Fed-Ex came with Permanent Modification, No Joke!

[nativelasvegan]

Gordilox - how long from the time you applied until they time you received modification? Congratulations!

[Serenity]

Originally Posted by nativelasvegan

Gordilox - how long from the time you applied until they time you received modification? Congratulations!

I'm curious as well! Congrats!

[azdmsmith]

Congratulations, this is great news! Do I recall correctly that you were able to keep your payments current throughout the process? If so were you scheduled for a 4 mth trial and had you made all 4 payments before you got the paperwork?

[c150000]

Gorldilox
i have a 200.00 surplus, because i did not add basic expences like
gas, spending money, monthly meds, ect

they did not ask for an expense sheet with hamp
but i had submitted one 4 months ago before i was on hamp trial
when i called to see if they will use the old expense sheet
exc resol dept told me they do not use expense sheet for hamp program

so iam really confused now and dont know what to do
i called to make sure they knew i left things out and will they go over it with me
and was told they dont use it !!!!

[c150000]

Let me add that is on gross, not included in gross is
my paychex taxes, and medical insurance they take out of gross
take away just my medical and thats 180.00 a month alone
ive read they use gross year to date then divide the months to date

with gross if i take out just mortage payment. Cc . And car
i have left 1470.00 a month
thats no eletric, heat, food, car insurance
phone, medical insurance, no taxes out of my
pay.. Spending money. Gas for car ect...

So thats how iam behind but the question remains how will they figure this?

[gordilox86]

Originally Posted by shade

Gordi - how long did it takes once Chase submitted to Freddie?
I am in the same spot and Chase has the folder with their loss mit people and are getting ready to send to Freddie.
Nice work

4 weeks.

I was told by Chase Exec Resolution Analyst on Sept. 17th that my file had been preliminarly approved by Chase, and that my file would be submitted to Freddie Mac on the next business day.

I received the Modification Agreement on October 20th.

I must say that I've followed up with daily phone calls to the Home Owner Assistance center, and they had no clue as to real status. Even up to the day that I received the Modification Agreement, they were still telling me that my file had not been sent to Freddie Mac. So take what the reps on the Home Owners Assistance center line tells you with a grain of salt. My Executive Resolution analyst was the one who really knew what was going on with my file.

[gordilox86]

Originally Posted by nativelasvegan

Gordilox - how long from the time you applied until they time you received modification? Congratulations!

Nativelasvegan and Serenity:
I submitted the Borrower's Assistance Form (which is now Home Owners Information Packet avaliable on Chase website) on March 5th 2009. I entered into the "Trial Period Plan" effect June 1st, 2009. I made a total of 5 trial period payments.

[gordilox86]

Originally Posted by azdmsmith

Congratulations, this is great news! Do I recall correctly that you were able to keep your payments current throughout the process? If so were you scheduled for a 4 mth trial and had you made all 4 payments before you got the paperwork?

Azdmsmith,

You are correct. I had never been late on any payments prior to entering Trial Period Plan or during the Trial Period Plan. Credit has reported current with no change to credit score. I made 5 Trial Period Payments with an effective Trial Period Plan date of June 1, 2009. I suffered a permanent financial hardship (paycut at work) during the early part of this year and was running severely low on cash. I was able to document this hardship and financial position with Employment Agreements, Paychecks and Bank Statements.

The most difficult part of the process was getting into the Trial Period Plan. I started the process by filing the initial "Borrower Assistance Form" ( which is now the Homeowner's Information Packet), available on Chase website on March 5, 2009. I got the complete run around for 3 months, before connecting with the right people who elevated my file to get me into Trial Period Plan. I made sure I received a signed Trial Period Plan from Chase before letting Chase Executive Resolution Analyst close my file.

I was only successful because I went directly through the Investor (Freddie Mac). I wrote letters to Freddie Mac legal department and Freddie Mac VP Home Affordable Compliance. These letters resulted in the immediate escalation of my file to the Chase Escalation Department and I was assigned a Chase Executive Resolution Analyst.

On November 1st there will be an implementation of a more streamlined process.... But I don't know how this will actually turn out.

The only way to get anything done at Chase, at least in my experience, was to go through the legal motions. This means writing letters to legal departments of Chase & Freddie Mac citing non-compliance with US Treasury Directives and HAMP guidelines then demand adherence to guidelines.

