Denied.....

[bur342]

After months of wasted time I have been denied a modification. I started the process last Feb. and resubmitted paperwork in March when Obama announced his plan. We finally received paperwork with the Trial Payments in July to make 3 Trial payments Aug 15, Sept 1, and Oct 1. We did that and I followed up with Imminent Default yesterday and they said that we have been DENIED!

We paid $400,000 and put 20% down. We owe $316,000 and the same house is selling in the neighborhood anywhere from $185K and $220K. We are in a 30 year fixed at 6.75% and we can't even refinance. The bottom line the payment is not affordable.

I want to know why they are even wasting people's time by putting them in the Trial Period. They don't have any intention on modifying!!!! They want to see people fail. It is a cruel emotional game.

We have a phone appt w/ NACA next week. We are Freddie Mac owned, but I am so exhaused from this fight. Chase is so corrupt. I'm not sure if NACA will be able to make a difference.

Approaching a year into this fight NACA will be the last effort and then Chase will have one more house on their hands.

Do you think writing letters to the Executive Office will make a difference? Or any other suggestions are appreciated.

[the R]

Sorry to hear that you were denied. BUT, I was able to get a modification thru NACA last year with WAMU. Terms were not great but it did provide some relief. So there is some hope.
I just applied for a REmodification, if that's a word, under the MHA program so I'm hoping they can truly make my home affordable. I'm upside down in a 2 family and I can't even rent for what my LAST tenant paid with fresh paint, repairs and improvements. Vacant 6 months now. Listing at $100.00 @ month LESS than prior tenant.

[caldwellb02]

Bur - I would fax letters to your Congressman/woman and Senators, and file a complaint with the Office of the Comptroller of the Currency.

Definitely try NACA. Try HOPE NOW. Let people know this is happening to you. Chase is getting away with murder here and it has to stop and we have to let everyone we know of know what is going on. This is absolutely criminal.

[Serenity]

Originally Posted by bur342

After months of wasted time I have been denied a modification. I started the process last Feb. and resubmitted paperwork in March when Obama announced his plan. We finally received paperwork with the Trial Payments in July to make 3 Trial payments Aug 15, Sept 1, and Oct 1. We did that and I followed up with Imminent Default yesterday and they said that we have been DENIED!

Did they give you a reason for the denial?

[MHAP76]

Did they tell you what the reason for the denial was?

[thebubblewasnuked]

I recvd a letter from executive resolution team. It stated after being reviewed , a mod is denied because they feel I can afford the payment.
I bring home 3600. after taxes payment is 1723. resets 8/2011. I have made 4 on the payment plan. What a waste of time! I am walking, but still support our group...

[prindia]

Sorry to hear about it... I know you said you brought home 3600 but the banks are looking at how much you make before taxes. Your Gross pay.

[Sunbeam]

Was your request for modification ever submitted to your investor? I'm wondering if that is the case or not. Don't give up. Write your congressperson, contact Fannie and ask why you were denied! Run the flag up everywhere....contact the executive office too. Don't do just one, do them all! Something might shake loose.

[briknope]

I was wondering how many payments were missed if any?

[bur342]

We have not missed any payments. The last full payment was July 2009 and then we started the Trial Plan Aug 15th. We have never been late.

The best part is they have never sent us a single piece of paper with anything. I had to call and call to get the Trial Period paperwork faxed to me. They claim they sent if via FedEx, but nothing ever came (FedEx is reliable).

My husband had contacted the Executive Team back in August and they happened to call us a week and a half ago (out of the blue) to let us know that our file was being worked on.

I called Imminent Default this past Thursday just to follow up and that is when I was notified we were DENIED.

So if I contact Freddie Mac they should be able to tell me if Chase really contacted them about our Modification? I know Chase has been reporting us late since we entered the Trial Period because Freddie sent me a generic letter stating they were informed we are behind on payments (even though we really weren't), but there are options (like the Obama Plan), but that is what we were in the Trial Period for.

The reason for the denial is no income change. When we applied for the loan my husband was the only one working and his income was the only one we put down. He had a raise since 2007 and that was taken away along w/ a week furlough just this past July 2009 due to cutbacks, but that put him back to the same salary as 2007 when we applied for the loan. I can't find full-time employment and the bottom line is our payment is at 50% of income and I explained previously the value has crashed on our home.

