Chase called me! I can't believe it

[peppy]

Well here is my story.

I applied for the a loan modification in March. here are the facts:
1st mortgage: $512k 7% interest only
2nd mortgage: $125k 10% set for 15 w/ balloon payment
Current on payments
Lost 15% of my income
House is worth $450k
(I don't know what I was thinking when I agreed to these terms)

Called Chase every month, only got call back in two weeks, four weeks, etc. Offered forbearance, but delcine, since we are current and I had not seen any results from the forbearance on this board.

Sept 28, 2009
I received a call from a Craig A Davis. He says he is our case manager. wants me to return his call. He said that Chase just came out with some new programs and we now qualify. He said we did not previously qualify for the HAMP/federal programs. (IMO, we meet the minimum qualifications for HAMP and I passed the NPV test too)

Sept 29, 2009
I return his call and get voicemail. I left a message. His email was on his vm, so I sent him an email message too.

I am curious to see what he has to say. It is sooo hard to not get my hopes up, but logically my mind is saying he will not be any help. Wish me luck.

I will keep you posted.

[Chased around and around]

I know its crazy, just look at all the members on this board and those who post here. How many permenant mods have we all seen?...

[caldwellb02]

Good luck. We all hope this will change, but as I sit here typing this I have been on hold for 25 minutes with Missing Documents doing what they told me to do - calling them an hour after I sent 28 pages (all of which have been sent to them before) via fax to make sure they got them. .........

[peppy]

I talked to our case manager tonight.

He pretty much said that we have been choosen for a special Chase program. BTW, Chase is the server and the investor on our loan.

He took our information over the phone and said it looks like we qualify, the terms:
5.5% interest for our 1st and 2nd
both 30 year fixed
taxes and insurance would be escrowed

So our payments will be virtually the same as they are now, but they will be 30 year fixed and not interest only and not adjusting. It is some special refinance, he says Chase is paying all of the refinance fees. I can't do a regular refinace since the house is $140k underwater.
He is going to send out the packet. I hope I receive the allusive packet that so many of you have not received. Wish me luck.

If these are the actual terms of the packet, I think it is a reasonable deal compared to my current terms. I don't have that many other offers to choose from. I don't mind scrapping by, if I know my terms will not adjust to an unreasonable level next year. I like my house and neighborhood and I am in this for the long haul, I hope the value will come back evenually.

What do you think about the terms? Would you accept them?

[BudgetCutsinOC]

The same payment????????? How can you make the same payment with a 15% paycut?? sounds like a SCAM

[Chased around and around]

You know I was saying to my wife yesterday, "why would we keep paying for chase's property no matter how they modify the loan". We are 219K underwater. This property will never regain its value, if it does maybe 7-10 years from now.

If they would modify the principle then we may have a deal.

You all have to remember we will see close to 4 million foreclosures this year and by the end of next year it will be double. The economy has no way to trun around until housing/jobs turn around.

We will have a major financial disaster next year with the 2 trillion in real estate loans all coming due. Have you all seen the commercial real estate signs posted in every single commercial area where you live? With layoffs come business closures.

This storm is not even close to being over.

If these greedy banks want to save their collective asses, its best they either drop all loans across the country to 4% fixed for 30 years, or modify principles. So far I see neither of these options in the future.

So I will just continue putting my cash under my mattress and will never do business with these banks ever again...

[peppy]

Chased: Yes I can see your point. Our home is at least $140k underwater. My parents could afford to help us, but I told them I think I made a bad investment in this house(atleast bad timing) and I don't want them to do the same thing.


We are still current, so I have been able to make the payment so far even with the pay cut. I had to change jobs and take a pay cut last year, so it has been almost a year that I have managed payment. So I think I can continue, unless something changes. I don't mind barely scrapping by as long as I know my loan will not adjust. With my current terms, my loan with adjust soon and there will be no way I could make my payment, so it is very hard to justify doing without now, just to lose the house in six months anyway. But I am trying to stay positive, I have a good stable job and so does my husband and we live within our means on everything except our house payment. We have always lived a frugal life style, so doing without is not a new concept for us. We have a budget and when the weekly money is good we stop spending and we find something to do for free.

[peppy]

I got my FedEx today. It has the loan application and a good faith estimate for a refinance. It is pretty much what I was told on the phone although there was one surprise. We currently have a first and second, the good faith estimate had them bunch together as one loan and it has mortgage insurance added in that we currently do not pay.

I also received two more phone calls today. One from an apprasial company wanting to set an appointment to come out. One from Chase asking if I had any questions on my loan packet. I feel like I am in the "Twilight Zone" I have received more attention from Chase this week than I have for the last 2.5 years I have had this mortgage.

I am planning on completing the packet and send in all required documents. I am still trying to NOT get my hopes up, but so far they have done everything they told me they would, so maybe I will get a better mortgage.

My offer is an internal Chase offer.

[BobandArlyn]

Peppy......CONGRATULATIONS. We will keep our fingers crossed. SOMEONE has to be the first to succeed. GOOD LUCK!!!!

