CHASE - I can see the light...

[Smurf]

Mortgage Loan Modification :: Care2 Groups (Other)

[JoannaOregon]

Update: The attorneys office called Chase today to confirm that our packet had been received - of course Chase said it could have been, but has not been processed yet. (We know they got it as it was signed for last week - Fedex verification.) So, now the wait game.

I sent our Oct 1 new trail mod payment on September 14th... I am following the book here.

I am amazed that NO one has posted a success after their 3 month trial mod period. We finished our 3 month (turned into 5 months) trial mod last month and started this new one for October. Should we make the 2-3 payments here before the perm mod is in effect we will have made 8 trial mod payments.

You would think that Chase would just want to get these mods done and move on to later filers. What is the hold up?

Not complaining - just shell-shocked!

[GailCorr]

Hi --
Just how did Chase do a mod if you had a job loss? After months of spinning me around , I finally lost my job and now they tell me that I do not qualify for anything because of this. Not a permanent hardship.....

[smit5454]

Called yesterday since I was told would have my permanent mod finished by last friday, even had the underwriters name. Told they were "still backed up" and to make a 5th payment, yes, that's 2 more payments and months after I completed the trial to a tee.

Anyone know if Chase has to report permanent modification statistics at some point? Their blanket statements about current modifications are "trials" as we all know.

[SBBLUEWATER1]

I was told our permanent mod was finished a couple of weeks ago. Now we are told it will be another 45 to 60 days before they even decide what they are going to do. They told us that even if the mod is done it still has to go back for one last approval before they actually send out the docs. They also told us that they can deny us for ANY reason even after making all of our trail period payments on time! I'll believe it when I see it.

Sorry if I sound just a tad negative but after 1-1/2 years of this it is really getting hard to believe what Chase says. If I could start seeing people posting on this forum that they actually got a final loan mod under the MHA program that followed the MHA guidelines then I would start to believe again that maybe this will all work out. I just can't believe that there are no final mods yet.

[Chased around and around]

Spoke with my mod rep the other day and she said so far she has not single one single chase mod yet, other banks yes, chase no. They have 110 reps and all they do is mods. What a shame...

[evo13]

Chased, how do u get a representative? I have faxed, called and been waiting for a call. Do I have to call them? I have 8x now. All they say is it is in underwriting and be patience. I'm coming up to the 4 month mark and have had no luck with any other info. I'm nervious. I'm probably denied. Why would they take so long to contact me?

[JoannaOregon]

GailCorr -

We lost a company we owned due to econonmy, but both of us had secondary jobs. We still have income... Just $4000 less a month than we did before. Perm hardship for us as we will never have our company back and the $4000 a month income from it.

[lostinpaperwork]

Hi! I JUST sent in my paperwork last week - my journey is just beginning! Our income has been reduced by 50% as my husband owns a small business that got nailed in the recession. Sometimes he can take a "draw" from the company, and sometimes he can't. Leaving his company and employees would incur even more debt for us personally- not to mention health care that we wouldn't be able to pay for ourselves.

We have a jumbo loan (951k remaining) and monthly payments of $6150 (not including taxes at $15k per year and insurance at $1100) we just can't manage the payments anymore. If we sell, where do we go? Can't leave the business or the employees, our daughter is in private school and we can't get out of the contract or they will sue us for the remaining amount (we had to sign in March, we thought things would be differnent 6 months later) NO DICE.

We HAVE equity in the house, but our credit score has dropped to 600 and our debt it too high (we have about $48k in credit card debt) The 2nd HELOC is maxed.

We are in SO Cal, Santa Monica, where inventory is high and prices are starting to suffer here. The entertainmet industry is bust for small companies - he can't get loans to help his business survive.

I am a teacher and was not hired back this year, but when I worked, I made $16/hr with no benefits.

Would love any and all opions on our chances for a loan mod?

[shade]

Your chances are slim to none. No offense but there are times people have to give up the private school, lattes, etc to make ends meet.
People that are self employed are going to have a harder time getting a loan mod.

[caldwellb02]

lostinpaperwork - welcome. And hang on. this will be a LONG ride. Document everything. Make copies of everything you send. Keep everything they send you. Find out names, phone numbers, and write down what they tell you. Unless something miraculously changes, you will fax and refax and call and recall and be on hold dozens if not hundreds of times - sorry, but I'm not kidding. I've been in this since January. I have no idea if any of us will eventually get mods. But we are doing what we can. Think about joining the e-mail campaign that is starting on Monday. You have to do what you can to manage your stress level or, if you're at all like many of us, there will be times when you want to strangle something. But this forum breathes with you and (sorry about waxing esoteric) it helps you maintain while going through this mess. Hang on for a bumpy ride. And Read Everything.