Secondly don't give Chase a reason to deny you. The underwriters spent a great deal of time trying to find ways to deny my file. Every time an underwriter or Analyst called me I had an immediate answer to his/her questions. Also, if you don't pick up the phone when an underwriter calls you'll probably end up with a "Modification At Risk" packet.

Hope this helps.

[Serenity]

Originally Posted by gordilox86

I made sure I received a signed Trial Period Plan from Chase before letting Chase Executive Resolution Analyst close my file.

Can I ask how did you get them to return the signed Trial Period Plan? I'm not at that stage yet, but from what I read of other's experiences, these signed docs are hard to get Chase to produce.

[gordilox86]

I wrote letters to Chase legal department, Freddie Mac legal department and Freddie Mac VP Home Affordable Compliance, which cited Chase & Freddie Mac non-compliance with US Treasury Directives and HAMP guidelines. I demanded adherence to these guidelines.

These letters resulted in the escalation of my file to the Chase Escalation Department. I was also assigned a Chase Executive Resolution Analyst. The Chase Executive Resolution Analyst is supposed to obtain your permission before they close your file. I would not give the Analyst my permission to close the file until I recieved signed Trial Period Plan. I asked my Analyst if she could see the Trial Period Plan in her imaging system. The Analyst replied yes. I then asked her if she could fax the Trial Period Plan before closing the file. The Analyst sent me the fax with a signed Trial Period Plan.

Please bear in mind, I received the duly executed Trial Period Plan during June 2009. I've read others have had real difficulty in acheiving the task in obtaining the signed Trial Period Plan.

[smit5454]

Gordilox.

Can you let me know if you continued to make the trial payments after the 3 month period was up? I keep going back and forth of whether I should pay or not. I am coming up on my 6th payment, and part of me feels like they won't get this thing going until I stop paying them all together?

[Sunbeam]

Wonderful news! Thanks for sharing. You gave a lot of people needed hope!

[photoguy]

GLOX,

Congrats, that would be a life saver for me! Can you please tell me this: Have you stayed current during the process??

thanks

[gordilox86]

Smit5454,

Short answer is I continued to make a total of 5 payments but I screamed about it.

My Trial Period started June 1, 2009. I made 3 Trial Period Payments, then 2 additional payments for a total of 5 payments.

Each time I made an additional payment I sent a letter to Chase citing the additional payment was to be applied towards the permanent Modification Agreement, which according to HAMP guidelines should have started September 1, 2009.

After the 4th payment I demanded permanent modification in a letter addressed to Freddie Mac & Chase legal department citing the following:

Pursuant to Freddie Mac Bulletin Number 2009-19 issued July 13, 2009 “the Servicer shall prepare the permanent Modification Agreement in sufficient time to allow for processing the 4rth payment by the first day of the month following the final Trial Period month.” Pursuant to the HAMP guidelines I should have received a permanent Modification Agreement by mid August 2009 to make the 4rth payment (first modified payment) by September 1, 2009.

[gordilox86]

Originally Posted by photoguy

GLOX,

Congrats, that would be a life saver for me! Can you please tell me this: Have you stayed current during the process??

thanks

Yes. I have remained current prior to and during the entire process. Credit has reflected a current status with no affect on credit, except for 2 additional hard inquiries where Chase ran my credit report.

[gordilox86]

Originally Posted by smit5454

Gordilox.

Can you let me know if you continued to make the trial payments after the 3 month period was up? I keep going back and forth of whether I should pay or not. I am coming up on my 6th payment, and part of me feels like they won't get this thing going until I stop paying them all together?

My advise is to send a letter to Freddie Mac Legal department, then call Chase Executive Resolution group and get assigned an Executive Resolution Analyst.

Call Executive Resolution analyst to see what status of your permanent modification is and ask him/her if you should continue to make payments.

When in doubt, continue to make payments. Don't sign any more Trial Period Plans and keep sending written demands for a permanent Modification Agreement. In the demands make sure you cite Chase non-compliance with HAMP guidelines and cite the guideline number and issuance date in this correspondence.

