Fed-Ex came with Permanent Modification, No Joke!

[gordilox86]

I opened my front door this afternoon and to my surprise I found a Fed-Ex package containing the infamous Modification Agreement! OMG...

For nearly 2 weeks the Exec. Resolution Analyst assigned to my file would not return my calls or e-mails. Last week I received a random call from an Analyst who'd asked to confirm my HOA dues. After I made countless calls to Homeowner Assistance and Loss Mitigation (both had no idea as to real status) over the past 3-4 days, I receive the permanent Modification Agreement this afternoon with following terms:

Original Loan:
Principal: $395k
Rem.Term: 29 yrs
Rate: 6% fixed
Pmt:$2,350

Modified Loan:
Principal: $395k
Term: 36yrs
Rate: Yr 1-5, 2%
Rate: Yr 6, 3%
Rate: Yr 7, 4%
Rate:Yr 8-36, 4.875%
Pmt: Yr 1-5, $1,275
Pmt: Yr 6, $1,460
Pmt: Yr 7, $1,650
Pmt: Yr 8-36, $1,824

Apparently, interest rate has come down drastically since I was originally quoted terms during September 2009, which would have originally caused long-term rate on loan to be 5.375% instead of 4.875%...

Bottom line is the Modification Agreement should result in immediate savings of approx. $1,085 per mo. for next 5 years!

Chase Analysts obviously need to do a better job keeping people informed of what's going on over there!

I felt like I was running out of options. Ready to file a police report against Chase....

[Jillian118]

OK Congrats Gordi!!! Who was your investor?? Do you know!!??

[gordilox86]

Investor is Freddie Mac.

[chevy56]

congrats to you Gordi :~)

[litehouse01]

congrats and best wishes..I am glad you has a positive resole...........

[darkdays]

Congratulations!! These success stories sustain the hope! Thank you!!

[CHANLY]

Awesome to hear of another permanent coming through. Great terms too. Congrats to you!

[c150000]

congratulations !!! sleep well tonight !!!
of course i have questions if you dont mind?
did you fill out an expense sheet? electric water heating ect??
or just front end debt and back end debt?

[Stuart C]

Congrats Gordilox!!! The payoff and all the CC bills can go away (I assume too much of course :╣»)

[gordilox86]

Originally Posted by cheryl150000

congratulations !!! sleep well tonight !!!
of course i have questions if you dont mind?
did you fill out an expense sheet? electric water heating ect??
or just front end debt and back end debt?

I completed Chase Borrower Assistance Form (see Chase website), which includes an Expense Statement twice; 1) on initial application and 2) immediately after sending 3rd Trial Payment.

I was proactive in sending updated information to Chase without their written request as I suspected Chase would send a belated request for Financials to further delay process.

Prior to modification my Income less expense ran a deficit of approx. $750 per month.

After modification my Income less expenses was a surplus of $500 per month.

It is very important that you have a surplus of at least $500 per month after modification. Having a healthy surplus shows Servicer you can make good on your promise and actually sustainably pay on new modified loan terms.

I read that Bank must feel confident you can actually pay before bothering with the Modification process which takes their time and resources.

On the otherhand, you don't want to run too large of a surplus because you can afford payments.

Hope this helps.

[c150000]

thanks for the info

after all expenses, heat eletric ect ect i have a suprlus of 200.00 BEFORE THE MOD
but did not add - gas and any cash for month monthy meds ect

they have not asked for expenses executive resol dept guy iam working with said they done use one for hamp ?????????

so, with out heat eletric ect and just regular mortgage payment tax insur cc and car payment i have about 1300.00 surplus

i cant fiqure it out i just cant! its making me sick !

all as i know my income is 4350.00 just the regular mortgage payment is 2600.00
iam 3 months behind, since i entered into the hamp
i was only 2 at the time

[rachel_p]

Congratulations!!! So happy for you. I can hear the relief in your post. Great accomplishment.

Sleep well!

[exhausted girlfriend]

I have never had to fill out an expense sheet. I was told to send in a list of expenses. I typed them up and faxed them with other docs. My trial payments stared in May.

[c150000]

exhausted gfriend
do you after expenses have a surplus?