[lostinpaperwork]

Originally Posted by shade

Your chances are slim to none. No offense but there are times people have to give up the private school, lattes, etc to make ends meet.
People that are self employed are going to have a harder time getting a loan mod.

Oh believe me, I have had done more than my share of cutting down our expenses since last year. I got rid of my car and now we have 1. We bought a latte maker in 2004 so we make our own! We were able to cut our expenses by 30% by the end of 2008 and my huband assured me the company would rebound. We even got financial aid from the private school but back in Feb, we thouht things would turn around for Sept. We don't travel (unless to see family)..but one can't sit aroud thinking about "selling the house and living in the car if we don't get this friggin loan mod" all day either. I tried for the past 6 months to refinace the house with 3 lenders who denied us and then screwed up the credit score by looking at it so much...then the credit card comapnies have cut all of our limits so we have NO cusion if any thing horrific happened.

SO yes, I cut out the lattes a year ago.

[lostinpaperwork]

Originally Posted by caldwellb02

lostinpaperwork - welcome. And hang on. this will be a LONG ride. Document everything. Make copies of everything you send. Keep everything they send you. Find out names, phone numbers, and write down what they tell you. Unless something miraculously changes, you will fax and refax and call and recall and be on hold dozens if not hundreds of times - sorry, but I'm not kidding. I've been in this since January. I have no idea if any of us will eventually get mods. But we are doing what we can. Think about joining the e-mail campaign that is starting on Monday. You have to do what you can to manage your stress level or, if you're at all like many of us, there will be times when you want to strangle something. But this forum breathes with you and (sorry about waxing esoteric) it helps you maintain while going through this mess. Hang on for a bumpy ride. And Read Everything.

Thanks ! I sent everything via fed ex so it would be documented. I have heard nothing since they received it Sept 18 - I've called 2x. I know being self employed will be a nightmare, as filling out the paperwork showed me! I had to copy 97 pages..and i don't think I even did it correctly! (don't they realize all this takes $$) anyway, I decided to send it in and let them tell me what I missed.

My hardship letter is the same we sent for financial aid for school (which we got 15% aid) and now 1 year later, our situation is much worse and we have 50% less income than the same time last year. I didn't think we could get this bad off in 12 months!!

[Marie T]

lostinpaperwork...

welcome and Caldwell is right...document everything! Do not trust Chase to look at what you have sent and tell you what is missing....if you read everyone's experiences on here you will see that even the people who do it perfectly, they will still tell them they are missing documents and those people have to resend several times. Make sure you put your name/address and loan number on every page you send to them. I think the best way to do it is to scan and email it if you can do it that way.

How much equity do you have in your house? It is better to owe more than the house is worth for a loan modification as the lender will weigh the cost of doing a mod against what it would cost to foreclose.

[lostinpaperwork]

[QUOTE=Marie T;128677]lostinpaperwork...

welcome and Caldwell is right...document everything! Do not trust Chase to look at what you have sent and tell you what is missing....if you read everyone's experiences on here you will see that even the people who do it perfectly, they will still tell them they are missing documents and those people have to resend several times. Make sure you put your name/address and loan number on every page you send to them. I think the best way to do it is to scan and email it if you can do it that way.

[QUOTE= How much equity do you have in your house? It is better to owe more than the house is worth for a loan modification as the lender will weigh the cost of doing a mod against what it would cost to foreclose.[/QUOTE]

We have a lot of equity...maybe $350k at the minimum if we sold "as is" ( I have tried to access that equity with no luck) But if we sold, and had to start all over again, that $350k would pay off the 2nd the bills, broaker fees, moving exp...and we would breakeven at $0 to restart our lives.

Unfortunatley, if my husbands business goes under (and he will go down with the ship until Edison shuts off the lights) he took out a $400k loan that becomes a personal loan if the company defaults..then we live in the car or move in with his 80 yr old parents in the retirement community (who doesn't take children, i asked already!)

not good.

[lostinpaperwork]

sorry, i am figuring out this edit/quote system on this site.... I will email Chase on behalf of self employed people! My husband let go 8 people last fall so he is on a skeleton crew as it is.....

[lostinpaperwork]

Ah, good things come to those who do the paperwork wrong! Chase received my paperwork on Sept 19, On Sept 24, they attemped to call me to tell me what I was missing (wow 4 day turn around?) BUT they have the wrong phone number for me, (human error on their part) I called today to do the weekly check in and Lou, told me everything I was missing, other letters to write, what to say exactally etc.... (I am literallyin lovewith Lou right now) SO off my missing paperword went to the "missing items dept. I need to call in 3 days to be sure they have it, ask for a modification counsler and then as that guy to assign a processor to my application.

We are current on our mortgage but not for long- we were sent to the "immenant" pile.

This souds promising (to me at least!)