Any Actual Modifications????

[Hard Times]

Hello to all. I have been trying for about a year to get a modification thru WAMU/CHASE, and it has been the usual run-around that I have read everyone else has endured. I go to the Chase website and see them BOASTING about the thousands and thousands of modifications "approved or in process". From what I am reading in these forums, I rarely see anyone getting the Making HOme Affordable Plan modifications. Anyway we can get a hand count to see if anyone is getting acutual modificaitions?

I bet that maybe 1/2 percent of applicants are getting approved. Is there any TRUTHFUL website showing the actual number of approved modifications? I would also like to know what mortagage amounts have been reduced to, the new percentage rate, the new term, etc. Anyone know how to get actual statistics on this?

I wonder if it is worth it to continue the waiting game anymore? I did not make my last mortgage payment last month.....and while I never get return phone calls regarding the modification, I now get daily calls(sometimes 3 calls/day) from WAMU/Chase asking if I can pay over the phone. My application has been "in underwriting" for months, or routed to another state, or given to a new rep, or new docs are needed.....excuse after excuse. I was told a few months ago "you have been approved, so you should not make this month's payment"......Well, the modification docs never arrrived, and then I am asked again for current bank statement. Well, since I did not pay the last month's mortgage, I barely went over the 3 month reserve amount......so, they stamped "Rejected", because I had too much money in the bank. They would not listen to my explanation and forced me to reapply.....to start the process all over! I believe most of us in this forum have real hardships and fall into the guidelines to get accepted, but these banks are doing all they can to prevent us from getting the modifications.

Any comments? Any other opinions as to the number of modifications being granted? I personally know no one who has received one (I live in Va.)

Thanks.

[Evan Bedard]

Hi hardtimes welcome and thank you for joining.

Any comments? Any other opinions as to the number of modifications being granted? I personally know no one who has received one (I live in Va.)

Your correct no one is getting permanent help from either the MHA or HAMP gov't prgrams. Many borrowers seem to fit there quidelines perfect and still the lenders are not willing to help. We have only seen one out of them within the past month..

[caldwell02]

So what can we do? Is there some kind of class action suit we can all get behind? Or is there something/someone already on the front lines of this whom we can support?

[Hard Times]

Evan----Thanks for the reply. I wonder if we are all wasting our time with this process? I see where some have gotten the 3 month trial, but it seems those trials turn into 4, 5, 6 month trials......not sure if I have read of anyone at all who have locked into the permanent 30 or 40 year modificaton (Making Home Affordable Plans, to be specific).

I tell you......the many times these WAMU/Chase reps get our hopes up when we are told we will be approved, and then to tell us a month or two later we are rejected. Then, to tell us we should reapply, and then again we should be approved, but then something else comes up to make us doubt if we will ever get a trial modification.

Have you seen the Chase website where they bragg about the thousands of modifications they have processed? Is there any agency actually tracking these modifications to see which banks are really doing what is right? I would like to hear some cases of Chase homeowners who got modifications, and specifically what percentages they locked into, and about how much their monthly payment dropped.

[chasepmt2hot-firefighter]

How many months of statements were OVER the limit? Do you remember? Were they focused on the very last statement or all of them?

[Hard Times]

chasepmt........I have faxed the bank new/updated pay stubs and bank statements probably 4-5 times now because they keep delaying and the information gets "old". So, I had sent the most recent bank statement which showed my account a few dollars above the "3 month reserve", and they quickly rejected my mod request.

So, now a new application is in underwriters after I had paid 2 months mortgage pmts, and the bank account is well below the "3 mth reserve".

Not sure if Wamu/Chase will look at a bank statement 2 or 3 months old which is above the 3xReserve amount and use that as an excuse to Reject you, even though your more recent statements may be below the 3x amount. What do others think?

[caldwell02]

Chase is completely unreadable. They will do what you don't think they will do. I would never at this point predict anything but the unpredictable. If they reject you, ask which statement they looked at, and if it was the old ones, press and press. Soon they are going to have so many homes that they've foreclosed on that they will need another TARP bailout. Wait and see. I wish I knew what could budge this all in a direction that could help everyone out.

[sbempowerment]

Hi, I am new to this, but not new to the Loan modification process. I am receiving the same b.s. that everyone else has encountered. I received a letter 50 days ago stating they were reviewing my documentation (after 4 calls previously asking for status update and having to refax everything I had sent in with signature confirmation). Original paperwork was sent in.

Now, 45 days since the the date of this letter and not receiving anything in writing from CHASE, I called Chase and they told me they denied me based on lack of income (seems they had no paperwork on my income although I sent it) ARGH!! They said I would be receiving a denial letter in the mail. I will wait and see as I have read other's posts about not receiving letters from CHASE. Will see..

