What did you do when chase sent you a decline letter? - Loan Modification Forum

priv8pilot · 08-27-2009, 07:37 PM

Just looking for ideas from people that received one of Chases decline letters.

Evan Bedard · 08-27-2009, 09:37 PM

Hi priv8pilot,

Quote:

Just looking for ideas from people that received one of Chases decline letters.

Many people will be denied for a loan modification at least once. You will need to call in and most likely submit updated financials to get the process started once again..

Marie T · 08-28-2009, 07:01 AM

It is almost like they expect you to submit more than once. When I got the first denial, it totally freaked me out, I did not realize I could reapply ...thanks so much for this forum!

If WAMU/Chase would get their act together enough to work with us the first time around, maybe ALL of us - including the lender - would not have to waste all this time and resources resubmitting!

dakast · 08-28-2009, 09:50 AM

Just got my *denied by investor* letter today from Chase. Applied for mod back in May.

Since it's a VA loan I assume the *investor* is Ginnie Mae. Not sure if any special legislation has even come thru like it has for fannie & freddie & fha(which also uses Ginnie Mae ..IIRC)

I know the standard line is"...there are other options in place..." but not really. Streamline is not the same and you have to be on the verge of foreclosure before the other options are even considered...and there is certainly no guarantee with those.

Will have to think about what's next.

dave k

briknope · 08-28-2009, 10:27 AM

tell them you want the Making Home Affordable plan that went into effect Aug 15th. I have made several posts on here about that and very few seem to either know about it or are in that situation. The Ginnie Mae website has info about it also.

AACPA · 08-28-2009, 02:02 PM

I wrote an email to the CEO of Chase and got the attention of the executive team and then I went directly to NACA. It is my belief that Chase is purposely not following the HAMP guidelines and is pulling BS denial reasons out of a hat in the hopes that people will give up and just go away. Don't take no for an answer.

caldwellb02 · 08-28-2009, 02:06 PM

AACPA - I have been verbally told by Chase and NACA that I was denied, but I've never received anything written. It was my e-mail to the CEO of chase that caused my Chase Exec Team contact to stop talking with me because "they have a contract with NACA." Naca told me today I have to start all over again. I hope I'm wrong about NACA, but they seem as bad as Chase right now.

08-27-2009, 07:37 PM	#1 (permalink)
priv8pilot Member Join Date: Aug 2009 Posts: 16 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What did you do when chase sent you a decline letter? Just looking for ideas from people that received one of Chases decline letters.

08-28-2009, 07:01 AM	#3 (permalink)
Marie T Senior Member Join Date: Apr 2009 Posts: 478 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What did you do when chase sent you a decline letter? It is almost like they expect you to submit more than once. When I got the first denial, it totally freaked me out, I did not realize I could reapply ...thanks so much for this forum! If WAMU/Chase would get their act together enough to work with us the first time around, maybe ALL of us - including the lender - would not have to waste all this time and resources resubmitting!

08-28-2009, 09:50 AM	#4 (permalink)
dakast Junior Member Join Date: May 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What did you do when chase sent you a decline letter? Just got my denied by investor letter today from Chase. Applied for mod back in May. Since it's a VA loan I assume the investor is Ginnie Mae. Not sure if any special legislation has even come thru like it has for fannie & freddie & fha(which also uses Ginnie Mae ..IIRC) I know the standard line is"...there are other options in place..." but not really. Streamline is not the same and you have to be on the verge of foreclosure before the other options are even considered...and there is certainly no guarantee with those. Will have to think about what's next. dave k

08-28-2009, 10:27 AM	#5 (permalink)
briknope Senior Member Join Date: Jan 2009 Posts: 170 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What did you do when chase sent you a decline letter? tell them you want the Making Home Affordable plan that went into effect Aug 15th. I have made several posts on here about that and very few seem to either know about it or are in that situation. The Ginnie Mae website has info about it also.

08-28-2009, 02:02 PM	#6 (permalink)
AACPA Senior Member Join Date: Sep 2007 Posts: 150 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What did you do when chase sent you a decline letter? I wrote an email to the CEO of Chase and got the attention of the executive team and then I went directly to NACA. It is my belief that Chase is purposely not following the HAMP guidelines and is pulling BS denial reasons out of a hat in the hopes that people will give up and just go away. Don't take no for an answer.

08-28-2009, 02:06 PM	#7 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,764 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What did you do when chase sent you a decline letter? AACPA - I have been verbally told by Chase and NACA that I was denied, but I've never received anything written. It was my e-mail to the CEO of chase that caused my Chase Exec Team contact to stop talking with me because "they have a contract with NACA." Naca told me today I have to start all over again. I hope I'm wrong about NACA, but they seem as bad as Chase right now.

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