anyone receive any copies back from chase?

[litehouse01]

we have no retirement money its all gone thru this mess we didn't have that much to begin with we are basically on a shoe string and a wing and a pray. we only collect a modest pension and have offsetted that with a full time job to reach 3500 to 3700 per month gross combined...there is no extra here it may be the saving grace I don't know its been hard

[Hard Times]

ART4-----you were at 60% of income, and I am around 75% (due to financial events beyond my control). I never read of any level at which they would deny you for a mod....unless I suppose if you were at 100% of income going toward the mtg.

Why do you think you need to make a greater income in order to qualify for the permanent mod? I dont think this is the case. If you try to earn more, then you will end up paying a higher mtg payment (assuming 31% of income becomes the perm. amount).

(THANKS EVERYONE FOR ANSWERING THESE QUESTIONS.....I THINK IT IS HELPING ALOT OF US TO BETTER UNDERSTAND HOW THEY MEASURE US FOR A MOD).

[litehouse01]

our 1st is a 30 yr fixed interest only 7.25% 408k
2nd is 15 yr 9.25 fixed about 75k
this modification is our only hope to hang on to our home and I told them that in my hardship letter...we pulled ourselves back from the brink of foreclosure last summer after my husband retired using some of the 401 k we pulled out to save the house and had to live on the rest until he found another fulltime job(9 months) and that was no easy task his employer had been thru 2 bankrupties and we lost pay and benefits thru both after 34 yrs on the job then the company was sold to another airline and the ax fell and they downsized big time he makes more retired than if he would have stayed there. and thats not saying alot its been pure hell for a while

[litehouse01]

My personal opinion is and this is just an opinion the worse your circumstances as far as income loss, the less savings you have if any and the only a reasonable amount in checking will probable get you the mod...it seems in these posts for denial the more you have in checking or savings or both appears to them you should not be having a problem. Same with equity if you have it they don't like that and denie its starting to be a common thread with the denials whats your opinion.

[Hard Times]

Litehouse......Ok.....you appear to be in even worse circumstances than I am.....your percentage of income going toward the mtg was even higher than my 75-80%. So, you definately deserved a quick mod, and I hope you get a permanent one.

Sorry to assume your husband got a "fatcat" wallstreet type of early retirement package.....the ones where you can almost pay off your home mortgage with.

You are struggling, and I am happy to see you got help.

[litehouse01]

The more you earn.. art4ari they won't like that and could get you denied or as hard times said a higher payment.

[litehouse01]

Thanks we are struggling and barely holding on...His former employer US airways dumped the pensions for all the pay groups on to the PBGC which if you know anything about that you only get a percentage of the pension you should have gotten..more and more companies are dumping their pension obligations on the PBGC. so for 34 yrs and 3 months of service the pension should have been about 3200k per month we get 1806k per month we amke up the difference in a fulltime job he was able to find for 11.00 per hr

[Hard Times]

Litehouse----Again Thanks for your comments tonight......you and the others are a HUGE help.

I agree with you in your last comments......seems that the more you have in your checking account, the less they want to help. In my case, it was simply because a Chase rep told me in April that I was approved for the mod, and I should not make that months mtg payment. So, I did not make the payments, and in 2 months my account naturally got larger, and then they used this as a reason to Reject me. Maybe if I had made my mtg payment and not have listened to the Chase rep, I would have been approved.

You owe about the same as I do, and the same 7.25% rate, and we both have NO equity......rather underwater 200k for me, and I think you said you were under $150k.

So, based on a comparison of your factors, I should definately be approved.......if they could just stop making mistakes on my application, and issue a trial mod. (I would even be willing to agree to giving them the stupid house when I "kick the bucket"....at least I could afford to live here the rest of my life.)

[art4ari]

yes, you are both right, but my trial payment is too low. Is more than 1100dlls less a month, almost half of my original payment. Now, I owe more than my original loan. (bought property in 2006)

So I reasoned:

This low trial payment, will not cover the taxes and insurance (460 a month). It is way too good to be true and does not make mathematically any sense, unless they forbear a lot of the principal, which I really doubt will happen.

I am reporting a share of living costs with my son in law for 1000 dlls extra a month reported in my bank statement. Is about 23% income increase (still wthin the limits of the trial). I can handle a higher paymente that is reasonable and makes more sense. On the other hand, the lower income doesnt cover the debt reported in my credit. With the increased income I am left with 200 dlls surplus.


