Hello everyone! I have been lurking around for a while learning from all of you, and was hoping to post a happy ending to our home loan mod with Chase. Unfortunately, I have nothing positive to report as we just found out yesterday that our mod was DENIED. Here's a background and timeline to what we did.
I was laid off in December 2008 and was able to find work and started working at a significant income loss ($20k) in May 2009. We also live in Southern CA, so there has been a significant decrease in our home value, and we are upside down with our loan. We have kept up on our mortgage payment, but things have been tight and we have been increasing in our credit card debt to make ends meet.
My husband and I faxed over all of the paperwork on June 27th. By then I was reading the posts here, so I started tracking when I called and who I spoke with. I let a month go by before calling. It was still being reviewed. Finally, on one of my checking in calls, on August 7th, I was told that I needed to submit more information. I was asked to submit some more tax info, proof that we paid our property taxes and proof that we paid our home insurance (all of which I had already sent them). They also wanted updated bank statements since the ones that we sent in our original fax was "old". We sent by fax all of the requested paperwork on August 15th.
I called on August 18th to verify that they got everything. I was told by rep that they had received everything and if that I don't hear anything by mid-September by phone or mail to give them a call.
I called on September 10th, to check the status. I was assigned to someone in loss mitigation (finally). I was transferred to that person and she "reviewed" my paperwork while I was on the phone. I was asked again to fax some tax info. I was given a different number to check the status of the received fax and also the person I was assigned to direct phone number. We faxed the missing paperwork immediately and I called on September 11th to verify that they received it. I called my assigned person, and left a message. She has NEVER return my call. I called later that afternoon and spoke to someone else, and she checked with my assigned person and said that yes she received it, but it hasn't been uploaded.
On September 15th, I called my assigned person again, and could not reach her so I again talked to someone else. This person apparently sat across from my assigned person and personally checked with her to see if she got my fax. He said that she should review the documents and send it to underwriting later that day.
On September 23rd, I called to check the status. It HAD NOT been sent to underwriting. The new person that I was speaking to said that she would send it to underwriting that day, but also asked that I send another copy of my utility bill (a more recent one). I did that right away. She said that I should hear something by mail within 30 days of the decision. If I hear something sooner than later, it will likely mean a decline.
On September 29th, I called to verify that it was sent to underwriting (as I really did not trust this process any more), and the person I spoke to said that actually a decision had already been made and we were DECLINED. The reason he provided me is that we were declined because our income loss was considered to be "TEMPORARY", not a long term issue. I asked what is considered temporary, and of course the person that I spoke to could not answer that...after all he was not the underwriter who reviewed it.
Here's a couple of things that we are irritated about
:
- We have never received anything in writing from Chase
- They never followed up with us. I have NEVER received a letter or phone call from them. We always followed up with them.
- It took just about 3 months to have the paperwork "submitted" (I am using that term loosely) to underwriting.
- They supposedly sent it to underwriting on Wednesday and by Monday the decision to decline me was already made.
- I have still not received anything from them in writing.
- What is considered "temporary"? It took me 12 years to make the money I was making before, and I am not sure how quickly I will be able to move up again and see the type of money I was making before. I am not in a job that makes a lot of money in the first place (I am a social worker).
I asked the person who verbally told me of this decision was there an appeal process. And he said based on the information that he doubt my case would be reviewed again. Again, because our income loss was considered to be temporary. I asked if that was the case, why wasn't we offered a temporary mod? He couldn't not answer that.
Does anyone have some insight? I wonder if our outcome would have been different if we were late on our payments? I am worried that it will eventually get to that point which is why we filed for the mod in the first place.
Thanks
HS
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