I was told to resubmit certain paperwork (since they supposedly never received it even though they signed for the package) and they will run it through again. I am on unemployment and receive child support. I am just coming off of recovery from rotator cuff surgery and now going back to school. Stil looking for a job but I am limited but still looking.

Do I have any recourse towards CHASE because they didn't send me any notification within the 30 days stated in my letter? And what about the denial letter? How long do I wait to receive that and what if I don't. It has been actually almost 50 days without any written notification of any kind from them.

But the bigger question I have is not just about MY CASE, it is about ALL of OUR CASES. How can we form together to write our Congressmen, Senators, the President, ANYONE that can help us, because it seems no matter who your lender is, and UNLESS you are already in default, you don't have a very good chance of getting any help.

I don't want to go into default so that I can get HELP. That is crazy! But whether I want to or not, I am getting to the point that I will have to. All of us, from reading these posts, are doing everything that is asked of us (over and over again in many cases) in hopes to help us save ourselves from having our homes foreclosed upon. Yet it seems that is where they want us to be BEFORE they will help us! I can't believe that is what the President had in mind when these programs were thought up, do you?

WHAT CAN ALL OF US DO to band together to change this? If there was a previous post on how we can BAND TOGETHER and I missed it, please let me know what that is.

I am a single mother of two boys who started a non-profit to help single mothers, and NOW i need some help with my mortgage. I have written one of my senators, but one letter to one senator here and there will do nothing. I, as well as most of the homeowners who have posted on here are not asking for anything other than help, not a bail-out, not free money, but HELP!

And to be honest, I am angry that even though I am willing to do whatever I need to, to get help to help all of us. I, nor you, should have to add fighting this craziness with these lenders to our list of worries, responsibilities, and other life stressors, don't we have enough on our plates? If we didn't, we wouldn't be asking for HELP!!

HELP and ASSISTANCE, isn't that what President Obama said we would get? Maybe I need a new dictionary, as I haven't too many posts anywhere, not just here, about HELP and ASSISTANCE from these mortgage companies. And in the few instances when I do read about someone being ultimately successful, it is usually only after putting in numerous hours of your time, pain, the shredding of your good credit and you and your family's heartaches. I can't believe this is the way President Obama intended it to be.

Is it possible for someone to give me a list of emails/phone numbers of management at CHASE so that I can do whatever I can, to help this insanity and get my loan modification moving along in the right direction? And possibly for others of us in the CHASE Maze (kind of catchy isn't it) to write emails, etc. And what about those Senators, Congressmen who hearts are near and dear to this issue of home modifications. Does anyone have a list of those?

Thank you and I hope everyone will ultimately become successful in getting your loan modifications. But I still believe that all of us uniting together would make our individual plights become one LARGE collective plight. I do believe there is Power in numbers..

[Hard Times]

sbempowerment..........Yes..I agree.....let me know if we can all co-sign a well written letter directed to the right parties.

I know one problem that even a Wamu/Chase rep told me is happening----there are alot of people applying for these modifications who should not be applying. These people have high incomes and assests and are merely trying to milk the system by trying to get lower interest rates on their loans. Even though they most likely will be denied, their applications are stressing the system and not letting those who need immediate help to get precedencce.

There needs to be a way to "pre-qualify" those who are in desperate straits and who need immediate review. If so, these could be screened and approved within a week for the trial mod. There is no excuse for us to be waiting a year or more. What is troubleing is the fact that someone in dire straits could qualify initially, but after a year of waiting and putting up with all this crapola, he/she may lose a job and no longer qualify! This process is so crazy.....and those banking fat cats are probably snickering and laughing as they read these posts while sipping their afternoon ****tails.

[Hard Times]

Clarification......in my last post I was trying to write the word for an alcholic drink enjoyed by those wealthy bankers....wasnt anything bad. Maybe a mispelled version will work.........corktails.

[Riley18]

I think it is a great idea for all of us to somehow send a letter to the president, senators, the Comptroller of the Currency, and anyone else who might help. The banks are counting on keeping us apart and not sharing information. Once we all have the same stories, it will only depend on whether or not the president and the others care. In other words, I am getting so paranoid with this terrible experience that it is getting hard to believe that anyone will really help us. It may just be that the government and banks are using us to just "launder" money and keep it for themselves.
How many of us have already sent letters to senators, etc.? Has anyone been helped? Remember that the money was given to the banks with virtually no strings. Now, we are left to beg for the help that our taxes actually already paid for.
Also, I am not sure I believe the banks when they say that so many people who don't need the help are applying. It is so hard to apply that most people would only bother if they really need help. The banks are just getting us to blame others instead of the banks. The qualifications are set by the HAMP program and so why does it take so long for banks to kick someone out if they do not qualify? All they have to do is glance at their paystubs and read a quick hardship letter to determine whether or not they should continue in the program.

