Told that Chase's computer systems are fixed

[maryland7]

Hi! According to our closer, Chase has their computer system back up and running. We just made our 4th trial payment over the phone to the closer along with updating all our information. She is sending our file over to underwriting for the final verdict. Of course, she didn't know how long this process will take because they are so backed up. We have a verifiable income reduction of 80% so they will have to do pricipal forebearance and 2% for 40 years...it will be interesting to see if they are willing to do this for us.

Also, Chase charged off our second (80K) even though they said they would include it in the modification. When my husband asked about the second, the closer said that they are working to pull it back out. Bummer...we were hoping that it would disappear (which is what they told us would happen originally). According to Chase's own website, our house is valued around 490K...we invested 825K over the past 3 years. All of our loans total almost 750K...makes you wonder if it is worth keeping. If I didn't have 7 kids and 4 pets, I would seriously consider giving them the house back. I can't imagine that we are great rental candidates!!!

Hopefully, this mess will be over with soon. We just did a short sale with Citi last month and we have another one with Citi that will close at the end of this month. Boy...they are great to work with...they approved our short sales in 3 weeks and 6 weeks and they agreed to write off 517K and not come after us. We are now down to only our primary residence and I wish Chase was as easy to work with.

[MAXIE19]

Wonderful news indeed.....maybe things will start moving along faster.

[rachel_p]

We were told the same thing (computers are fixed and all files are where they are supposed to be now and are completely accessible) last Wednesday. Our modification proposal went to the investor on Friday and they told us 5 to 7 days. I'm hoping it's that fast.

[shade]

Maryland, Rachel -
Do either of you have government backed loans? IE Freddie or Fannie?

If so the file should be going directly to the investor to approve NOT Chase.

[rachel_p]

Ours is not a freddie or fannie loan, unfortunately. However, it is a "farm loan" (no, we don't live on or run a farm). It is through the government, but is different than freddie or fannie, so we've been told. It is in place to specifically help develop rural areas. We have a regular interest rate (6.75%) for 30 years.

[rachel_p]

Chase did say that our modification proposal has gone to the investor to look at for approval. So I guess it's not up to chase for us! (sorry, i'm repeating some things I wrote on another thread before I saw this one). Chase did tell us that our investor is pretty picky about loan mod's.

[maryland7]

We have a Chase owned loan so it is actually up to Chase as to whether to modify or not.

[kiwi09]

Rachel P I am so happy to finally find someone with a stupid farm loan besides me. I was beginning to think I was the only one. How are things going for you? I have been at this since March. Do you know who your analyist is? And if you dont mind me being nosy what is your situation? I am so tired of dealing with this and not having anyone going through the same thing to talk to.

[rachel_p]

Kiwi, have you already been denied a modification? Our paperwork was just sent for modification last Friday, so we haven't heard back yet.

Chase did tell us that our farm loan people are pretty strict with guidelines when it comes to approving mod's.

We are currently 6 months behind on payments. I know it's our own fault, but Chase is partly responsible in my opinion. Chase advised us to skip 3 payments so we would qualify for modification. We skipped 3 payments (thought that was great!) and were then denied (according to Chase...never received anything on paper). We then went into a 6 month forbearance program. Last payment was in June. Since then, Chase's computers have been down (supposedly) when it comes to our type of loan. We were instructed not to make payments or they would be returned. So here we are in September now, and including Septembers payment we are 6 months behind.

I'm a nervous wreck. Afraid they are going to take our home at any minute. Already received a notice of intent to foreclose from Chase. We've called them at least 100 times and they assure us that we are NOT in foreclosure and the letter was just computer generated.

Finally got our stuff sent to the investor (farm loan) last Friday. They say we should have an answer by the end of this week. The Chase person we talked to today said there shouldn't be a problem with our mod being approved. But, she also wouldn't say that if it's denied that Chase would give us options on our now 6 month past due mortgage.

What's your story? What has your experience been with the farm loan? It sounds like you've already had some negative experiences with them? Do you have an actual person at the farm loan office that you know if working on your mod?? How did you do that?

[babbles]

I'm sorry to hear that Chase advised you to miss payments in order to gain a modification and then stiff you in the end! That is absolutely horrible for an institution to give that advice/suggestion and then deny you in the end. As far as you knew, this is probably what it took to get approved. Shame on Chase! And worse yet, your other creditors are probably going to take it personal as well that you are now reflecting over 90 days late on your credit files and potentially raise interest rates on any credit cards you may have outstanding with them! Unbelievable! I really hope things work out for everyone!

