update: they said we are approved for a permanent mod!

[rachel_p]

Don't worry, I'm skeptical. Although I hope with all my heart it's true.

This morning, during our daily routine of phone calls to Chase, we were told that we have been approved by the investor (which is not chase) for a permanent mod. Not a trial period, but a permanent mod. We a now supposedly waiting for the Chase supervisor to approve the documents. That will take up to 10 days.

A few reasons I'm skeptical -
*no trial period. they already told us that a trial period is protocol and there is no way around it.
*it sounds too easy and i know from reading this board that these things aren't just handed out to people.
*i'm afraid we'll end up in the boat with people that never receive the paper work.

However, I'm slightly getting my hopes up and will be forever grateful if this all comes together.
On another positive note, they told us on the phone that our Executive Resolution Team person has been working hard on our case. There were notes on our account about things she has been doing the past few days. That was great to hear, since we feel like she hasn't given us an ounce of help over the past few months. Just knowing that someone is actually looking at and working on our account is worth millions with Chase. For months it just sat there with no one doing anything.

[litehouse01]

Congrats to you I hope and pray they come thru for you and your family to put an end to this nightmare we are all in.....best wishes keep us posted..

[fla borrower]

Great News Rachel!!!

I hope they get those papers over to asap!!! Finally some good news!!!

[townie271]

I'm so happy for you!!!! at least you can see the light at the end of that tunnel.
Congrat!!!!!

[rachel_p]

Gosh I hope so. We are really trying to keep our excitement down, because it quite possibly could be a whole new story by tomorrow when we call again. But I do feel a little bit of weight lifted, which feels great...even if it only lasts for the day
I'll be sure to update.

[rachel_p]

UPDATE:
Our ERT person just called US (a little surprised). She said we have indeed been approved for a permanent (not a trial), for the duration of our loan. New payment is about $300 less than original payment. Interest rate is in the 5% area.

And now, we await the all important documents. This part makes me nervous because I see on here all the people that were promised documents and never received them.

Our ERT person is putting a rush on our documents and said they should arrive within about 10 days. First payment is due in November. However, the date she told us was already different from the date we were told earlier today.

::::.....sigh....:::: It's all a waiting game now.

[Chased around and around]

rachel, A lot of people on this form do not know, trials are not mandatory in order to rec'd a permanent mod.

That is the one reason why I hired a mod company to do all the phone calls and run around with chase. When you have a third party, that is legitimate to do bidding for you, they have no stake in your property, but they have a signed contract with you to do the foot work to get your problem taken care of. No mod then you get a refund of 90%.

You know that the banks know how emotional most of the homeowners are so they will string you along as long as they can. But when they are working with a third party, the ball game is different. I even had a chase operator tell me that she didn't like to deal with mod companies, hmm wonder why.

I am not saying hiring a third party is always going to get you a permanent loan, since every loan and borrowers are different. I think if you spend the time and do your homework and checking out all mod companies, you can find a good one with good history.

I may just be talking out my butt since I am a bit different than most on this board, I have checked out and don't care if chase takes back their rental from me...

[SBBLUEWATER1]

Rachel,
Trial mods are mandatory for the MHA program. If Chase approved you for some type of in-house loan mod then the procedures are whatever their own internal policies and procedures dictate.

[rachel_p]

It hasn't been specified if we were approved for the MHA or for an in house type mod.
Our lawyer is prepared to look over the paperwork when it arrives.

In my opinion we don't qualify for a MHA anyway based on
this one mandatory qualification:

" Borrower must have experienced a significant change in income or expenses, to the point that the current mortgage payment is not longer affordable."

That hasn't been the case with us. So, it is quite possible that we are under a different program. Will know more if the paperwork shows up!

[franklyspeaking]

Rachel, did you use a name for the program then? Also what is your loan type?

[rachel_p]

Originally Posted by franklyspeaking

Rachel, did you use a name for the program then? Also what is your loan type?

Not sure by what you mean, did I use a name? We didn't ever call in to ask for a modification, so we never said "can we do the MHA modification". They approached us and told us that we qualified for a modification.

Our loan is a 30 year fixed at 6.75%.

[rachel_p]

Another note: Our modification was submitted on August 28th the first time, then again on September 14th after being told that somehow it never went through to the investor the first time. It was approved on September 27th. So that was a pretty fast turnaround.

[caldwellb02]

Wow rachel. That WAS fast. So what are the specifics?

Who is your lender?
Are you late on any payments? If so, how many?
Who on the ERT (Assume its Executive Resolution Team) did you talk to?
What state are you in?

[CHANLY]

That is great news for you!! So some people are getting turned down because their hardship is not 'permanent' and Chase approached you for a modification and you don't have a hardship?? No rhyme or reason to this system! Good luck to you and what seems like the final phase of the process. I am happy to finally see some potential permanent offers out there.

[rachel_p]

Originally Posted by CHANLY

That is great news for you!! So some people are getting turned down because their hardship is not 'permanent' and Chase approached you for a modification and you don't have a hardship?? No rhyme or reason to this system! Good luck to you and what seems like the final phase of the process. I am happy to finally see some potential permanent offers out there.

Thank you! I know...I've said before there really is no rhyme or reason. I've always feared, from the beginning, that we would be denied because of no permanent hardship. I see people on here that have received that answer and I figured that would be our answer too.

I sure hope we are nearing the end (a positive end) soon.

[rachel_p]

Caldwell, our lender is chase but they are not our investor.

We are SEVEN payments behind. But ONLY because Chase has told us to pay nothing for those seven months. We've called daily basically begging to make a payment and they tell us not to. They always assured us that those missed payments will roll to the back of our loan. (Our lawyer will begin working on getting our credit report fixed once we are out of this nightmare)

Our new principal balance will be going up about $10K. Interest rate is (i think) 5.25%. New payment is just under $300 less than original payment. First payment due in November. New terms are for the full 30 year life of the loan.

I'll be able to give more specifics WHEN (trying to be positive) we receive the paperwork