We do need to send a petition or something to prove we are all going through the same thing. Anyone have any idea how??

[Hard Times]

Riley........I agree that it should not take so long for them to review and approve or reject.

However, from the posts I have read, there seem to be some with the mentality that "everyone" should apply for this program, even if they are not suffering. For example, I read one post where a woman was complaining about paying a $3000 mortgage payment because her husband "only" made $600,000 last year.....she had applied under the HAP, and was upset that it was taking so long.

But I tend to agree with you......seems that most are applicants who really need help, or they will be on the street.

I sent a letter to my senator 6 months ago, but only got a standard form letter reply.

[sbempowerment]

Hi, does anyone have experience with online petitions. Anyone have some idea on how to organize. I will certainly be on the bandwagon and help, but I don't have any experience and instead of re-inventing the wheel, if someone does, then that would be good. I am not suggesting, if someone has the know how they are the ones doing all the work, nothing like that at all, I will help and I am sure others will also to get the petition going. But if someone is in government in their state or has some experience with those government offices, maybe we can get information that way also..Sending a well crafted petition for others to sign is great, and good, but sending whatever we do to the appropriate people would be the ticket. Otherwise I think we will be dancing in circles, which I think all of us are dizzy enough already from the dances we are doing with the banks. .

As far as people taking advantage of the system, I am not concerned about them, I am concerned about those of us who are in need of this help and aren't getting it. Yes it would be great if this was structured differently, but if the banks can't figure out a system that would easily address how to process these applications in a more timely way, how the heck can we expect them to figure out a way to separate the truly needy applicants from those milking the system? I don't have much faith. As unfortunately those who are processing the loans have no true incentive to process them timely or not, they get paid no matter what and thus the problem. Unfortunately the system that has been created is similar to government, over burdened with red tape which equals an ineffective program whose monies go to administrating it as opposed to helping those the monies are intended for.

So let's roll up our sleeves? Anyone have that experience with writing a petition and utilizing your contacts to get it signed and anyone who knows of contacts that would be useful in getting attention to this issue?

I am about solutions, instead of complaining as it may not help me directly, but at least I feel like I did something..

Susan

[caldwell02]

I've written my congressman, senators and the president. I've filed a complaint with the OCC. I've asked on a couple of websites how you go about filing a class action lawsuit - no answers. I am not a lawyer, so haven't a clue what will work next. I'd gladly sign a petition. Quite frankly, even if by some grace of you know who I get a mod, there still needs to be something done about this process. It is STRESSFUL beyond words. We comply and comply and i don't understand how they can get away with this.

One of the problems is we all have so many threads on this forum that there could be someone who is starting something and we wouldn't know. It seems like CountryWide is giving the most mods - but I could be wrong. Seems like there is some angel helping - I think it's wells fargo - a guy named Larry that people seem to be able to get to at the bank and get something done. I know from talking with NACA that Chase (and probably other banks) has a whole group just working on the NACA mods. These guys don't talk - or so it seems - with other groups at Chase. I wonder how many different groups people are talking to at chase? There's the Exec Team for WaMu, the Exec Team for Chase, the Imminent Default Team, the Loss Mitigation Team, probably an MHA team and a HAMP team..... Anyone know?

[Marie T]

I already posted this in my own thread but it applies here:

"Update ....I went online to my congressman's website and posted a letter to my congressman on his website about a week ago - very easy and fast! I would guess that every congressman has such a site and I would suggest that all of you do that as we all have access to the internet if we're on this forum.

Do your research and make sure that the congressman you are writing/complaining to supports home loan modifications and then write to that one. It took about a week but I received a personal letter back from my congressman on Saturday. It was not a form letter and I was surprized."

Caldwell - reading your most recent post here - is there an Exec Team for WAMU? I thought there was only one for Chase?

[Olypentax]

I posted this link months ago but thought I would put it here for reference. Just put in your Zip Code in the box on the left and all your representatives come up. Then just click on their name and send them a message.
Congress.org - Home

[caldwell02]

Marie T - I was told a couple of months ago that there were two exec teams - one for Wamu and one for Chase. Not sure if that still is the case or not. One is 1-800-242-7399 or executive.office@chase.com, and then there is an executive resolution team that they referred me to that I started working with. I always went through this 1-800 number and then they got the other team to contact me. They are supposedly not in the same office and I gathered don't know each other at all. Other teams I've talked with are the loan modification program (866-550-5705) and then the status department (800-918-4029) and the imminent default team at 888-703-3336. Before that there was a 877-551-2739 number (I think this was another loan mod team) and some other numbers that didn't work. As I understand it they are still migrating all the stuff from WaMu to Chase and have not finished. If you go on the website it still has different documents for WaMu and Chase customers to file if they want a mod.

