anyone receive any copies back from chase?

[litehouse01]

Has anyone received executed copies of the trial modification agreements back from Chase? For that matter since returning your completed HAMP package back to Chase has anyone received any written communication concerning it? I know I haven't I sent my completed package back mid July and started my first trial payment Aug 1....just courious....Thanks all

[art4ari]

No, I found onl one person who got it back signed. I am done with the trial and noone has conctact me at all yet.... let us know

[Hard Times]

LIghtHouse.........Amazing....How in the world did you manage to submit the HAMP mod docs and get approved in only 4 weeks???? I find that totally amazing that they got your through the entire process, and thru the Underwriters, and started you on trial payments in only 4 weeks.

Are you SURE that Chase is starting you on trial payments under the HAMP program? If I were a gambler, I would wager that they got you on some type of "trial" payments, or maybe a reduced payment forbearance plan or something other than HAMP. Curious-----how much lower are these trial payments? Did they try to get your trial payments down to about 31% of your income?

[Hard Times]

LightHOuse.......I have been trying for almost a year, and I fully qualify.....and have been getting the run-around. Again, I hope you are not in shock if you get a package from Chase which says "forebearance plan" instead of "HAMP".

good luck.....let us know how it goes.

[art4ari]

Hard times... I also received the mod papers within a month.

I applied may 15, denied june 10, reapply June 15, Got the mod papers two weeks after with the first payment July 1. I am late 10 months.

The paperwork said MHA, but my trial payment is at 34%. I have been told I was 100 % aproved with this payment but I dont buy it. The mod payment doesnt cover 2% at 40years. unless they forbear at least 50k/ not sure what to think.

[litehouse01]

Hard times, I applied and did the interview over the phone July 9 for the Obama plan received my package via fed ex July 13 clearly states making homes affordable plan original payment was 2422.50 trial payment is 1137.84 was given the payment amount over the phone and it was reflected in the packet documents I received... First trial payment was Aug 1 they gave me 4 coupons for the trial payments have not received perm mod yet still under the trial plan NO forbearence agreement as you stated with the first mortgage. I also applied with my 2nd mortgage with chase also doing modified payments original was 622.43 modified trial payment is 311.84 2nd mortgage required forbearence agreement. I have done 2 trial payments on each loan. I was called last thrusday by the pre closing mod dept for the 2nd mortage for updated financial info to be faxed and told they will not complete the mod on the 2nd mortgage until the first mortgage mod is complete to which we are still waiting Chase however did just pay our property taxes we never had escrow before and they have paid them (taxes ) well before they were due...for whatever that may mean. Hope this gives you a clearer picture

[Do not want to lose it]

We are all trying to understand WHY some people get MODS right away and why some are strung along forever. Maybe it is true that on some loans (ALT A) the servicer
is not sure if they actually have the legal right to mod or foreclose so they just string you along forever and do "in house" repayment plans?
Maybe everyone should pull out their Mortgage Notes and see what kind of loan they have and compare that way. There seems to be no rhyme or reason for Mods yet but maybe we are looking at the wrong things???

[BudgetCutsinOC]

lighthouse,
Sounds like I am in your position. Everything you have said is identical to my situstion. I got approved fro 3 month trial plan. Original paymeny on my first was $1700.00 and the quote over the phone was 961.00. I am still working to get my second on the trial plan. I owe $340,000 on my first and 20,000 on the second.

[Marie T]

Is there a common denominator in the folks who are getting set up so fast?

[litehouse01]

I don't know what the common deniminator would be Marie, my husbands company downsized so much that we reached the conclusion for us to survive he took his retirement from the company after 34 plus years and took months to find another full time job to offset his pension I also get a small pension as the company I worked for relocated to another state. I have seen statements where folks have said they have received denial letters because thier situation is not permenate....Retirement is pretty permenate I think you can't go back and change that after you start receiving your pension but it was not enough money we still needed another fulltime job to offset the pensions we have nothing left in 401k..We do not have a permenate mod yet so I am not counting my chickens before they are hatched..