Any toughts?

[Hard Times]

Litehouse-----I bet the two of you were very happy when you got the trial mod.....and now if only you get the perm mod at the same amount......you could once again sleep well at night, and life would be enjoyable again.

I just hope and pray that I also can get a trial mod. Otherwise, I will be another victim of these hard times....losing my home and starting all over again by living in an apartment. Say a prayer or two for your friend Hard Times if you get a chance.

Thanks for your comments.....will talk more tomorrow....time for sleep now (10:20 eastern time). Good night to you and God bless.

[litehouse01]

they haven't even givn you the trial mod yet??? Oh my god I though you had gone thru the trial mod and they rejected you...not good I will keep you in my prayers they get this straightened out for you....thru all these posts I am really starting to see a pattern of approvals and denials are you?

[litehouse01]

I have been losing alot of sleep and have been having some serious headaches that I am worried about...I pray we get an answer soon very soon before I have a heart attack...sleep well

[Hard Times]

Art4.....(one last post for the nite for me). I am not sure about the trial mods (and perm mods) actually covering the insurance and taxes. Perhaps insurance and taxes are not covered in the mod.....is that possible? I see what you are saying....that your payment is toooo low. Are you saying that the trial payment amt is only about $475/mth? If that is the case, and ins/taxes are about that much, then how could you ever pay the note off? Guess you will have to get comments from others on this.

thanks for posting tonight.

[litehouse01]

art4ari.....I bought in 2006 as well as far as my payment it is less than half of the original..if they do a 40 yr loan for you it may work at 2% for 5 yrs and than it goes up a little until its capped..its hard to say

[litehouse01]

any taxes that they pay in advance for you now are tacked on the back of the loan and you have the option to pay them back or over 5 yrs if you opt for the over 5yrs it will raise your payment in my case I calculated an extra 60 bucks per month for 5 yrs should I be luck enough to get a perm mod....I never escrowed before now I see they have paid my property taxes in advance for whatever it means

[litehouse01]

Hardtimes & Atr4ari.... I just checked my home value with Zillow online coming back 430k paid 510k in 2006 keep poting anything new you find out...have a good night...I am on the east coast as well

[art4ari]

Originally Posted by Hard Times

Art4.....(one last post for the nite for me). I am not sure about the trial mods (and perm mods) actually covering the insurance and taxes. Perhaps insurance and taxes are not covered in the mod.....is that possible? I see what you are saying....that your payment is toooo low. Are you saying that the trial payment amt is only about $475/mth? If that is the case, and ins/taxes are about that much, then how could you ever pay the note off? Guess you will have to get comments from others on this.

thanks for posting tonight.

Thanks litehouse! I am glad I found a good thread.

"Permanent mods should cover ins and taxes in monthly payment".

In my case

my trial paymente is at 1600.00. Original 2800.00 with TI.

if my trial does includes taxes and ins, then my payment is 1150.00. It is not adequate to cover a mortgage of 360k+ at 2%/40years.

If my trial does NOT include taxes and ins, then I have to add 460.00 to this amount (1600.00 +460) 1960.00 as final modified payment.

1960.00 x31%= 6300.00 of income a month

1960.00 will get me about 3% at 30 years.

I reported 4850.00 a month in my application. If I add 1000.00 of "shared costs" This new income of will get me about 2% at 30 years with everything I owed included, no forbearance o other breaks.

I dont know if I want a balloon amount. I dont know what to do???? its a gamble trying to play with these numbers, but I have seen most people rejected for insuficcient income after the trials...whats the game?

They paid 6000.00 in taxes for last year and I have no problem paying for them as long as I have a job.

Does this make sense to you?

[litehouse01]

I myself will just be happy if they offer me a perm mod because the alternative for us is not good we would loose it all....as far as a balloon pyt usually they are at the end of the loan...are you planning to stay in your home for the rest of your life or sell somewhere down the road where the balloon pyt would not be a problem? I was told when I did the phone interview that taxes and insurance and any hoa dues are included in the calculations

[art4ari]

Originally Posted by litehouse01

I myself will just be happy if they offer me a perm mod because the alternative for us is not good we would loose it all....as far as a balloon pyt usually they are at the end of the loan...are you planning to stay in your home for the rest of your life or sell somewhere down the road where the balloon pyt would not be a problem? I was told when I did the phone interview that taxes and insurance and any hoa dues are included in the calculations

Thats what I understood. But numbers dont make any sense. I am starting to think they would do the balloon payment...I know of only one person (fl underwater) who got this but has not received the final mod papers yet.

