I got the call....my permanant mod was approved!!!

[Shelly17]

Moday chase collections called and left me a message, I call her back that night and she said she just wanted me to make my 5th tiral mod payment by 9-30-09 for what ever reason...and when she looked up my file she said..Oh I see your perm mod was just approved today...that was not in there when I had called you earlier...I said oh good and I had already put the check in the mail today for my Oct payment...not sure when it willl arrive.
So I called my analyst Sandy who ALWAYS calls me back and I left a message asking her if this was true.
Well today she called me and said yes, my perm mod was approved. She had just got a bunch in and has not got a chance to call everyone.
So here it goes:
443 months
5yrs @ 2%
6th yr @ 3%
7thyr @ 4
8th til the end @ 5%

My payment is 35% of our income..because they added in my husbands yearly bonus he got this year.

So my new payment is $268.67 more then my trial payment

Total savings of $1,436.00 mo.

She said it now goes to a thrid party they hired to get the paper work out and it should be from 1-3 weeks away.

And also I mailed my Oct payment and she said that will go toward my Nov payment..so just mail $268.67 for Novembers payment....

I know I have heard others get this phone call...so I won't hold my breath for the fedex to come. But when she told me they didn't figure in my Oct payment and to only send additional amount for Nov I kinda believer her.

I will keep everyone posted!

Thanks,
Shelly

[nativelasvegan]

Totally sweet!

[franklyspeaking]

All of a sudden huh? Wonder if the mass emails thing helped any?

[franklyspeaking]

Shelly,

I'm not good at reading previous posts. Was this MHA or the Chase "trial" payment thing? How long was it to get the original paperwork for the trial and what type loan do you have?
Frank

[rachel_p]

Awesome!!! Maybe things are rolling along now! We received the call today too...now just waiting on paper work. Crossing our fingers that it actually shows up for all of us!!!
Good luck!!!!!!

[Shelly17]

Frank-
I got the MHAP..I had stated my process in Nov of 08. My loan is a Chase owned loan. I made 5 trial payments but the last one will go toward my 1st perm payment.

Hope this helps.

[rachel_p]

November 2008 is exactly when we started the process as well. So it looks like they are running about a year behind?

[franklyspeaking]

Shelly,What I was trying to say was how long from when you got the original approval till you got the trial paperwork? If you remember from that far back!

[Shelly17]

Frank,
Oh , Okay...I got the call I was approved for the 3 month trial on 4-17-09 and I didn't get the fed-ex'd paperwork until 5-29-09.

[franklyspeaking]

Gotcha. They approved me for it almost a month ago and I've gotten nothing. They said the closed the Ohio center till Oct 1st to get caught up and restructure the office to get things better streamlined. I dont know if I was offered the same thing as you. Its a 3 month "trial"/forebearance plan but its at the same payment I had before , they claim when I'm done they'll modify it at a lower rate/payment and take all the past due payments/fees/etc back into he loan. Sound like yours? Seems there's continual debate on there with Chase as to whats a trial payment plan vs forebearnce plan vs modification?

[DICEMAN]

Originally Posted by Shelly17

Moday chase collections called and left me a message, I call her back that night and she said she just wanted me to make my 5th tiral mod payment by 9-30-09 for what ever reason...and when she looked up my file she said..Oh I see your perm mod was just approved today...that was not in there when I had called you earlier...I said oh good and I had already put the check in the mail today for my Oct payment...not sure when it willl arrive.
So I called my analyst Sandy who ALWAYS calls me back and I left a message asking her if this was true.
Well today she called me and said yes, my perm mod was approved. She had just got a bunch in and has not got a chance to call everyone.
So here it goes:
443 months
5yrs @ 2%
6th yr @ 3%
7thyr @ 4
8th til the end @ 5%

My payment is 35% of our income..because they added in my husbands yearly bonus he got this year.

So my new payment is $268.67 more then my trial payment

Total savings of $1,436.00 mo.

She said it now goes to a thrid party they hired to get the paper work out and it should be from 1-3 weeks away.

And also I mailed my Oct payment and she said that will go toward my Nov payment..so just mail $268.67 for Novembers payment....

I know I have heard others get this phone call...so I won't hold my breath for the fedex to come. But when she told me they didn't figure in my Oct payment and to only send additional amount for Nov I kinda believer her.

I will keep everyone posted!

Thanks,
Shelly

I was told by my lender that anything above 31% (yes, that means 31.1%) is a DENY. Under HAMP that is.....

[rachel_p]

Originally Posted by franklyspeaking

Gotcha. They approved me for it almost a month ago and I've gotten nothing. They said the closed the Ohio center till Oct 1st to get caught up and restructure the office to get things better streamlined. I dont know if I was offered the same thing as you. Its a 3 month "trial"/forebearance plan but its at the same payment I had before , they claim when I'm done they'll modify it at a lower rate/payment and take all the past due payments/fees/etc back into he loan. Sound like yours? Seems there's continual debate on there with Chase as to whats a trial payment plan vs forebearnce plan vs modification?

Franklyspeaking, we did a forbearance plan (6 month) and were told the same as you...that when it was finished we would get a permanent mod and all past due payments/fees would roll to the back of the loan.

