Quick survey.....A moment of your time, please

[BudgetCutsinOC]

I am curious to see why everyone has missed their Mortgage Payment. I want to see if CHASE has given permanent MODS to people who have received layoffs, paycuts, divorces, and any other reason/s fro not making payments!!

Chase called me Yesterday and kept asking me if the paycut I received was "PERMANENT." This guy must have asked me 3-4 times. I kept telling him, YES IT IS PERMANENT!" I have a feeling Chase is dragging their feet because they think that a paycut in not a "permanent" situation and may deny me the MODIFICATION.

[BudgetCutsinOC]

Paycut for me!

[Riley18]

Paycut and insurance rate hike.

[snapple candy]

Budget,
Some perm loan mods are now being denied because of "hardships not permanent". I suspect this is where they are going with you unless you answer the questions the "right way." What the "right way" is, is anybodys guess.
Mine is due to extended divorce/custody litigation combined with underemployment in an area that has some of the highest unemployment in the country (#2). I took a heavy hit in litigation costs that cleaned me out of all saving and 401K then went to BK. Then the whole economy/employment thing tanked and I could not find decent employment.
I am wondering if you live in certain geographical areas (with high unemployment) where foreclosure is high, if that data is considered?

[determined1]

Due to paycut...

[BudgetCutsinOC]

I live in southern cali,,, foreclosures around every corner

[SBBLUEWATER1]

Loss of income

[Jillian118]

Hardship is due to divorce. I would sell but the house is underwater $147k according to Chase BPO, so I can't.

Slight pay decrease, so working two jobs to make the payment.

I don't think I will EVER get married again....so if you want to tell me my hardship is not "permanent", feel free to fedex frkng prince charming over to pay my mortgage. Although...I may still prefer a mod

[rachel_p]

We missed payments because:

They (chase) flat out told us to skip 3 payments. They said if we did that, they would push those payments to the back of our loan and set us up with a new lower payment.

Did that...then they denied us what they promised. (we didn't even ask for a modification, they volunteered it)

We were put on a 6 month forbearance program. Not sure why.

Once 6 months were up (June), Chase told us to make NO payments until we were put through for modification.

We are now a total of 6 months behind. Today on our daily phone call with them, they said that IF we are approved for the modification our first payment will be due Nov. 1. By then we will be 7 months delinquent.

We all but beg to make a payment daily. They keep insisting that we CAN'T make a payment until our mod is complete. They say it will be returned to us if we do. They are setting us up for failure.

[cmarquesjr]

My hardship was divorce and loan pmt. reset to higher rate, it is true they will add all back pmt's to the end of your loan at the perm. mod. stage but they are required to remove any late fees associated with those back pmt's when they work the numbers for the perm. mod.

[BobandArlyn]

Credit meltdown fiasco making it impossible to make payments to them, filing a Chapter 13 per attorney advice in hopes to CRAM DOWN the mortgage into a forced modification (which legislation did not pass), thus miss a payment to get the mod going. Currently in an 5yr ARM to adjust in 2011. Husband retired, me about to.

[caldwellb02]

My hardship is loss of income. Got a denial letter because it "wasn't permanent." I posted my rebuttal letter on my thread "Wamu/Chase and Deutsche Bank" on the Chase site.

[Chased around and around]

Originally Posted by snapple candy

Budget,
Some perm loan mods are now being denied because of "hardships not permanent". I suspect this is where they are going with you unless you answer the questions the "right way." What the "right way" is, is anybodys guess.

I was told yesterday from the modification company that is handling my situation that chase is looking at "long term hardship" and "short term hardship"

Since my wife has a permanent pay cut and we are underwater 219K he said we are going for the "long term hardship". I also told him we were having to claim 7 on our W-4s just to survive then owing the IRS 3K every year.

He said the long term harships are cutting the mortgage payments in half.

