anyone receive any copies back from chase?

[litehouse01]

art4ari.......chase has both our first and second mortgage

[Hard Times]

Originally Posted by art4ari

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?

ART4-----I think you are worrying needlessly about not stating enough income. From what I have seen, you have had about a 50% reduction in your mthly payment in your trial mods, which is normal. If they give you a 2%/40 yr loan, the payment will be sufficient to pay the note. Not sure why you want to keep it at 30 yrs.....my preference would be 40 yr, whatever to get the payment as low as possible. Once I leave this world, let someone else deal with it.

You wont have a "balloon payment" at the end....it all will work out in low mthly payments until it is paid....it is a deal you cant knock. However, if you sell your home before its paid off, then of course the bank will get a chunk of the profits.

[Hard Times]

Originally Posted by art4ari

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...

ART.......I think I would consider not using the additional income you are talking about (maybe use this rental income in the future if they say you dont earn enough). This way, you are being honest since this "rental income" from a family member does not exist yet (if i recall your post right).

[snapple candy]

I agree with hard times. Dont use income if it doesnt exist yet, If you need to use it later when it does exist, then use it.

As far as common denominators. There has been some interesting thoughts on that. I too wonder about how much assets you have and money in the bank. I also think self-employed people have a harder time of it.

I have no money in the bank.I am 100K underwater. Was WAMU now Chase loan for 1st and 2nd.Both are on trials and I am awaiting perm mod. Mine was not easily achieved but I also had been dealing with WAMU for a year (didnt make a payment) since June 2008. I did put in my HAMP application around April 15 and did get trial mod papers May 27. My payment set at 31% with income of about $3600 mth. My file had already been escalated and I had an ongoing OCC complaint prior to this. I also have a TARP complaint for the lateness of the trial paperwork...got it on the 27th and had 1st payment due the first, as well as I still have not received my signed trial contract back from Chase.
I know some people have gotten this back signed. I am wondering if those who did get it back are the ones they will proceed with final mods? I cant help but think that there is a reason some of us did not get that trial mod contract back signed.

[Liz Medrano]

Amen...Hard Times---Once were gone, who cares?? I just want to stay in my home with a payment I can afford. But having said that, has anyone else gotten a permanant mod yet??? I don't have much faith in this program...and not one political entity, that I have written to, has responded.

[Do not want to lose it]

Hard Times,
Mine is a 30 year fixed @ 6.75 -what they term a conventional loan too but...
It is a stated income loan which gets an ALT A rating. Banks rate loans and by and sell them in packages. They make $$$$ on them somehow according to risk. Maybe they file them in their computers that way. I do not know.
I was hoping to figure out how they (Chase) may have them all filed in their computers to figure out which loans they work on first.
Logic would seem to be those farthest behind date wise and $$$ wise would be first. That does not seem to be happening. Are thy doing them in blocks according to where they originated? Say Wamu take overs first? Although Chase now owns EMC my stuff still goes through EMC servicing. Maybe they are not doing any of EMC loans yet. They have EMC holding us back and stringing us along until a future date.
I am wasting my time I am sure but anything to help in this stressful limbo. I do believe the #1 way to get them to work with you is hire a lawyer. Problem is most of us do not have the $$$. And how many lawyers are savvy enough to get you a good deal? I do believe there are millions of us out there and time will change everything eventually. Some people do not have the time to wait with a foreclosure scheduled before things start to happen. When I took a walk this past Sunday I noticed 4 abandoned home in a 2 block area. Those people should have stayed in those homes until the very last minute and saved what $$$ they could.
What an enormous waste this all is. Homes rotting and empty and losing value.
I heard on the news last night that 1 in 140 mortgages are behind here in Ma. and we are one of the better States.
I hope for the best for all of us.
Everyone needs to keep at their elected officials about this stuff.
I emailed my congressman and the local news. I will not stop there.
Fight!!! it might save your home!!

[Hard Times]

Do Not Want to Loose It........Tell me more about the ratings.....is an Alt A rating good when doing these mods? What ratings are there, and which ones do you think are preferred by the banks doing the mods? I have no clue about this. How do you know what rating is on the mortgage.....all I could find was "Conventional" when I checked.

I agree....we need to fight for our homes, but many of us are getting very weary.

[Hard Times]

Liz.......Amen sister. Any improvement in your mod efforts? (I thought you had said they rejected you because of some insane reason.....that your "condition was only temporary"). Or was that someone else?