Mod question? Chase lender

[Frustrated069]

Hello,

I have been figthing for a home loan modification since March of 2009. I applied for mod in March and I was calling them for about 4 weeks straight but with no success. My lender is Chase. We were making our payments on time until June, when we couldn't make the payments anymore. We are not 2 months behind and going on 3 months. I called a few weeks ago to check on the status of my application and someone from chase told me that they have denied my request. They didn't give me any reason on to why they have denied it. Loss mitigation told me that to avoid forclosure try to keep up with the payments and don't let it go more than 3 months. Is this true? I don't them that we can't make the payments anymore.

After reading and learning lots of informations from this forum I have finally ask for MMI ( money management Int. ) to help us out. It has been 2 weeks now and the lender is saying they have not receive the documentation yet. We have an appointment with NACA on Monday Aug. 24 and we are hoping that they can help us. We are really frustrated but at the same time we don't want to give up our home.

Question:

1. We have savings that we are trying not to use 'cause the money is for our 4 kids bank account. Now, Is it okay to withdraw that money so that the bank can't see it when we go to the mod process? I know that we are going to be question on where the money went, what should we do?

[shade]

If they see the money in the bank they count that as reserves and that cant be more then 3 times the house payment. if it is then they will deny you.
I withdrew my reserves so they couldnt do that crap.
Its BS in my opinion.
If they ask which I doubt they will tell them you had to pay back a family loan.

[Frustrated069]

Thank you Shade! That's what I was thinking since I really owe my brother money for buying his car last year.

[shade]

Dont tell them crap though. If they ask why is the money gone just say something generic. Dont say anything specific as they may try to pinpoint that as another expense.
If the savings accounts are seperate from the checking account then you should also be OK. I have only been asked for my checking account. I am not going to tell them about any other accounts.

[caldwellb02]

They eventually ask for all accounts - savings, checking, investments, anything. Even the online ones. And it's just more paperwork that goes into a black hole.

NACA takes a long time, too, in my experience. Just keep on plugging. I can't figure out at all what makes one mod work and one not. There is always a loophole - I think I have something figured out and there is a new twist. But I'm fighting still, and have been since January 09. And keep calling. I just keep hitting the redial. I NEVER leave messages anymore - whether it is my lender or naca. Just redial and redial and get up early or stay up late till you get someone. Good luck to us all!

[Frustrated069]

Shade, When did you apply for home mod and is there any result yet?

Did you get any help from any agency like NACA?

Has anyone else in this forum been ask for savings account while in the home mod process?

[Frustrated069]

Thank you CaldWell02 for the informations.

[Frustrated069]

Is it true that if your only 2 months behind it won't into forclosure?

[shade]

started off on a 2 month forbearance and now am on the trial mod.
They just asked for my checking account info. I went straight to the executive team and didnt waste any time with those numbnuts in the standard call center. I have 6 pages of notes and they are useless

[caldwellb02]

I don't understand how this can be so different. They asked for everything from me but the kitchen sink. I gave savings, checking, online savings, IRA's, 2008 taxes, w-2's, paystubs, list of monthly expenses and on and on and then NOTHING.

[Marie T]

I do not believe I ever gave them my checking account info but they did get my business account info.

Shade - so you just spoke directly to executive team?

[chasepmt2hot-firefighter]

Did your business account have more than 3x's your payment? Is the account in your name dba? I was curious at how they looked at business accounts that were not llc nor inc.

[shade]

I tried initially going through the normal channels but this was around April and the people in the call center couldnt even spell HAMP let alone know what it consisted of.
Thats when I went to the exec team.
As far as your checking/savings/business accounts. It appears that they are only using what you are stating or giving them.
IE if you have a savings account and it has 30k in it but dont tell them about it they arent finding out about it.
Im not saying this is what you should do, thats completely up to you but I find it so disheartening that people have to blow all their life savings before someone will help them.
So if people arent telling them about a particular account I dont blame them.

[rachel_p]

Shade, how did you get to the executive team? We are always asking to talk to someone "higher up" and all we ever get is a voicemail to a supervisor, who knows nothing more than the regular call center people. How do I find someone that will actually be able to help us? All we want to do is start making our regularly monthly payments again and get out of foreclosure (posted our story on another thread).
Just curious where you found the numbers to the exec.?

[Frustrated069]

Can the lender find out all of your assets ( invesments, checking accounts, savings acct etc. ) if you don't disclose it?