[evo13]

marie I don't know about you but if u lose your job or have to take a pay cut thats pretty much is permanent to me! In this economy it could take years to find a job. My son is a finance manager. He worked for Lexis car dealership. He was laid off. He has been looking for another job for a year now. No cash to clunker in that field. Business at some of the top priced dealership is gone.
this economy is gone. We all better use our 401K's I have been. By the time I retire I will have no 401 or SSI! What a lovely thought.

[cmarquesjr]

It took me 5 months to get my trial pmt plan which started Sep 1st and they also sent me 4 pmt coupons, the paperwork on the bottom reads HAMP trail modification and my trial pmt is exactly 31% of my gross income. I took my loan to the wire, stopped making pmt's for 8 months, got a freeze on my auction sale the same day as the sale and pretty much just told Chase they can help me or take the house which is about 250000 under water right now. Also i understand that the HAMP has another program for second loans called the 2MP that can be applied after the first loan is modified. It says that the second will be eliminated or made to follow the same terms as the first modified loan. I feel pretty confident that Chase will do something for those of us that have homes underwater as Chase and the investors who hold these loans have more to lose not modifying underwater loans, the backlog must be huge for all the mod's application but i think that we will see more posts concerning perm mod's being applied to our loans in the next few months, well hopefully we will but hey all we have right now is hope.

[art4ari]

Originally Posted by Marie T

Is there a common denominator in the folks who are getting set up so fast?

10 months behind. Submitted lay off letter from company.
Never contacted them until I was employed again. Submitted tru home center rep. I am in CA near Nevada, high unemployment and forclosures. No debt but mortgages. Four mortgages in credit report: Two as joint accounts. One small sold to collector. One trying to modify with chase and bofa as the investor. Trial Mod payment at 34%. No savings. Living on basic very basic, expenses. Surplus $200 counting whole debt in report. I am not paying any other mortgages: 2500 surplus not considering debt in credit.
Not sure what determines the speed, I got the trial very super fast. Although not sure if they will give me a permanent mod.

[Hard Times]

LightHouse and others-----I am speechless, my jaw has dropped to the floor. I cant believe that Chase is processing some requests SOOOO FAST, and even over the phone. Whereas, I am in full compliance with all the requirements of HAMP, and these reps will not return phone calls, and have tried to falsely reject me twice. One false rejection, they forced me to fill out new documents and FEDX these docs all the way to Colorado. (Based on what you have said, they could easily have resubmitted my mod request over the phone. Actually, it was THEIR mistake, so making me fill out all the documents again and FEDX to them was totally rediculous). After waiting another 2 months "in Underwriting", I was told a few days ago that they were going to REJECT me again because they added my June bank statement to my August statement and tried to show I had twice the cash in my account---which would disqualify me.

So, what are the reasons they will rapidly process one mod, and in other cases such as mine, they do everything possible to falsify the info so they can Reject it?

WAMU/Chase is the servicer of my mortgage and BofA is the owner. I have seen others get mods with this same arrangement. So, what is the factor that they are looking at when they want to Reject instead of issuing the trial mods?

LiteHouse And Art4-----Can I ask you about how much "underwater" you are on your mortgage......what is the Chase appraised value (can get from their website) as compared to your loan amount?

Do others have any suggestions as to what they may be looking at in our packages that tells them "approve" or "reject"?

[Hard Times]

Art.....your mod is at 34%.....Well, I would be very happy if I even got a mod that got my payment to 40-45%. I believe that 31% is the target, but that each one can vary depending on factors. Maybe I should have told them I would be happy with 40%, and perhaps they would have processed my application faster.

