What is the chase turn around time??

[stephknowles]

We have our home mortgage through EMC and we contacted them this morning; they gave us a link to print out papers and fax them off w/ other required documents.
The EMC rep told us we do not have to be late on our mortgage for them to go through w/ the loan mod-has anyone found this to be true?
What is the turn around time..the rep said 90-120 days.

[Evan Bedard]

Hi stephknowles welcome and thank you for joining.

We have our home mortgage through EMC and we contacted them this morning; they gave us a link to print out papers and fax them off w/ other required documents.
The EMC rep told us we do not have to be late on our mortgage for them to go through w/ the loan mod-has anyone found this to be true?
What is the turn around time..the rep said 90-120 days.

Yes we have found this to be true on quite a few occasions. It may be more difficult to accomplish if you are not behind but it is not impossible. Also 90-120 is supposed to be the turn around time, but with some it will take much longer and others maybe even shorter.. Each modification is done on a case by case basis so everyone is different..

[rachel_p]

It's been 11 months for us. Still no answer.

I would suggest you thoroughly read through the posts on this forum before starting the process. That will help to prepare you for what you may go through. It's better to go into this educated. Wish I would have found this forum last year....I never would have applied for a mod.

[stephknowles]

What do you mean you would've never applied? What would you have done instead?

[BobandArlyn]

Welcome StephKnowles....It's been 11 months for us too. I think they do lots of 'turning around'....in their chairs, spinning!

Sorry to be negative, but please read the posts on Chase. Be prepared.

[fla borrower]

Stephen

Rachel is right. Read as many posts as u can. You will see that these banks are stringing borrowers along for a long time, just to deny them last minute. I have been going through this hell for 1 and 1/2 years.

If I had to do it all over again, I would have retained an attorney.

Good Luck!

[rachel_p]

Originally Posted by stephknowles

What do you mean you would've never applied? What would you have done instead?

Our situation is a little different than most here. We didn't call to ask for a modification. We can afford our regularly monthly payment. We just happened to be a few weeks behind on our mortgage, and wanted to see if we could have a payment defered so that we wouldn't always be those 3-4 weeks behind. We just couldn't come up with an extra payment to bring us back to "current" status.
They told us we qualified for a modification and that it would all be great and that our payment would be about $300/month less. Woo-HOO! We thought we hit the jackpot.
They told us to skip payments and then they would roll those payments to the back of our loan and start us out with our new monthly payment.
Skipped the payments. Then they said we didn't qualify after all. They put us on a 6 month forbearance plan. Said that after we finished that , that they see no reason we would be denied again. Finished that in June...still waiting for a new answer. AND, they've told us since June to NOT make ANY payments. This week we will officially be 7 months behind.
We've spent hundreds of hours on the phone with Chase. They don't really seem to care that what they've done to us is heart wrenching. Just another day at work to them.

[BobandArlyn]

Stephknowles.....stay on the forum. You will meet great people hear who will help every step of the way!!!

[SBBLUEWATER1]

Stephknowles-

We have been at it for over a year. Just be prepared to send documents into your lender over and over again. The systems they have put in place are not very good and one hand does not seem to have any idea of what the other hand is doing. It is a long process so just be prepared to spend quite a bit of time. Good luck and welcome to the forum!

[stephknowles]

are you guys all missing payments or keeping current on payments? We haven't missed any payments yet but wondering if I should if its going to take so long anyways.

[Chased around and around]

Well I hate to say it, but chase had done nothing for the ones who are keeping current with payments and those of us who have not paid, chase has done nothing for us either.

So it's pretty much a coin toss...

[emerge]

its been 8 months for me....good luck. Infact , Im currently on hold with chase 40mins and counting! woo who!