[BadBobMo]

Chase website where they bragg about the thousands of modifications they have processed?

More than likely they are (Bush) Mod's (5 yr. @ original Interest Rate)! All of these Mod's will be coming back period to hunt the lender again. They just revised the “HAMP” plan once again and added (2) additional months (5-Months) to help the lenders & services get all of your lost paper work back together!!! So many people to help and they waited way too long to get started. So start looking for mod’s around (5 month’s) or more after you apply. So just from my experience over the last months or should I go ahead and say-It, ok I will “over the last year or so” It’s like a very long DMV-Line the closer to the expiration date the sooner you will get help. You have some $$$ they want that first that is what they call collections. Next “Self-Cure” they will drag you out as far as the eye can-see hoping that your $$$ will improve. So for now you are basically @ the end of the line, no (NOD or NTS).
Think of it this way when you really needed the help they turned tail and ran (BK-Law).
They will only make change if they here the Roar & Thunder of the people.
I’m in with any help I can provide, Yes any and all Web-Site’s regarding helping people save their homes need to be pulled together on 1 Great Big-Ass petition, look things only will get done with numbers.
Hope things better for you!

[Hard Times]

Bad Mo Bo......thanks for your comments....I hope all of us will finally get some help. I guess all the mortgage cos are trying to present an image of helping thousands and thousands of homeowners.....but in realilty they are not.

Would be helpful for this website to have a survey of all of us to answer some basic questions:
1. How long have you been applying?
2. Did you get a trial HAMP mod?
3. Did you get a permanent mod?
4. What % reducton in monthly payment did you get.

I would guess that out of 1000 applicants, maybe 5 - 10 got trial mods. And others think they got trial HAMP mods, but really got forbearances.

[peggyinfl]

I think the person assigned by Obama to oversee this mess should also be sent a letter to remind this person he/she is not doing their job that they are getting paid to do. No sure if that person is Barney Frank. I'm in Fl and in the last couple of weeks the foreclosures are popping up all over again. You can tell the new ones from the unmowed grass thats about 5 feet tall. They were fining the banks 250.00 a day and that forced them to maintain the property's but you can pick out the new ones. Theres one entire block in my neighborhood the is totally gone. Something has to wake up the gov before we are all living in tents.

[dtap57]

Hard Times, You are correct, there are way to many people seeking help that shouldn't be right now. It is slowing down the whole system. This is definately hurting the people who need help right now. It is frustrating!

[briknope]

I would guess that out of 1000 applicants, maybe 5 - 10 got trial mods. And others think they got trial HAMP mods, but really got forbearances

I got a forbearance also, and not a HAMP mod trial period, mainly becasue my investor is Ginnie Mae. So its my understanding, you have to be Freddie, Fannie or Ginnie (now) to be considered for a HAMP mod. I also made the incorrect assumption I was on that "Obama" plan untill I read mesages on here and then looked again at my documents they sent. NO mention of Making Home Affordable or HOPE or Obama or anything of that nature. I then stopped paying on that, being un affordable as it is or was.

[dtap57]

Hi Briknope, What are you doing with your FHA loan right now? Are you still working with Chase? Have they came back with any other offers to help you? Thanks

[Chased around and around]

Just a quick update I just rec'd from my mod company, she said that she has not seen one single mod yet after the trials are done. She has a client paying the 5th trial payment. I forgot to ask her who that bank was. She is doing 12 chase/wamu mods with no end in sight.

I have not paid my 1st since Feb '09 and I paid my 2nd on twice since Feb. But I am done, no more money from me til they work it out.

Still standing 219K underwater.

Also I just opened my chase statement on my first and they dropped the payment from $2275.75 to $1590.40 per month. Still same interest 6.37%.

I get every single month a "notice of intent to foreclose", they mail me two and want me to go to the USPS to sign for two more. I don't sign for any certs from chase. These notices mean nothing, I guess if I was emotionaly attached to my condo, then I might care about these notices.

As I see it I am winning right now, no mortgage payment, paying off all debt, and I now for the first time of living in their condo, I have cash under my mattress...

[Hard Times]

Briknope......Yes, as I thought......you assumed you were sent the HAMP plan, but instead just got swindled into accepting a forebearance. I think you are wrong about only Fannie, Freedie, Ginnie doing the HAMPS. I have a regular mortage thru Wamu/Chase and they have "claimed" I will be approved for the HAMP.

I ran the NPV test last night, and I clearly pass this test....it slows a benefit to Chase of over $30k if they do the mod for me. But, it seems they dont want to follow these NPV results......appears they want to boot everyone out of their homes and watcht the homes go to pot. Those idiots!