[art4ari]

Sorry to hear that, i dont know what to say..
I am underwater 150k. a lot! that may be the reason.
I owe 350-375k.
The value apraisal runs from 188k to 300k (cyberhomes and zillow).
It could be sold at 200-250k, maybe.
Chase has it at 220k.
Across the street from me an exact same plan and year has been repo and asking 170K.

[Hard Times]

Do Not Want to Loose it------What do you mean by "what type of loan we have"? What is an "Alt A" type? I have a standard fixed rate 30 year loan, owned by BofA. What type of loans are out there that Chase may not know if they have the legal right to issue a mod for? Please explain.

[Hard Times]

Art4----Thanks for the quick post. You are in the same position I am in regarding being so much underwater. I am $200k underwater, while you are $150k under.

Next question-----about what % of your income was your mortgage payment? Due to financial issues, mine has shot way up to around 80%.

[art4ari]

Originally Posted by Hard Times

Art.....your mod is at 34%.....Well, I would be very happy if I even got a mod that got my payment to 40-45%. I believe that 31% is the target, but that each one can vary depending on factors. Maybe I should have told them I would be happy with 40%, and perhaps they would have processed my application faster.

I still dont have a mod, is still a trial. Chase came up with the amount, I never talked to anyone other than the reps (to check if payment received etc). No one talked to me about terms offered or anything. Just the packet by fedex. On the other hand, the payment doesnt cover 2% at 4 years unless they ballon at least 50k. Not sure how I got the trial...one rep told me it was a forbearance but I signed the MHA papers.

I guess I was lucky to receive anything at all... They told me everything was received from me and only to update financials. I never called them after tjhat, I am just waiting.

[Hard Times]

Art4----Yes, you still have the "trial mod"....which is what all of us want...thats the first Big step to the final mod. So, maybe it was "confusion" at Chase that allowed you to get this trial HAMP mod.....you said one rep said it would be a "forbearance". If thats the case, you are very lucky.....and hopefully you will qualify for the permanent mod.

Prior message---about what % of income was your mtg pmt before the mod? Was it anywhere as high as mine? 75-80%?

[Hard Times]

LiteHouse.....you said your husband took a retirement package to leave his job, and he has a pension, plus got another job. Did Chase try to reject you because you had too many assets? Did your accounts ever exceed 3 times your mortgage payment during this mod process? Seems they would have tried to reject you due to the large retirement account you may have.
Also curious.....about what % of income was your mtg prior to the trial mod?
Thanks.

[art4ari]

It was at 60% of my income submitted in the trial mod aplication. I am studying very hard this site too. I have to come up with more income or they will reject me.... I will keep you posted...

[litehouse01]

Hard Times..... I checked the chase website and they only show for us the original appraisal from 2006 as of now under loan details.... However we paid 510k for the house in july 2006 now bigger homes in our community are selling for about 100k or more... less than we paid for the smaller house. We owe about 475k with the first and second mortgage combined so we do not have any equity

[litehouse01]

hardtimes........As far as what portion of our income now was our mortgage when we submitted for hamp total combined mortgages was 3150. we gross between 3500. and 3700. per month depending on any ot

[Hard Times]

Budget Cuts, Marie, Evo, Cmarque------Im trying to determine why Chase tries to delay or Reject some of our mods, and issue quick trials to others.

Can you also tell us about what % of your income was used to pay the mortgage BEFORE you got the trial mod?
Were you 30 yr fixed loans, or adjustable, or something even crazier?
I have been paying on my loan for 3+ years.....how about all of you?
I was originally WAMU----any of you prior WAMU mortgages?

Being underwater in a major way is not a rejection factor, as Cmarque was 250k underwater, and he was approved for the HAMP trial mod. Im just trying to make sense of all this, as I am so worried that I will be rejected that I am already planning to move into an apartment (how depressing that is!). I just wonder if I have been too passive and too forgiving with all their mistakes and false rejections.....maybe I should contact the senior offices and explain the ordeal I have been thru this past year.

Thanks for your information.....maybe it will help me and others better understand why we are being drug along.