At What Point are People Being Offered "Trial Plan"

[marmor653]

Maxie19, Thank you

[marmor653]

Maxie19, What is the Monthly Income on the NPV Worksheet (Gross or Net)???

[c150000]

hi
may i add that you have to :
To satisfy imminent default screen, both of the following conditions must be met—
· Borrowers’ debt coverage ratio is less than 1.20
· Borrowers’ cash reserves are less than three times current monthly mortgage payment, including taxes and insurance payments
When applying imminent default screen, note that—

· Debt coverage ratio is calculated by dividing borrowers’ monthly disposable net income by current monthly principal and interest payment of first lien mortgage

key is that 1.20,,,,, take net income- take out monthly bills and also tax and insurance , then with whats left divide it by your prin and interest payment now before trials ect you have to be 1.20 or lower

[art4ari]

Thats going to be a tricky one (debt coverage ratio).

What are they going to use to calculate this? the bank statements or whats on the expenses column application?

[art4ari]

wow, Thanks, I did it with both amounts (bank statements vs aplication) and they range from 1.1 to 1.56. They are different by about 750.00dlls.
(home insurance payment in my bank statement). I spend less on groceries in my bank account.

[franklyspeaking]

Determined/Maxie, I see your point more now about Chase and agree. I havent gotten documents yet for the first payment on the 3 trial payments. Doesnt the paperwork state anything about what happens after the 3 month trial? I guess not? I assume I'll find out. How long have they been taking to get out the 3 month trial paperwork? Its been 2 weeks and i've seen nothing, although they did cancel the auction on my house. I guess I'm one of the hopeful ones that hopes after the 3 payments I get "magic". It appears thats not whats happening right now anyway?

[heidi79]

It's a crime what they are doing to people, after 3 trial payments and hope of a permanent mod to tell people they don't qualify???? I don't know how all this is going to end up, but it's a real shame.

[famlena]

I called the Homeowner's Assistance Department 800-848-9380 as indicated in the denial letter to see what the next step would be for me. The rep looked at my file and said that it is still being processed. There wasn't anything she can tell me since that's what is showing in her system. I told her that I received the denial yesterday. She told me to call my negotiator which I called immediately and my negotiator doesn't even know why I received the letter since she thought that she would be the one to notify me once she knows. She said that my file is with the Vice President. She checked with her supervisor & they have no idea about the denial. She said she will research it and let me know. She told me to fax in the denial letter to her.

I then called the Imminent Default Department 877-830-1837 which was also provided on the denial letter. The rep said that I probably got denial letter because it was related to my bk that I had filed last year. He told me to contact the bk department to have the loan reinstated and then call back and they will set me up on another trial. What the heck?!

I never even included my primary resident in the bk. It doesn't make sense how my discharged bk has anything to do with them. I am completely lost. No one at Chase seem to know anything!!!

[determined1]

FranklySpeaking it took me about 1-2 wks to get my trial paperwork from the point I received a formal approval. After the trial period you're supposed to be permanently modified; if you still qualify that is.

[marmor653]

from the point I received a formal approval.

determined1, After filing your paper work how long for "the point I received a formal approval"?

[determined1]

I sent financials in around mid July and the analyst asked me to send in insurance, tax bill to the escrow dept the 2nd wk of Aug and the following week I was told I approved for the trial plan so about Aug 20th or so. But mind you Ive been at this since Dec 08 so I was basically updating info not providing new info.

[marmor653]

Thank you for the timeline, I just sent paperwork 07/06/09. So, I'm probably looking at around beginning of next year.

I keep getting told by Chase that I'm not assigned to anyone yet and still in underwriting. Do you recall how long it took to get assigned?

[pbharris4]

According to my Trail Payment Plan..it states that IF we are approved we would get a fully executed copy of the Trail Payment PLan AND Modification Agreement on OR BEFORE the 1st day of the following month of the LAST Trial Payment. I am not making any more payments UNLESS I have SIGNED copies of those 2 docs. in my hands.