[exhausted girlfriend]

i didnt leave much of a surplus, i believe i left it around $200 dollars, but my expense list was very comprehensive. I included everything from clothes budget to savings in it.

[c150000]

thanks
they have not asked me for an expence sheet yet
i was told one wasnted needed
are you chase /fannie mae?

my surplus is also about same as yours then

[exhausted girlfriend]

Cheryl,

i am with Chase.

[smit5454]

Man, I hope all the recent posts of permanent mods indicate that we all have a legitimate shot. I am so excited for all of those that were able to pull it off.

Congrats!

[mom_of_two]

Originally Posted by gordilox86

I completed Chase Borrower Assistance Form (see Chase website), which includes an Expense Statement twice; 1) on initial application and 2) immediately after sending 3rd Trial Payment.

I was proactive in sending updated information to Chase without their written request as I suspected Chase would send a belated request for Financials to further delay process.

Prior to modification my Income less expense ran a deficit of approx. $750 per month.

After modification my Income less expenses was a surplus of $500 per month.

It is very important that you have a surplus of at least $500 per month after modification. Having a healthy surplus shows Servicer you can make good on your promise and actually sustainably pay on new modified loan terms.

I read that Bank must feel confident you can actually pay before bothering with the Modification process which takes their time and resources.

On the otherhand, you don't want to run too large of a surplus because you can afford payments.

Hope this helps.

Congratulations! I am very happy for you and hope to hear the same outcome from all members of this forum.

Did you do your expenses on gross or net?...would appreciate your response on this.

[gordilox86]

Originally Posted by cheryl150000

thanks for the info

after all expenses, heat eletric ect ect i have a suprlus of 200.00 BEFORE THE MOD
but did not add - gas and any cash for month monthy meds ect

they have not asked for expenses executive resol dept guy iam working with said they done use one for hamp ?????????

so, with out heat eletric ect and just regular mortgage payment tax insur cc and car payment i have about 1300.00 surplus

i cant fiqure it out i just cant! its making me sick !

all as i know my income is 4350.00 just the regular mortgage payment is 2600.00
iam 3 months behind, since i entered into the hamp
i was only 2 at the time

If you have a surplus before modification, how can it be possible that you'd be behind on the mortgage? The only way this scenario would be possible is if you omitted expenses in surplus calculation, or you've been paying down other debts (ie... auto loan, credit card bills etc...).

I don't think the HAMP program places alot of weight on the Surplus/Deficit calculation. I was never questioned by Chase on this aspect of the process. As friendly advice, you don't want to give Chase a reason to deny you.

[gordilox86]

Cheryl,

To continue with conversation above, have an excuse for Chase onhand in case underwriter calls you out on the Surplus/Deficit calculation (ie... I had to pay down auto loan to get to/from work, or I realize I ommitted expenses such as entertainment, groceries, utilities etc...).

[gordilox86]

Originally Posted by mom_of_two

Congratulations! I am very happy for you and hope to hear the same outcome from all members of this forum.

Did you do your expenses on gross or net?...would appreciate your response on this.

Good question.

I originally reported Net Income then later reported Gross Income because the forms available on Chase website changed during my Trial Period!!!! I believe Chase form was intentionally setup to trick and delay!

Section 2 of the "Borrower Assistance Form" (found on Chase website during March 2009), requested Net Income. So, I disclosed Net Income.

Immediately after making a 3rd Trial Payment I accessed Chase website to find the Borrower Assistance Form had been renamed to Homeowner's Information Packet which now requests Gross Income...

I incurred unexpected losses during the Trial Period associated with my Business. I called the Analyst at Chase and explained the scenario to him. Had I not been proactive or had I not been able to document the business losses, Chase would have placed me on another Trial Period, according to my Analyst.

This was a down right dirty trick Chase played with the forms. Almost comprimised the entire loan modification.

[Shelly17]

Congrats Gordi!!!
That makes 3 of us now...I sure hope everyone elses is around the corner!!

Shelly

[mom_of_two]

Thanks for the info Gordilox

Glad to know that being proactive you were able to get the mod done...this is the only way to go with these banks.

Congratulations again!!!

[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