I told him that chase is nothing but liars and I will believe it when I see it in writing. I also told him I will not do any type of payment plan with chase. We either mod these loans or I walk...

[jcg109]

My loan was Modified by Chase in February of 2009. I was current with all my payments, but wanted to prevent my ARM from resetting. So, my hardship was that I would not be able to afford the increased payment. Good luck to everyone out there still going through the process. Hang in there!

[rachel_p]

jcg....did you get a permanent modification then? Congratulations!!! Did you go through all the junk that a lot of others here have been dealing with in order to get the mod?

[OH-WAMU]

Permanent Medical hardship, which led to permanent loss of income (husband's epilepsy).

And it wasn't an immediate route to 6 mo. behind. It was a slow slide, maybe making a payment every 6 weeks instead of 4 weeks.

[litehouse01]

Employer went thru 2 bankruptcies and then sold the company to another airline with each event pay and benefits were lost...so we made the decision for him to retire and collect his 2 pensions as it would be more money than if he had stayed there longer than the 34 yrs he already had in. he finally found another full time job after months of searching to offset the pensions but its not enough we need the mod to keep the house so the situation is pretty permenate if you ask me he is... 58

[a2kman]

My hardship = adjustable rate, I purchased my house in 2004 fixed at 6.75 for 3 year which I can afford then, adjust adjust adjust and I am now at 12.75 on 480K. I am not asking chase for much just lock me in between 5 and 6.5.

I am on the trial payments right (already made all 3) now that in my opion are to low. I do feel I should be paying more. I'm not out to rape them just want to put my family in a position that we can properly budget and pay our mortgage.

[mintdeer]

Loss of income with 2nd job, no more OT or bonuses with 1st job. Combined house payments are more than 1/2 of total take home pay. Mortgage company says they won't do a mod because the gross income is too high???? I guess If I get rid of saving in my 401k and scrap health insurance for my wife and three kids we might be able to scrape by LOL!

[Hard Times]

You are asking why we stopped making our mtg payments......and you are not referring to only those who got Trial Hamp Mods?

I stopped making my payment initially when Chase told me I was approved in early April, and the package was being sent, and THEY told me not to make the mtg pmt. Since then, they have gone round n round, and have not yet approved the trial mod. They are making up reasons to try to reject me, and twisting the documents to make it look like they are finding a reason. I tell you, there seems to be a bunch of twisted and evil people working there....maybe they get bonuses or something for finding reasons to reject these mods.

My reason is loss of income (yes--Permament, as in Perm-A-Frost and not like a woman's hair Perm), and medical hardship (parents), and now a mtg taking 75-80% of my income. I guess one of their cronies drove by my house and wants it for himself. Grrrrrrrrrrrrr!

[litehouse01]

Also keep in mind while this website is a wonderful resource to find out other folks experience with Chase concerning modifications its only a very small snapshot of those who have applied to Chase for the mods...we don't know their story or their outcome if they had success or if they were denied in their process. We will never have a way to know if more are getting approved or denied. Some also want to keep their personal business private and I respect that, some may have other financial issues they haven't mentioned concerning their application for mod .....so you have to take it all with a grain of salt and hope for the best individually. There is just no way to really know.

[SwillerAlesbane]

Insurance costs increasing by 500% in the last 3 years

1st mortgage payment increase.

The sudden sucking noise of the plummeting price of real estate in So Cal.

[jcg109]

Originally Posted by rachel_p

jcg....did you get a permanent modification then? Congratulations!!! Did you go through all the junk that a lot of others here have been dealing with in order to get the mod?

You can read my thread in the "success stories". I worked with the "Early Loss Mitigation" department at Chase. The entire process took 30 days from start to finish. I was never assigned an analyst, etc. and I have no idea why. I expected this to drag on for ever, but thankfully, it didin't. I made my inital call to Chase during the first week of January, and signed my papers the first week of February. My mod was permanent, 7.1% for the remainder of the loan.