mod, which then begins to adjust back to where the payments were to begin with? Within 10 yrs, many of us will be making more income, and may be able to afford the old payments. A win-win scenario.

Also.......I have thought about this and would agree to it------I would agree to reinstating my old mortgage payments (after getting a permanent mod which significantly reduced my payments) as soon as I landed a high paying job which would allow me to make the old payments. I think all of us would sign up to a clause which would allow the mortgage to always increase to keep our payments at 31-40% of our income. Maybe I should propose this if I am rejected......they may sniff my proposal and like the smell of it. what do you think, everyone?

[Hard Times]

"precious cash flows"

Also, do vultures have a keen sense of smell? Probably not. However, they do love eating dead carcuses.......think they are viewing us as potential "dead carcuses".

[caldwellb02]

Cheryl - at the time the letter was sent I was technically not behind at all. Now I am behind a month.

they have not offered me anything else, though I've been working with them since January 4, 2009

[c150000]

hi
hardtimes: in the hamp guidlines is states
if for some reason the borrower is denied
chase has to look and offer some other modif
option to keep the borrower in there home

sealag: i see, they should offer you something else then dont give up!
iam worried because: i was only 1 month behind last month
i was told i HAD to go on the trial payment to be considers for any modif be it with hamp or chase
so my packet came for hamp and i will send it off monday...
i worry what happens if iam denied...

[rachel_p]

Cheryl..they told us the same thing...that we HAVE to do a trial. We told them we already did a forbearance, which was supposedly to see if we could make the payments (only $30-$40 less that our original payment), and we made all of those on time. Now they say we HAVE to do a trial period with payments that are down about $300 from our original. Not sure why they can't look at our forbearance period and see we can make the payments. My husband called them on this and they said "I'm sorry sir, it's protocol".
I'm sure it's just to drag us a little bit further before denial.