Chase Mortgage - Tell Us Your Chase StoryChase Mortgage and Chase Home Finance are and were huge lenders. We are getting a lot of traffic from people looking for help with their adjustable rate loans. This section will help you deal with this corporate giant where people are starting to get lost in their loss mitigation system.
This is a discussion on omg! someone please help me!! within the Chase Mortgage - Tell Us Your Chase Story forums, part of the Stop Foreclosure and Tell Us Your Story category; i started this in nov 08, standing still ever since
i called er team, and now have to send everything ...
i started this in nov 08, standing still ever since
i called er team, and now have to send everything again (9th time)
here is my problem
payment was 2650.00 with tax and ins
they paid firetax of 7.000.00 long story
so i had a shortage so they added 500.00 to reg payment
went up to 3.080.00 ive been paying for 2 years
out of work a couple months last year
lost a rental ect
2 months behind but still paying...the 3080.00
offered forbearance of 1500.00 a month but refused
after seeing the mess with them here
with the 3080.00payment and monthly expences
i pay 3080 plus about 1300 leaves me 120.00 left a month on 4500.00 month income
now i make my last payment this month,on the shortage of 7000.00
my payment goes back down to 2650.00 with expences of 1300.00
leaves me 550.00 left a month
should i wait until that last payment is paid on the shortage
or submit papres now ?
and i cant fiqure out if iam over 31% and what it should be at 31%
also i have a no doc loan, my ex filed indv income tax all these years on this income ( rentals) but i live here also
this will be my first year filling ,,,i do have bank statements
showing this income will they except this?
i know i probly wony quitify for pres plan but a chase mod would be nice
also have a 15 year balloon i need to get out of anyone else have a balloon or am i the only one!!!?
Okay - the 31% should be calculated on your GROSS monthly income and that just means your income before ANY deductions. If the $4500 you mention is your take home pay you would have to add back in taxes and anything withheld. Then you just take that amount and multiply is by .31. The result is what you should pay including principal, interest, taxes, insurance, and any HOA fees. The following link has a calculator:
ok, thanks so much for your reply ...so most of that is rental.... so paycheck gross would be about 305.00
more a month takes it to 4808.00
{31% is 1489.00? total then.. add tax and insurance? )
the new 4808.00 leaves me about 850.00 left after everything paid under my old orig mortgage payment of 2650.00
is 850.00 to much or to little to qualify?
i heard it has to be under 500.00 left over at months end
how do i find that out?
thanks again,,,,,,,,just hoping to get out of this balloon payment
thats my biggest worry.....right now they can even keep the intrest at 6.50 and just get me caught up on that late payment and get me into a regular 15-20-30 year thats my wish!!!
The 31% payment is including taxes and insurance but that is for the Making Home Affordable modification program. The 3 month trial payments are for that program too. You said they offered you a forbearance which is different. So in your other thread when you ask about the trial payments that is if you are doing that kind of mod. If you are not then I don't think there are any real guidelines for what the bank will do , they always say 'it's up to the investor on your loan'
ob boy iam lost already, sorry no they offered me a 3 month trial
at 1500.00 a month...not a forbearance
i dont know what kind of modif. they try the new goverment plan that was with the 1500.00 a month figure they gave
if that fails they said they will try a chase modif
i wanted to know with either one do you have to go on the 3 month trial plan?
i told you iam so confused.... cheryl
thats with taxes and insurance $1489.00 a MONTH no way!
my taxes are 600.00 a month ins 140.00
that gift would never be giving to me !!!
that cant be right?
The $1489 would have to include taxes and insurance. So, $1489 - $600 - $140 means your principal and interest payment would be $749. How much do you owe on your mortgage? If you go to a mortgage calculator, plug in how much you owe, 2% interest and 40 years (max they can go on MHA) then you can see if it is doable under MHA. They can also defer some principal to get you to $749. IF none of these get you to that magic 31% then you won't qualify for MHA and the bank can try one of their own mods.
I am kind of confused with how you are stating your income? Is the $4500 net or gross? I know you added $300 to that but you said that was rental? If $4500 is net then since most of us pay something like 25 to 30% in combined state and federal taxes etc then your actual gross would be more like $4500 x 1.25 or $5625. That makes your 31% for mortgage more like $1744 and principal & interest would be $1004. If $4500 is your gross then your numbers are good.
Anyway, here is an easy to us mortgage calculator:
hello
calculator says 40 years at 857.00 month,,, i owe $283.000
income is 3350.00 approx in rental and work pay is 1440.00 a month gross
but this will be my 1st year coming filling income tax for this on my own,
i can show no income tax returns for this because it hasnt happened yet
you see? thats my worry i have leases and bank statements showing it in there
every month but thats my worry also
i have been here 10 years and was a no doc loan when i started, and now have a 15 year balloon like i said i need to get out of
i dont think i would be covered for the gov plan with no income tax?
what are all the others no doc loan people doing i wonder?
Okay - rental income is another issue. They will only allow you to count 75% of that. Yours is starting to sound like a pretty complicated situation. You may want to take this trial offer and seek more expert advice than what can be offered here.
For lender mods what they require/do is a complete mystery! The 31% probably does not apply because if you could do 31% you would be eligible for govt plan. Rental income is counted as 75% for HAMP - don't know how lenders will view it on their programs. Only they can say!
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