[kiwi09]

Rachel,
We have been doing this since March. We are now seven months behind due to them telling us to stop making payments. We were assigned an analyst in May but never heard from her or could contact her. In June I finally talked to someone and after being very ugly she took my info over the phone a did a mod on the spot told me I would receive paperwork and start payments July 1st. Well I then get a call from my analysts finally and she informs me that the first girl did it incorrect and I would receive the corrected version in the mail. I got paperwork on the 28 of july that demanded a paymetn on the first of aug with signed contract and good faith payment. I was pissed off because they gave me so little time to look over it and the paymetn was only forty dollars cheaper. I lost my job since so now we have resubmitted info and am still waiting to never here from this "analyst" that is so concerned with our situation. I am kinda wantin to get someone to do it wrong in order to get her attention again. And I think all this farm crap is bull$#@!. I do not live anywhere near one and for being insured by the government it seems they would rather pay chase the money to reimbuse than let me keep my house and pay. All this help for homeowners crap is nonsense and just wasting time and money. Chase tells me that my investor is offering nothing to help homeowners while the USDA site says they are bending over backwards. I would hate to lose our house but I will stay here payment free as long as possible. Oh yah we have not received a foreclosure notice.

[kiwi09]

rachel
I have tried to post twice have you received either. i do not know what i am doing wrong

[kiwi09]

Gracious this is getting old. So for the third time. I am seven months past due to chase advice to stop paymetns. Received a mod july 28 due aug 1 for contract, good faith payment and modification that was only forty dollars cheaper. I did not do it and resubmitted new financials due to me no longer working and I still have not heard anything. I have an analyst supposedly Kelly Spence, but she never returns calls and most likely only exists on a voicemail. This is an extremely condensed version due to me tired of tying it.

[kiwi09]

And all this farmer stuff is crap. USDA website says they are bending over backwards to help homeowners but according to chase they are offering nothing to help. hmmmm I wonder whos fibbing.

[rachel_p]

I see all of your messages now, kiwi.

Chase told us that our investor was very particular with mod's. We still haven't hear the status of ours. We've called everyday though. Chase always tells us that they don't see any reason it should be denied. But then I come here and freak out because of all the terrible things going on.

We do have a lawyer we are consulting, and he is willing to make calls for us if he needs to. I just hate to push it to that and have it upset Chase and have them foreclose on us because they are mad.

Is Kelly Spence with Chase or with USDA?

Right now we are hoping and praying for at least a trial period, or even another forbearance plan. Just something to buy us time and let us make payments so that we can save up the money to pay the 6 months we are behind.

[art4ari]

HI, Sorry about all you have been tru....Who s your investor?

[kiwi09]

I think she is with chase in the farm loan dept. they are so confusing though. Do you know the name of your analyst? At this point I just want to know whether to stay or go. It is stressful to not know what is gonna happen and when. What is a forebareance? I have never even had that mentioned to me. What number do you call when you contact them? I use 18774196497. I do not receive statements, phone calls, or any other form of interaction with chase.

[rachel_p]

Art, I'm not sure if you were referring to me, (but kiwi and I have the same investor)...the investor is USDA (rural development).

I don't know who our analyst is. I'm not sure that we've been assigned one?

We just call the ohio call center twice a day, every day.

Last week they said it will take 5-7 days for an answer on the modification. Yesterday they said 7-10 days. This morning they said hopefully before Monday. Overall they think it will be quick. (we'll see!...we are hoping!). This morning we were also told that we were "pre approved" for a 4 month trial period. NO idea what that means. I fully expected a trial period, but I don't know what it means to be pre approved and if that has any impact on actually being approved for it.

We also asked what our options were if we were denied for the modification. She listed off a repayment option (if we qualify for that) or FORECLOSURE (hello, how can they foreclose on us when THEY told us not to make payments???), a short sale (NO!) or whatever our investor comes up with. I honestly can't believe that they want us to foreclose or do a short sale when they are the reason we are in this mess.

A forbearance plan is what we went on to basically buy us time until we could be reassessed for a modification. I'm not sure if it was chase that put us on the plan or if it was our investor. Our payment was only about $40 lower than normal, which ended up being a blessing anyway, because that means we are less behind now than we would be if our payment was cut in half or something.

We were so naive at the time and had no idea that all of this stuff was going on with so many people. Had we known, we never would have even asked to do a modification.

Right now we are hoping to get at the very least a 4 month trial modification. If we can stretch this out for about 6 months, we will be able to have the funds to pay back all of our late payments and just drop the whole idea of a modification all together.