Chase modification w/a twist...

[the R]

Last year NACA obtained a modification from WAMU for my loan, it was crappy yet gave me some breathing room. WHen I learned about the MHA program in August I called and was told I'm eligible to apply for a modification under MHA. So on Aug 24, 2009 I submitted the application and my documents. Back and forth since then updating and resubmitting as per their request. I am told that the file is now being handed over to underwriting. Anyone ever see or hear of a case like this. The terms of the sucessful mods I've been reading in the forums are much better than what WAMU gave me. Trying to be hopeful that they will assist me but realistally don't think they will.
The prob was in March 2009 my tenant moved out on a 3 day notice with no security in place. He'd been there since 2001 and I purchased in 2006. Needless to say I had to paint every wall, ceiling, baseboard, door frame etc.. In addition to repairs. I also upgraded by putting down a new tile floor in the kitchen and refinishing the wood cabinets. On the market since 8-09 and As of 10-1 I am listing it for $100.00 LESS than the previous tenant leased for in an attempt to sign a lease ASAP.

[Evan Bedard]

Hi the R,

I am told that the file is now being handed over to underwriting. Anyone ever see or hear of a case like this. The terms of the sucessful mods I've been reading in the forums are much better than what WAMU gave me. Trying to be hopeful that they will assist me but realistally don't think they will.
The prob was in March 2009 my tenant moved out on a 3 day notice with no security in place. He'd been there since 2001 and I purchased in 2006. Needless to say I had to paint every wall, ceiling, baseboard, door frame etc.. In addition to repairs. I also upgraded by putting down a new tile floor in the kitchen and refinishing the wood cabinets. On the market since 8-09 and As of 10-1 I am listing it for $100.00 LESS than the previous tenant leased for in an attempt to sign a lease ASAP.

Yes once your case goes to underwriting that means your getting pretty close to a decision. Though these lenders are overwhelmed and that decision can come anywhere between 2 weeks and 2 months..

[the R]

Originally Posted by Evan Bedard

Hi the R,



Yes once your case goes to underwriting that means your getting pretty close to a decision. Though these lenders are overwhelmed and that decision can come anywhere between 2 weeks and 2 months..

The call center rep told me that it's SUPPOSED to be a 30 day wait but admitted that things run slowly and can take from 45-60 days, I actually appreciated her honesty.

[Evan Bedard]

Thats good at least she did not bs you like most reps will.

Good luck and keep us posted!

[the R]

Update....

Contacted Chase and they informed that my file is now in final review and should be in the underwriting department within 1 week. I was asked to call back in a week to get an update. The rep again told me that the prior modification by WAMU will not be a problem.

Also some good news I finally signed a lease on the rental unit. DO I forward this info to Chase or do I wait until they ask for it?

[Evan Bedard]

Also some good news I finally signed a lease on the rental unit. DO I forward this info to Chase or do I wait until they ask for it?

This is going to change your situation completely and probably have to restart the process. Now that you receive more income they will have to rework your case..

[the R]

Originally Posted by Evan Bedard

This is going to change your situation completely and probably have to restart the process. Now that you receive more income they will have to rework your case..

So it's not something the underwriter can do? I was under the impression that without it they were going to tell me I can't afford my house. That does kinda blow that I gotta start over again. It took me from August to get to this point. Based on some of the threads I read here I'm thankful for the income since others are doing worse in these hard economic times.

[kbspots]

don't ask, don't tell would be my policy.

[the R]

Made my weekly status report call and my file is OFFICIALLY in the underwriting department as of 11-10-09. They said I should recieve a letter in the mail by Decemeber but no later than January.

I checked the rice of my home according to Chase and I only lost 50k in the value of the home which is 25k on the mortgage. My appraisal at purchase, 2005, indicated I had 25k in equity.

SO now I wait and hope.....

[the R]

Soooooooo. I have an 80/20 loan and called Chase to make sure EVERYTHING was being processed and my 20 loan was removed 11-6-09 due to an incomplete package!! WTF The 80 loan is in underwriting but the 20 removed for incomplete documents. I submitted ALL dcouments with both loan numbers on them so how did Chase arbitrarily remove the 20 loan due to incomplete documents?

[Sarah Kreen]

i paid three months of a trial period and was then denied with my loan in underwriting. my auction date is in 3 weeks. good luck.

[taz007]

Originally Posted by Sarah Kreen

i paid three months of a trial period and was then denied with my loan in underwriting. my auction date is in 3 weeks. good luck.

Did they say why you were denied?

[canyonrats]

I would like to pursue a class action law suit against Chase and WaMu. My daughter has been in Loan Modification for two years. WaMu has continuously “lost” “misplaced” her paperwork. She has tried her best to work with them. Finally, she signed a Loan Mod aggreement with Chase and started the payments five months ago.
She has made her payments on time. On Oct. 27th Chase/WaMu again
requested yet another packet of information. She complied and as always sent it along with her mortgage payment FedEx On Oct 27th. Chase received all the information with your check on Oct 30th.

On Nov 13th., without any warning, without any notice, Chase auctioned her home.
They said she was late. She has a receipt, she was not late.

She needs to stop this.

If anyone who reads can help, please contact me. as soon as possible.
Thank you.

[Sarah Kreen]

In the letter I received saying I was denied it said it was due to my Experian credit report. I pulled the report and the only negative was this mortgage stuff and an 80 dollar collections on a hospital bill i didn't even know about. i don't have any credit card debt or any other loans. When I called Chase, I spoke to someone in loss mitigation who read my file and said it was b/c i didn't make enough money. Also, I spoke incorrectly, I paid SIX MONTHS on the trial plan and was denied.

[canyonrats]

You know what, that is ridiculous. You should talk to someone else. Do you know your FICO score?

Most people that go into Loan Mod have credit problems. That's the point.

When did they deny you? I would fight. You made six payments. You proved you can pay. Fight them.

[kbspots]

Didn't you see the news story in the paper last week where Chase "accidentally" sold someone's house. I copied that sucker and sent it immediately to Jamie Dimon and his cronies offices along with a few other choice words. Chase made a statement that they were working with the family to either buy the house back or provide other living arrangements. So I sent this to Dimon and I requested that since they had sold my loan to Duetsche when I had a loan modification application in a month before they sold the note to Deutsche, that they should buy my loan back from Duetsche and offer me a mod. Two days later I got an email requesting my latest information for a mod. So I think they are considering the Hamp now but nothing in stone yet. Hope this helps. The article is on this web site somewhere.

[canyonrats]

No I have not seen that article. I will try to find it.

As I wrote in my post. Jamie Dimon's assisant told my daughter they would stop the eviction, forclosure and sale. They said they would followup with her and call yesterday. No one called her. My daughter called and left a message. No one has returned her call.

Were they telling the truth? Would they call us and then do nothing?

I just do not know what to think now. I am understandably worried again.

What do you think?

[kbspots]

Heres the link. Bank Accidentally Sells Couple’s Home - Money News Story - KPHO Phoenix. Use it for ammunition against them. Tell them they did the same to you. Do you have Jamie Dimon's email address?