Our analyst said our permanent mod is approved!

[maryland7]

We had an internal BPO done on Sunday...my husband called last night to check on our status. We are in the MHA program and have made 4 payments...our 5th was to be due today. She wouldn't tell us the BPO amount but let my husband guess and confirmed that way...approx. $515,000. We owe $730,000 on the house.

She said that we are approved for a permanent modification. She said that she has gotten 16 loans back...3 approved and 13 denied. We are one of the lucky ones...although it is hard to believe that it is true until we see the final documents!

She said that they are deferring approximately $76,000 on our first (loan amount of $648,000). They are going to have to lower our loan to 2% and extend the term to 40 years. The interesting thing is that when I checked our account online a few days ago, there was a "corporate advance fee" of approx. $76,000. Maybe she is telling the truth since the numbers do match up.

We still have to deal with our second of $80,000...we want to settle but are not sure what they are willing to do yet.

She told us not to make our October payment as they new payment will be effective on November 1st. That is also an encouraging sign that they do not want a payment this month.

I'll keep you updated when and if we get our final documents...good luck to everyone!!!

[caldwellb02]

maryland - I hope this is good news for you! 13 denied is a bummer, but at least you have a chance here! Remember to get it in writing. Yours is the first I've heard of on this forum (though there may be something I've missed) where Chase is deferring part of the loan and/or offering 2%. Unfortunately, I'm a bit suspicious but I hope to be pleasantly surprised. I do hope this works for you. Are the particulars of your case somewhere else here on the forum? I'm wondering what is different about yours? This really is unusual.

One more thought - print out that page on the online account that shows the advance fee and keep it for your records.

[rachel_p]

Congratulations!!!! I hope everything goes smoothly and you receive the paperwork soon!!

[litehouse01]

Congratulations I am so happy for you but 13 denied what a bummer...I pray we get thru this..we just finished 3 trial payments and were told to fax a copy of our utility bill and to sign the 2nd page of our 2008 tax return...I pray it goes well and we get approved I am a nervous wreck over all this......

[salvega530]

Maryland, congratulations, what are your payments going to be? Also, is it 2% for the life of the loan? Wow, permanent mods seem to start rolling in, maybe it was those emails..

[maryland7]

Hi! They are lowering our payments by approx. $1200 per month (from $3900 to $2700). Although we haven't got the final info about the mod, I am sure that the 2% is only for the first 5 years and then it will probably increase 1% per year for the next 4 years.

The one thing that could have helped us is that our loan is held in Chase's portfolio and it was a full doc loan. It would be a loss of approx. $300K for Chase. Also, our hardship was a reduction in income of 80%.

I am so hopeful but also scared to be disappointed!