Bob and Arlyn

[rachel_p]

Originally Posted by peppy

I got my FedEx today. It has the loan application and a good faith estimate for a refinance. It is pretty much what I was told on the phone although there was one surprise. We currently have a first and second, the good faith estimate had them bunch together as one loan and it has mortgage insurance added in that we currently do not pay.

I also received two more phone calls today. One from an apprasial company wanting to set an appointment to come out. One from Chase asking if I had any questions on my loan packet. I feel like I am in the "Twilight Zone" I have received more attention from Chase this week than I have for the last 2.5 years I have had this mortgage.

I am planning on completing the packet and send in all required documents. I am still trying to NOT get my hopes up, but so far they have done everything they told me they would, so maybe I will get a better mortgage.

My offer is an internal Chase offer.

Congratulations on receiving the documents!!!!!!!!!!!!!!! That was quick!

I hope it works out for you and that you can put all of this behind you and move on with life.

Definitely keep us updated.

[sirmoog]

Peppy,
could you contact me via email when you get a chance:
sirmoog@verizon.net
I've got a similar situation and just a couple questions I'd like to ask you.
Thanks!

[rottiepapa]

Peppy, awesome news. I also recently succeeded in obtaining a permanent mod with Chase. My only advice at this point is to stay on them. It is when you think you're pretty much at home plate with these folks that the ball is DROPPED. The closer you get, the more vigilant you should get. Don't let up for a second. AND GOOD LUCK!!!!!!!!

RP

[peppy]

Update: Monday, October 5, 2009
We had our appointment for an apprasial. Hopefully the company will process their paperwork and submit it to Chase in a timely manner.

Tuesday, October 6, 2009
Sent all requested documents back to Chase by FedEx.

I have been in contact with our case manager daily over email. He has been very helpful in answering all of my questions. I was surprised that he answered them in written form through email. I have an email chain of all of my questions in case Chase changes the rules in the middle of this refinance.

[peppy]

Update:
FYI: My Chase Representative asked if this post was me, so some of them read here.

[exhausted girlfriend]

wow peppy,

i dont place too many specifics on the post. i dont know if i like the idea of "big brother" reading our posts.

[CHANLY]

Seems weird that they asked if you were posting, maybe because you listed the guys name, etc?? Seems like a lot of work to try and link up posts to people otherwise.

[smit5454]

I would have asked them why they aren't doing our mods and wasting time lurking in chat rooms.

[peppy]

I asked if I offended him in anyway by posting on this blog. He said no.

He said a customer asked the guy who sits next to him if he knew my rep.(he ask for him by name, b/c I listed his name in the first post.) So when his coworker got off the phone, they looked it up on this site and he put two and two together and figured out it was me.

I thought they each had sooo many customers that it would be difficult to figure out. I guess not.

He ended with saying "I hope we can help you, so you can post a happy ending on the blog."

[peppy]

Update:
My paperwork went to underwriting and came back with an approval, but they need a few more pieces of documentation. I sent everything that they requested today.

I asked for the details of my approval. He could not provide anything in writing, as of yet, but what he told me over the phone was not the same as previously offered. I asked for my approval in writing with the terms. I will wait to see if anything comes in the mail.

[peppy]

The apprasial came back higher than I expected:

Purchase price in 2007: $640,000
I thought it was worth about $450,000 (from Zillow and Chase's site)
Apprasial came back at $545,000

I never thought I would be relieved to know that I am only $95,000 underwater.

I am not sure if this higher value has helped or hurt my refinance options.

[davephx]

Originally Posted by peppy

The apprasial came back higher than I expected:
I never thought I would be relieved to know that I am only $95,000 underwater.
I am not sure if this higher value has helped or hurt my refinance options.

Helps probably for a REFI but hurts for HAMP (NPV Test)

BUT looking at your first post your not underwater on just the 1st so may help if its a refi since can't be much underwater of 1st. But its an internal mod as I recall, so who knows!

[AZOwner]

eek! have you done any investigation on your current market value? You might want to contact a RE agent (eek) and have them pull a comp for you.

I don't trust the banks, and the appriasers work for the bank. They were part of the hot air that created the bubble so . . .

I would hate to take anything they say on good-faith . . . their good-faith andour trust got us into this economic situation in the first place.

Protect yourself and be leary. . .

Peace! Please sign our petitions!

There are 2 petitions. Use each link below to sign:

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress | TO THE UNITED STATES GOVERNMENT FROM AMERICAN HOMEOWNERS Petition

[SwillerAlesbane]

I want a happy ending!

[davephx]

This value estimator by Chase has been reported to be about the best to compare to the automated appraisal system used for HAMP. But don't know for sure since different servicers use different systems.

https://www.chase.com/ccp/index.jsp?...alue_estimator

[litehouse01]

Chase just called me they wanted The HOA amount per month and proof of it by faxing the hoa monthly coupon to a specific person also wanted me to fill out line 6 of the 4506t form...I asked I thought i was extended to jan as I was told last month...he said no they are working it now and usually when they ask for this kind of thing they are getting ready to wrap it up...I was shocked...My husband and I are both praying very hard...God please be with us in our hour of need...