Chase jumbo loan mod - please help me to start fresh again.

[cachase]

I am with Chase too. I started the loan mod request with Chase directly in Feb 09. Till now I had gone through submitting updated paystubs and other docs. But I used to follow once in a while some times weekly some times a month later. In Aug Chase said they do not have any of my paper work and send a new bundle - requesting all my financial information including assets and and HAMP hardship affidavit forms along with my company tax returns since I am part owner of my company.

Last 4 days non stop I am reading as many article as possible in this forum and trying to educate myself before I respond back to them with my details.

My loan is approximately $1m ($998k) and as I read in this forum I am not eligible for HAMP. I called Chase yesterday and asked the same and asked that - should I need to send that form. They said yes you send it and you will be denied but we could consider into Chase own program that covers loans up to $1.5 million - is that right? I bought this home for $1315k.

Also when I fill in these financial sheets: I wanted some guidelines about how each entry there works when there is a discretion should I go for a smaller number or a bigger number for any given entry is my current dilemma. For example my current home value entry - Chase site showing $996k, Zillow $1176k and my county property tax assessor $1225k.

I also have a second home in IL and how the PITI of this house effect on my load mod and in terms of financial sheet filling? Actually we moved from there 2.5 years back we tried to sell that house for two years now and no luck yet. I lost the rent I used to get from Aug.

Harships i got:
I got a pay cut in Feb 09.
Lost my father-in-law last year and have increased responsibility to support mom-in-law.
Lost the renter of my second home and it is vacant. We tried to sell the other house for the last two years no success.
Self-employed - business is effected due to recession.
Took lot personal loans to buy my current house and paid them back.

I am current on my mortgages till last month. This is the first month I am in dilemma should I delay payment and get the process of loan mod going quickly.

Last but not the least is I learned about NACA here yesterday and register with them for this weeks SDT in San Francisco. I am not sure should I submit the package directly to Chase or go to NACA and do it there? What is the preparation I should do before going to the SDT event?

Looking for some quick guidance to set my direction of approach and the best paperwork to start with - for a good result.

P.S> I down loaded the free on this Forum eBook also from this site yesterday and read all of it.

[Evan Bedard]

Hi cachase welcome and thank you for joining.

Last but not the least is I learned about NACA here yesterday and register with them for this weeks SDT in San Francisco. I am not sure should I submit the package directly to Chase or go to NACA and do it there? What is the preparation I should do before going to the SDT event?

Sorry but NACA can only provide assistance to homeowners with one property. Chase is a very difficult lender to work with and they are completely overwhelmed with modification requests. So it is very important to follow up on your case at least once or twice a week to make sure nothing slips through the cracks.

What dept have you been working with?

[otisanddinga]

hi evan,

is chase doing the mods for wamu loans or is it still wamu. are they any better in your opinion??thanks...

[Evan Bedard]

hi evan,

is chase doing the mods for wamu loans or is it still wamu. are they any better in your opinion??thanks...

Has you loan been transferred over to Chase yet?

Chase is actually quite difficult to work with, but so are most other lenders as well..

[otisanddinga]

my statement still reads Wamu is becoming Chase. I have a jumbo which I believe wamu is the investor. Doesn't appear to have changes yet. Is wamu easier than chase?? thx

[cachase]

Thanks for your response Evan.
I have been bumped through 15 different departments in Chase from the time I started.

Recently I spoke to people at 866 550 5705. They are waiting for the new package that they sent to me. As I mentioned in my first message.

So I should not worry about NACA and just work with Chase - since I have two properties - is that right?

My Primary home is financed by Chase and the other one is by ING.

Please guide me on the other questions and different dilemma's that I mentioned in the original posting.

[Evan Bedard]

my statement still reads Wamu is becoming Chase. I have a jumbo which I believe wamu is the investor. Doesn't appear to have changes yet. Is wamu easier than chase?? thx

I would not say one lender is easier than the other. They are all pretty darn difficult to work with.

[exclusive1000]

cachase


"If you owe a banker $1,000 he can be your worst enemy

If you owe a banker 1,000,000 he will be your best friend."

I have a feeling that chase will be very workable with you because of your loan amount

I too have a Chase Jumbo 952k and I am starting the process.

[cachase]

Exclusive 1000

I spoke to Chase today. I always felt that they are listening to me when ever I called. I found out that my loan is financed by Chase itself.

Today they said send the copy of the old docs I have submitted again to them. They said I can call the Loss Mitigation Dept after 24 hours. Let me see what happens. I will update it here.

They confirmed today that at onetime my case was assigned to a supervisor but do not know what happened. They do not have any of my documents now.

[exclusive1000]

cachase

Here is my situation - sounds similar to yours

952k 1st chase owned
200k 2nd chase owned

I am currently about 4 months late

I did get a call from a Supervisor about 30 days ago and he seems very nice
and helpful. He definately wants to work something out with us !

The 1st and 2nd rarely call anymore which is kind of weird.

We are in the process of getting all the paperwork into chase and are hoping to get
a good modifaction.

Im hoping for a 2 % 40 year, that would lower my payment about 2200 per month.

I will keep you posted as well

Thanks

[cachase]

exclusive1000

Thanks for your information.

Can I ask you how you is your gross income and total monthly expenses are placed and how do they influence what rate exactly you will get?

On the page 3 of Section2: Financial Information Form. What did you fill for the row "Other Home Loans, Rents & Liens". Is that the sum of all the mortgages + property taxes + home insurence costs OR is that the other expenses excluding the costs of the primary home loan.

Look forward to your clarification.