I dont trust chase...

I have to submit my financials the 17th and I dont know what to do...

[litehouse01]

did they call and ask for your financials? I haven't had any call asking for anything on the 1st mortgage but I did on the 2nd mortgage isn't that weird the lady working on the 2nd mortgage said they were ahead in their dept. I wish the 1st mortgage would call and ask for the financials at least I would know I am still in the game

[art4ari]

No. They havent call asking for financials... Last time I called on August 26 to verify last trial payment receipt, the rep told me I should update my fiancials and that a monitor named ashley had my file, but no one has contact me: a negotiator, monitor, nobody, not even collections...

should I wait for a call?? I was planning on sending the updated financials on payday and the last closing bank statement the 17th.

[art4ari]

Originally Posted by litehouse01

did they call and ask for your financials? I haven't had any call asking for anything on the 1st mortgage but I did on the 2nd mortgage isn't that weird the lady working on the 2nd mortgage said they were ahead in their dept. I wish the 1st mortgage would call and ask for the financials at least I would know I am still in the game

Who has your second?

[Do not want to lose it]

Hard times,
I was trying to make sense of how Chase picked people for trials. There did not seem to be many common denominators in Chase choices when it came to income etc. I believe I even saw someone with equity get a trail mod.
So I hoped we could look at it a different way using some other info.
These cos. have very smart people running them with the #1 objective-To make the most $$$$$$
Check out that servicer secret post of the youtube video.
So I looked back over the note and Mortgage I have to see how they rated my loan. On the truth and lending disclosure statement from the closing and on the Note it tells you the type of loan you have. They Rate loans and I believe this is how they bundle and sell them is by the rating.
It may be how they determine which ones they hold on to and string along forever. I do not know.
Maybe that combined with how far behind you are, how underwater and the foreclosure rates in your area.
They keep giving me in house repayment plans. One rep. says I qualify for HAMP then the next says I am denied. I just sent all my info in this week along with a payment of $1200. They wanted $1770. $1770. is 55% of my income.I did not sign the repayment agreement. I am waiting to see what they do to me now. They did cash that $1200. It came through my account last night.
Do you have your loan paperwork?

[Do not want to lose it]

Does anyone have EMC ?

[Hard Times]

Originally Posted by Do not want to lose it

Hard times,
I was trying to make sense of how Chase picked people for trials. There did not seem to be many common denominators in Chase choices when it came to income etc. I believe I even saw someone with equity get a trail mod.
So I hoped we could look at it a different way using some other info.
These cos. have very smart people running them with the #1 objective-To make the most $$$$$$
Check out that servicer secret post of the youtube video.
So I looked back over the note and Mortgage I have to see how they rated my loan. On the truth and lending disclosure statement from the closing and on the Note it tells you the type of loan you have. They Rate loans and I believe this is how they bundle and sell them is by the rating.
It may be how they determine which ones they hold on to and string along forever. I do not know.
Maybe that combined with how far behind you are, how underwater and the foreclosure rates in your area.
They keep giving me in house repayment plans. One rep. says I qualify for HAMP then the next says I am denied. I just sent all my info in this week along with a payment of $1200. They wanted $1770. $1770. is 55% of my income.I did not sign the repayment agreement. I am waiting to see what they do to me now. They did cash that $1200. It came through my account last night.
Do you have your loan paperwork?

Dont Want to Loose It......I checked my loan docs, and I have a CONVENTIONAL loan. What is your opinion......any reason they would not want to mod a conventional loan? Also, I dont have a second mtg....only this first mtg---seems alot of the people with trials have second mtgs that they are trying to get a mod on also.......you think they give preferance to those with 1st and 2nd mortgages? (I am really stumpped as to why they have not approved a mod for me after so many aggravating months).

What is the link to the You Tube video?

Forclosures and Short Sales are extremely high in my area.....so, I imagine that is positive for doing a mod?

That 1200 you sent.....they will just stash that in a seperate account and will not apply it toward your payment...until you have sent more.

Thanks for the info.