Just Released Info on Chase Trial/Permanent Mods

[smit5454]

I'll paste the highlights.

JPMorgan Pitches Interest-Only Mortgages to Boost Obama Plan



By Jody Shenn and Dawn Kopecki
Oct. 13 (Bloomberg) -- Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans

The program’s latest phase also is marked by a need to permanently convert more than 500,000 trial modifications by collecting paperwork so consumers’ mortgage payments don’t revert within months. “Our primary goal for the next few weeks is to make sure we convert all of those borrowers, or as many as possible,” Laurie Anne Maggiano, director of the Treasury’s policy office for homeownership preservation, said at the conference.

Only “a couple thousand” conversions have been completed, Maggiano said. To aid the process, the government last week streamlined documentation requirements, and granted borrowers and loan servicers on initial trials an extra two months to complete the work, which typically must be finished after three months of timely payments, she said.

An unresolved piece of the administration’s program, she said, remains a plan to have second-mortgage owners rework that debt whenever first mortgages are changed, an initiative that U.S. officials said would likely be in effect by June when outlining it in April.

Under the federal program, taxpayer subsidies to lenders, servicers and homeowners are used to encourage the reworking of borrowers’ mortgages to cut their monthly payments to 31 percent of their incomes. Servicers are first directed to lower interest rates to as low 2 percent, then extend terms to as long as 40 years and then suspend payments on a portion of the debt until maturity.

[Evan Bedard]

Hi smit5454,

The program’s latest phase also is marked by a need to permanently convert more than 500,000 trial modifications by collecting paperwork so consumers’ mortgage payments don’t revert within months. “Our primary goal for the next few weeks is to make sure we convert all of those borrowers, or as many as possible,” Laurie Anne Maggiano, director of the Treasury’s policy office for homeownership preservation, said at the conference.

Thank you for sharing this information. I hope this is true! They need to start working on converting all the trial periods into permanent mods ASAP..

[smit5454]

The link to the article is below, and I sent this email to the 2 Bloomberg reporters who were noted as handling the article. What the heck, got nothing to lose.


Please help thousands of families and take 5 minutes to research this. CHASE is abusing homeowners and the government, and the info below proves it.

This is the article I read where I received your information.
JPMorgan Pitches Interest-Only Mortgages to Boost Obama Plan - Bloomberg.com

As a person who is one of many thousands going through utter hell trying to get a modification with Chase, an interesting story would be how many people Chase has not converted to permanent modifications after completing the trial period and continues to string them along.

I am on my 5^th payment now, and their game is to just keep telling people to make the trial payment without ever moving it to permanent. The website below has thousands of participants who are in similar situations.
These are the real world experiences.
Chase Mortgage - Tell Us Your Chase Story - Loan Modification Forum - LoanSafe.org
17000 Members , thousands of posts a day in regards to people’s experiences with Chase.

As of today, guess how many Chase permanent modifications have been confirmed? 2

The suggestion reflects a new round of ideas and plans to refine the $75 billion “Home Affordable” program, announced in February as a bid to rework as many as 4 million loans to ease a housing slump now showing signs of ebbing. The program’s latest phase also is marked by a need to permanently convert more than 500,000 trial modifications by collecting paperwork so consumers’ mortgage payments don’t revert within months.
“Our primary goal for the next few weeks is to make sure we convert all of those borrowers, or as many as possible,” Laurie Anne Maggiano, director of the Treasury’s policy office for homeownership preservation, said at the conference. “It’s a huge push for the Treasury and all of its partners.”
Only “a couple thousand” conversions have been completed, Maggiano said. To aid the process, the government last week streamlined documentation requirements, and granted borrowers and loan servicers on initial trials an extra two months to complete the work, which typically must be finished after three months of timely payments, she said.

Scott