[c150000]

GORDILOX86

I have not recived my signed form (the hamp agreement form) back from chase i wll be making my 3rd trial payment.
i called and funny but the loss mitg dept didnt even know what it was,
she put me on hold came back and said " you dont need to have that its not important"
i said sure it is is my proof i had an agreement with you, not having a signed copy could back, you could say you never had such an agreement with me, she said oh we would never do that...

i want to know who i can write to to complaine that i have not recived it yet
would you know who i should write to my loan is fannie mae

or is it not important?

[nativelasvegan]

THANK YOU for posting this information. It certainly gives everyone hope. Something that is much needed these days. Great news!!

[gordilox86]

Originally Posted by cheryl150000

GORDILOX86

I have not recived my signed form (the hamp agreement form) back from chase i wll be making my 3rd trial payment.
i called and funny but the loss mitg dept didnt even know what it was,
she put me on hold came back and said " you dont need to have that its not important"
i said sure it is is my proof i had an agreement with you, not having a signed copy could back, you could say you never had such an agreement with me, she said oh we would never do that...

i want to know who i can write to to complaine that i have not recived it yet
would you know who i should write to my loan is fannie mae

or is it not important?

Critical HAMP Contacts:

US Treasury - appointed by Congress to create and enforce the Home Affordable Modification Program ("HAMP"). US Treasury publishes general/vague directives.

Fannie Mae - appointed by U.S. Treasury to interpret US Treasury directives and publish HAMP guidelines (rules/bulletins/announcements etc...).

Freddie Mac - appointed by US Treasury to enforce HAMP guidelines (U.S. Treasury directives, rules/bulletins/announcement written by US Treasury and Fannie Mae).

With the above understanding I hereby bestow the Holy Grail of HAMP contacts:

Department of the Treasury, Chief Office of Homeownership Preservation, Office of Financial Stability, 1500 Pennsylvania Avenue NW, Washington, DC 20220


Fannie Mae, Attn: General Counsel, 3900 Wisconsin Ave NW, Washington DC 20016


Freddie Mac, Attn: Vice President, Making Home Affordable – Compliance, 8100 Jones Branch Drive, McLean VA 22102


Freddie Mac, Legal Division – HQ – 1 PHO1, 8200 Jones Branch Drive, McLean VA, 22102-3110


Chase Home Finance LLC, General Counsel, 194 Wood Avenue South, Floor 2, Iselin, NJ 08830-2710


Chase Home Finance, LLC, Executive Resolution Group, 3415 Vision Drive, Columbus, OH 43219-6009

In your case I would read the Trial Period Plan carefully. Highlight the passage that states the Trial Period Plan does not become effective until you recieve signed copy. Write up a letter to Freddie Mac, Fannie Mae and Chase Home Finance stating Chase has not followed HAMP guidelines by refusing to provide you a written Trial Period Plan.

If you don't receive the Trial Period Plan signed within 2 weeks, write a letter directly to US Treasury. Make sure you send the correspondence certified, signed receipt required, in case you latter retain legal representation.

[photoguy]

Sorry for the dumb question, but can someone explain to meet what the "trial period plan" is? Is this a prelude to modification??

Thanks

[c150000]

thank you gordilox86

[gordilox86]

Originally Posted by photoguy

Sorry for the dumb question, but can someone explain to meet what the "trial period plan" is? Is this a prelude to modification??

Thanks

The "Home Affordable Modification Trial Period Plan" (Fannie Mae/Freddie Mac Form 3156) is the first step towards a permanent loan modification under the Home Affordable Modification Program ("HAMP").

[gordilox86]

BTW, no question is a dumb question.

[ChaseVictim]

Gordilox86, Congrats!

What was your hardship? Were you behind on your payments? If so, by how many months? ALso, what steps were taken to contact the Exec team?

[snapple candy]

Gordilox,
Congrats, you have worked hard at this. I assume they applied the "waterfall" correctly in your case? How underwater are you? When is your first payment due in relation to your last trial payment?

I did get one of those "Mod at risk" fed ex's twice and called repeatedly and they said they had everything. I then emailed original Chase Fan. Mae negotiator. This is the response I got recently:

"File is ready for final underwrite and it's pending review."

Im not sure what to think about where I am in this process. Is this where the rubber meets the road and they decide to accept or deny me? I am making my 5th trial payment today reluctantly. I like your demand letter requesting final modification.

Thanks for all your postings. they have been real helpful!