These lenders are predator's and I see now we should have never been approved for the loan we are in. My husband left 2 messages at the Executive Office this week and of course no phone calls back. My phone appt with NACA is this Thursday. I have already done the mandatory workshop. I will also look into Hope Now.

Thanks for the advice on writing my congressman. After hearing DENIED I had a hopeless feeling, but I have to get that fire back to fight!!!!!!

[Sunbeam]

bur342...it does not sound as if you are being treated fairly. If your mortgage payment is 50% of your gross, and that is what it was when you first got the mortgage, then you should never have been approved in the first place! "no change in income". oooo, this makes me angry. I hope you fight this until you win!

[briknope]

Sorry to hear of the denial, but the reason why I asked the question about being current or not is the fact that there appears to be no help for those that are in fact current like yourself. Apparently you have demonstrated to your lender that your mortgage is affordable, by keeping the payments current. If you make the decision to keep current by draining savings, retirement funds, maxing out credit cards then any lender will never stop you from doing that and say "here, we will lower your interest for you" or something of that nature.

Not saying that you fall into any category or anything, but I do believe that many many people were snowed into thinking that Obama will help or "The Bank" will help. Then apply for modifications because their income dropped (whose hasn't?) or they are upset about the home being underwater. They are clogging the system.

I am currently 6 months behind, and am starting to see a little action on their part to do something. Something meaning foreclose, modify, or whatever they come up with. Are you willing to throw the FICO score to the wind and see what happens? That is pretty much what you have to do. Thats a fact. If the mortgage is 50% of your income, then most likely you will default sooner or later. Might as well make it a "controlled default" and bank money for that rainy day and see what they come up with.

[darkdays]

Originally Posted by bur342

We have not missed any payments. The last full payment was July 2009 and then we started the Trial Plan Aug 15th. We have never been late.

The best part is they have never sent us a single piece of paper with anything. I had to call and call to get the Trial Period paperwork faxed to me. They claim they sent if via FedEx, but nothing ever came (FedEx is reliable).

My husband had contacted the Executive Team back in August and they happened to call us a week and a half ago (out of the blue) to let us know that our file was being worked on.

I called Imminent Default this past Thursday just to follow up and that is when I was notified we were DENIED.

So if I contact Freddie Mac they should be able to tell me if Chase really contacted them about our Modification? I know Chase has been reporting us late since we entered the Trial Period because Freddie sent me a generic letter stating they were informed we are behind on payments (even though we really weren't), but there are options (like the Obama Plan), but that is what we were in the Trial Period for.

The reason for the denial is no income change. When we applied for the loan my husband was the only one working and his income was the only one we put down. He had a raise since 2007 and that was taken away along w/ a week furlough just this past July 2009 due to cutbacks, but that put him back to the same salary as 2007 when we applied for the loan. I can't find full-time employment and the bottom line is our payment is at 50% of income and I explained previously the value has crashed on our home.

These lenders are predator's and I see now we should have never been approved for the loan we are in. My husband left 2 messages at the Executive Office this week and of course no phone calls back. My phone appt with NACA is this Thursday. I have already done the mandatory workshop. I will also look into Hope Now.

Thanks for the advice on writing my congressman. After hearing DENIED I had a hopeless feeling, but I have to get that fire back to fight!!!!!!

It doesn't sound like you are eligible for HAMP but did you consider the other program? Refinance? It is for people who are not behind and give you a chance to reduce your interest rate which reduces your payment. It seems alot of people who are not behind are failing to use this option and are heading straight to a modification when they should be applying for a refinance. go to www.makinghomeaffordable.gov and read up on the other program.

[darkdays]

Originally Posted by Sunbeam

bur342...it does not sound as if you are being treated fairly. If your mortgage payment is 50% of your gross, and that is what it was when you first got the mortgage, then you should never have been approved in the first place! "no change in income". oooo, this makes me angry. I hope you fight this until you win!

It is not 50% of his gross; it's about 45% of his NET. That is the problem.