[franklyspeaking]

so the plan is an inhouse modification by them and not part of the Making home affordable? I guess I'm still learning. I was told to send the first payment in with the paperwork ,was that the same for you? I"m sure mine could drag out to six months. So what is the purpose of the trial payments ,to determine if you will do well on a mod? I dont understand why mine is at the regular payment amount and not the lower amount.was yours? Sorry to ask so much but you sound like your in the same "boat" as me. Mine is FHA though.

[salvega530]

Shelly, congratulations! BTW, what is your loan amount? is the 31%, the DTI calculation?

[Shelly17]

Frank- sorry that does not sound like what we got. It did not say forberarnce anywhere...it was the MHAP or the HAMP which ever is the correct way. The Obama plan.

Diceman- I believe they used our year to date income...which would be 31%...if they used what we make normally every month it is at like 35%...so that is why I said they included my husbands bonus. I think we still fall under the 31%. Does that make sense??

Salvega- Sorry not sure what the DTI means???

[salvega530]

so what is your new payment and for what loan amount? I am too in the trial period for HAMP (made 2 of 3) and hope to have an outcome like yours!

[SwillerAlesbane]

Best of luck to you, but my bet is you will not receive your package. I hate to sound like a naysayer, but they told me the same thing and I was filled with elation, the key word there is "WAS"....as now I'm just angry and soon to be ambivalent.

August 20th I was approved, the negotiator gave me my terms...very similiar to yours...1st thru 5th year 2.375% then 1% increase till 8th year locking it at 5.375%.

The package NEVER came. I stopped calling them. I'm done with the fraud, they will get back a house that they will have to pour money into as I will not leave any upgrades I put in myself....they don't deserve it.

In fact, how many of us really want their homes when they are buried beneath negative equity? The only reason I was going to keep it was that they were working with me to allow me to actually LIVE my life and not just work to support some lazy bankster.

[Shelly17]

Salvega- My old payment would of been $4060.00 with PITI (I was only paying $2770.00, interest only no impounds)
My new payment is $2624.00 with PITI
Loan amount is $605,000.00

[salvega530]

Shelly, thanks again, your loan amount is in my range, I am soo nervous, my income is about 9K a month..I hope that is enough. Is your income in that range as well? Im about 70K underwater, I dont know about you. Again, congrats, hope u guys sleep better

[rachel_p]

Swiller, what did they say when you would call telling them the documents haven't arrived? Trying to prepare for my next step, if needed.
Were you working with a specific person on the executive team or in the CEO's office?
We have a specific person we work with in the CEO's office, and then also a specific person on the resolution team. Our ERT person sounded so sincere this morning about the documents being prepared. I sure hope we can trust her.

[SBBLUEWATER1]

Rachel,
We went through the same thing with Chase. I even have e-mails from the person I was working with on the Executive Resolution Team. When I kept calling and e-mailing after not getting our final loan docs they finally said they had no idea of what was going on and they now "no longer knew" if we were getting the final loan mod or not. It was interesting because up until that point I had a paper trail with e-mails. The last communication with them was via phone so they could not have that paper trail any more. I wish you luck and hope you do get your paperwork. You will be one of the very lucky few that have.

[DICEMAN]

I just got off the phone with a supervisor at GMAC. She told me that I was denied because they could not get my payment to 31%. We went back and forth like fireworks. When I sent my original paperwork in March, I explained in my hardship letter that is would be difficult to come up with a gross income due to the way I am payed. I do not have a set salary, my pay can vary hundreds of dollars from week to week. I suggested using my previous years tax return and/or ytd pay statistics. So what did they do.......they took the random 2 paystubs I submitted and used the gross pay on those payweeks to calculate my estimated yearly salary, then divided by 12. WRONG!!!!!!!!!! This made my income seem much less than it really was, the 2 checks in question were smaller than usual! If they only would have uses my YTD at that point the numbers would have worked. I am totally frustrated, they will not admit a mistake was made, and I have to resubmit and do the 3 month trial AGAIN. Ofcourse, with no guarantee that I will be approved. The real interesting thing is she couldn't answer the biggest question, there was silence on the phone to the point where I had to ask if someone was there. I asked her that if they obviously had numbers right from the start that didn't work, and it took the 2 of us 5 minutes on the phone to determine that, why was I even approved for the trial period??? The numbers did not work!!! Why did it take 6 months to deny me!!!!!!! Ahhhhhhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!

[DICEMAN]

Originally Posted by SBBLUEWATER1

Rachel,
We went through the same thing with Chase. I even have e-mails from the person I was working with on the Executive Resolution Team. When I kept calling and e-mailing after not getting our final loan docs they finally said they had no idea of what was going on and they now "no longer knew" if we were getting the final loan mod or not. It was interesting because up until that point I had a paper trail with e-mails. The last communication with them was via phone so they could not have that paper trail any more. I wish you luck and hope you do get your paperwork. You will be one of the very lucky few that have.

In reference to what you just stated..... I noticed that on my denial letter, there were several prestated reasons for denial with a checkbox for each. One of the reasons for denial was "Investor did not approve". So......does this mean that even if all of your numbers work, you genuinely have a hardship, etc. They can still deny you no matter what..........................

[rollertom]

I just got a call and received terms! I may be done!!

Chase mod - Story so far

[Crystal09]

Congrats Shelly!!!!