WAMU/Chase Mod Terms w/Chapter 13

[BobandArlyn]

LONG STORY SHORT - We started with a predatory firm to help with mods in November 2008......yeah, $950 out of pocket...got rid of them (hopefully). We continued on directly with WAMU/Chase. Had all the delays from WAMU/Chase with resending forms a weekly it seems. FINALLY, a human from Loss Mitigation who worked our loan mod application - that started March 29, 2009. Today, we received the temporary terms for approval by Chapter 13 Trustee. Note we were in an ARM interest only at $2069.72 per month for 6 years. It adjusts 2 years from today to double or possibly triple the amount. Bob is retired, I'm about to/want to. Also note that they figured the terms on Bob's income only (he's the one on the mortgage as we married after). We have so many questions.....(1) does the temp payments include taxes and insurance?...(2) could we be turned down after the 3 month trial period based on financials?...(3) what are they looking to see with the financials that are different than what they see now?...(4) do they expect to see the $600 difference in mortgage payment in our savings?...(5) Should I retire now so that they cannot use my income in the refiguring (my retirement is a pitance)?... Any assistance appreciated. Here's the email sent to our attorney today:

The above referenced loan has been resubmitted and pre-qualified for the Home Affordable Modification Trial Plan under the Obama trial payment plan (3 trial payments). The payment schedule is as follows:

10/01/09 $1400.21
11/01/09 $1400.21
12/01/09 $1400.21

Once the homeowner completes the Trial Plan we will then request updated financials in order to run the loan modification. If the homeowners do not make the above required payments, they will not be eligible again for a modification at least for one year.

Due to the bankruptcy status we request that you submit these terms to the courts to receive court approval if needed for this plan, in order for us to move forward with the trial payments. Please be advised that due to the length of time required to receive the court approval, the terms and the payment amount may have to be recalculated to reflect a new payment date and amount. If the court approval is not needed, please respond to this email stating this.

A package/agreement will be sent to the borrower detailing all of this information once the court approval is received.

[fla borrower]

I will be filing Chapter 13. Was your attorney confident that Chase will work something out under Chapter 13???

How long ago did u file Chapter 13?

I was offered the MHA Plan, paid all three payments, and was denied afterwards.

[bowlcutah]

I've heard pretty good things about working with Chase for loan modifications. I hope everything works out for you.

[BobandArlyn]

FLA BORROWER - Our bankruptcy attorney recommended not paying one payment, which we did. At that time there was a Bill regarding CRAMDOWN trying to get passed that if you are in a Chapter 13, the Trustee would be able to lower your mortgage to be consistant with the actual market, and lower your payments, interest. Our attorney was hoping that we would be able to get that. Unfortunately, they took the CRAMDOWN out of that Bill because it would have held up getting the 'HELP' out millions of people caught in the housing debacle. We knew that would be a possibility but went with our attorneys advice--it was a shot. What did we have to lose?

So, then, we find ourselves in the WAMU/Chase merry-go-round. Their first attempt to modify was actually no modification in our eyes, raised our payment of $2069 to $2472 (which included the taxes and insurance we use to pay separately). It didn't lower our interest either. BUT they then said we did not qualify for that 'modification' because we were in a Chapter 13. Assume that this was an internal refinance of some sort. They knew from day one we were in a Chapter 13.....so....delay tactic??? Who knows??

Our Chase rep said we are now under the HAMP modification..... is that the same as the MHA?? Sorry, so confusing!

I'm sorry to hear you were denied after going through all that. What are they doing now for you?

[BobandArlyn]

Sorry, we filed our Chapter 13 March 26, 2009.

FLA BORROWER, are you working with Chase too? What reasons did they give you for denial?

[BobandArlyn]

THANKS BOWLCUTAH.......

Hard to be optimistic tho with all we're reading on this forum. But, we're trying.

[fla borrower]

Hi Bob&Arlyn
Thanks for the reponse. I believe Hamp and MHA are the same thing. Yes I am dealing with Chase. May I ask how delinquent were you on the mortgage. I haven't paid in over a year, waiting to get a modification. The only payments were the 3 trial payments I made.

The reasons for denial were income low and due to the interest rate of my current mortgage which is adjusting in October... HUH??? I have a decent paying job and I also get rental income, so go figure.

It sounds like the trial mod they are offering u is good, but with them you never know what will happen, they could deny u for some ridiculous reason.

BTW Barney Frank is trying to revive the cram-down bill. I hope that happens this time around!!!

[BobandArlyn]

We were one month delinquent (March, 2009). We filed Chapter 13 the end of March, 2009. We started talking to WAMU directly in March 2009. We were calling them to get the predatory mortgage modification scammers out of our business. We wanted to make sure they didn't have access to anything. It was weird, WAMU put us directly through to our negotiator, who is shown to be Chase Loss Mitigation. We have dealt with her since. She has kept us totally informed all the way (of course, we were really diligent in reaching out to her for status (by email). If we were given a date that something was to be done by Chase, we emailed first thing the next day. I must say, she NEVER went without responding to our emails EVER. So, I'm hoping that this is an indication of someone who is going to do right for us....but orders come from above her, so who knows what will happen.

We wish you good luck will come your way Fla Borrower.

[Hard Times]

Boband Aryln.........I have had the total opposite experience regarding emails from Wamu/Chase----these reps will "read" my emails, but they NEVER will reply to my emails. I think that they are worried they will again say something in writing which is totally wrong, and that homeowners will have more legal bite when rejected for a HAMP mod. I had one rep send me an email in early April saying I was approved and the documents would be sent to me in a few days. Docs. never came. Since then, I have had to reapply twice, they keep losing my documents, and it is passed from one person to another. It has now been in "underwriting" for 2 months. Now they keep coming up with totally stupid reasons to Reject my request. The most recent was that they added an old bank statement with a new bank statement to get a grand total of how much cash I had, and they said I had too much. Can you believe that.....they add bank statements from 3 months apart to get a totally false reading of my account balance. It seems to be a constant game with Chase.

If my mod is not approved, I am not fighting anylonger.....the house is theirs.

[dgonzalez]

i've been declined twice by WaMu/Chase because supposedly I make enough to pay the payments. Not sure if I should consider bankruptcy (I seriously do not want to lose my home).

Background. My income is 60K/yr. My boyfriend (not on the mortgage, but on the deed) has an income of about 30000. House is 565,000 principle, monthly payments are 3500, plus 16000 annual property taxes, no escrowed so total around 4500+/mth.

Loan is due to adjust in about 6 months. We have not missed payments. We want to to see if this will make them reconsider.

There is no solid "hardship" except that our income should not be considered enough to support this home, how do we word this in a "hardship letter"?

Has anyone been approved for a modification after several attempts of requesting one?