Beginning "repayment plan" with EMC - Loan Modification Forum

Lainy09 · 08-20-2009, 12:58 PM

Hello Everyone,

We are about to sign and send in the 1st down payment for a repayment plan with EMC/Chase, gulp. It is only addressing the amounts in arrears (which are significant since we haven't paid since April 2008) and will be for a period of 3-4 mos..well, we do not make a payment in Sept, and the last one will be November....and then a ginormous (haha) balloon payment, which we would never be able to make. At that point we are welcome to apply for a modification, which will NOT be the Obama plan as they have made that abundantly clear we do not qualify for that based on insufficient income. For us it well stop the f/c process for awhile, and possibly open up the chance for a mod down the road a bit, though I am certainly not holding my breath, and I refuse to lose any more sleep over it. We are looking at it as the money we give them is the equivalent of paying rent somewhere else...I am trying not to think of it as money for nothing. I'll let you know how it goes. I am following everyone's stories and hopeful for you all...

Evan Bedard · 08-20-2009, 01:50 PM

Hi lainy09,

Did you sign the documents for the repayment plan already?

Lainy09 · 08-20-2009, 03:03 PM

No, we're signing/faxing them tomorrow...why do you ask? (she says with just a hint of fear in her voice, haha)

snapple candy · 08-24-2009, 11:06 PM

Lainy, glad to see you are moving forward. I hope it all works out for you and your family.

shade · 08-25-2009, 11:57 AM

They are putting you on a forbearance. Sounds like a collection dept tactic. I would call back and demand a HAMP trial period.

Lainy09 · 08-25-2009, 03:42 PM

No, no collection tactics--we discharged the loan(s) in a C7 last year, and we don't qualify for the HAMP unfortunately.

08-20-2009, 12:58 PM	#1 (permalink)
Lainy09 Senior Member Join Date: Jan 2009 Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Beginning "repayment plan" with EMC Hello Everyone, We are about to sign and send in the 1st down payment for a repayment plan with EMC/Chase, gulp. It is only addressing the amounts in arrears (which are significant since we haven't paid since April 2008) and will be for a period of 3-4 mos..well, we do not make a payment in Sept, and the last one will be November....and then a ginormous (haha) balloon payment, which we would never be able to make. At that point we are welcome to apply for a modification, which will NOT be the Obama plan as they have made that abundantly clear we do not qualify for that based on insufficient income. For us it well stop the f/c process for awhile, and possibly open up the chance for a mod down the road a bit, though I am certainly not holding my breath, and I refuse to lose any more sleep over it. We are looking at it as the money we give them is the equivalent of paying rent somewhere else...I am trying not to think of it as money for nothing. I'll let you know how it goes. I am following everyone's stories and hopeful for you all...

08-20-2009, 01:50 PM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Beginning "repayment plan" with EMC Hi lainy09, Did you sign the documents for the repayment plan already? __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-20-2009, 03:03 PM	#3 (permalink)
Lainy09 Senior Member Join Date: Jan 2009 Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Beginning "repayment plan" with EMC No, we're signing/faxing them tomorrow...why do you ask? (she says with just a hint of fear in her voice, haha)

08-24-2009, 11:06 PM	#4 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Beginning "repayment plan" with EMC Lainy, glad to see you are moving forward. I hope it all works out for you and your family.

08-25-2009, 11:57 AM	#5 (permalink)
shade Senior Member Join Date: Apr 2009 Posts: 218 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Beginning "repayment plan" with EMC They are putting you on a forbearance. Sounds like a collection dept tactic. I would call back and demand a HAMP trial period.

08-25-2009, 03:42 PM	#6 (permalink)
Lainy09 Senior Member Join Date: Jan 2009 Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Beginning "repayment plan" with EMC No, no collection tactics--we discharged the loan(s) in a C7 last year, and we don't qualify for the HAMP unfortunately.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode