Chase is using the trial mod to more properties into active forclosure

[Outddorsy1]

I have an property with roughly 10 k in equity between a first and equity line. Wa Mu (now Chase) holds the first. Chase hold the home equity line. My take and my monthly expenditures are even (no monthly surplus). The property is worth about 300K.

I became behind in my mortgage in 2008 until I aquired new employment. From that point throughout this year, I have hovered at 4 months behind. Not losing ground, not gaining. No active forclosure. Wern't these banks that relied upon taxpayer bailout supposed to extend it to foue months? Well they found a way out of that implication care of the trial loan modification program.

First Wa Mu lost my loan mod papers. That took four months for them to figure out. Then I was contacted by Wa/Mu becoming Chase in August and was told I should apply again on the phone. It was at this time I was introduced and approved for a trial modification. I was not in active forclosure at the time. I paid as agreed for two payments (6 weeks) while waiting for paperwork...which never arrived.

Although I entered this program at their suggestion, and paid as agreed, they used use the fact that lower payment was not a "full" payment, which tipped the mortgage beyond 4 months and kicked into active forclosure. Now I am told I don't qualify for a loan modification, and they want the full amount back due and laywers fees to boot now.

Don't take a temporary tril modification! It is just a hoax to get you in deeper and drive up more fees...plain and simple. If they offer to you, accept it but continue to make the full payment while they fumble around...they will use the program against you later on...trust me.

As Chase maintains a wall around this department, they have made it simply not possible to speak with the same person twice. No last names are given out. Employee three letter "numbers" are difficult to get them to offer, and phone exentions will nto be provided (the one I did get they claim they can't forward me to, go figure). Each call is a new person, a different take on the facts, a new explaination of why I owe more now after accepting thier trial loan mod suggestion.

I did get a few of them to admit the temp loan mod papers where never forwarded to the note holder, hence the underlying move for forclosure (the payment is held in suspension and the note holder was not notified). The new WaMu / Chase organization is simply too large, one hand does not know what the other is doing, and it appears to be purposely set up that way. They are simply using this trial loan mod program to put the sqeeze onto those that are teatering. It is not Help for Homeowners...it really is about how can we trip them up more and be done with this loan...no doubt about it.

I am told to now wait while they see if other options are avaiable. If do not work with me, I will site on the property, live rent free, and suck every drop of equity out of it, and stretch it out as long as possible care of some cheap family laywer services. For a mere 6k behind, they risk losing roughly 30-35 k in a forclosure to chase 10 k in equity the property holds. Whoever is crunching the numbers over there is clearly clueless. I am gainully employed and with expecption of 18 month blip, have mantained great credit.

Again, don't fall for the trial loan modification, it is simply a trap to get you into active forclosure. A few of the callers may seem nice, but in the end there seems to be the guys behind the scenes with other plans.

[c150000]

hi
well i suspected this,,,,,,,, but were you ever on the hamp trial did you get
a hamp trial package?

have they told you you could pay some of what you owe? while waiting for other options?

or are they refusing any payment?

[blueberry4]

This is identical to our situation. Denied the Mod because situation is no a permanent hardship (I don't know how much more permanent self employment can get?) Now, because of the denial we are 4 months behind. Making Modification payment instead of full payment x 6 months = 3,500 behind. WTF?!?!? I was told that I could have been making the full payment instead of the mod payment, then I wouldn't be in this situation!! I was also told that the modification was a done thing and just to fill out the paperwork and that would be that!!! Boy do I feel STUPID!!!! Now what can we do that have us by the you know what!!!!

[prindia]

Were you on the MHA plan or was it just a forberance plan that Chase put you on. There is a big difference between the two.

[blueberry4]

I was told that it was a Loan Modification, MHA, signed trial agreement and everything. I also asked someone yesterday what the difference was between Forebearance and Loss Mitigation Payment Plans...They told me that Chase does not do Forebearance!

[prindia]

Originally Posted by blueberry4

I was told that it was a Loan Modification, MHA, signed trial agreement and everything. I also asked someone yesterday what the difference was between Forebearance and Loss Mitigation Payment Plans...They told me that Chase does not do Forebearance!

That is a total lie. Chase do offer Forebearance plans. When I first called them they put me on a trial payment plan when I received documents it said forebearance plan. I then called them back and asked them why I was not approved. My case manager said ooh it's because of the numbers you gave them. Well I hung up and called someone else they said i was approved for the MHA plan two days later I did receive the fed ex package. It was two hundred dollars higher than the first payment but I knew it was MHA plan because the forms said it.

So what I am trying to tell you is that they do offer Forebearance and MHA plans. Foreberarance is not helpful because after the trial you will need to pay the balance that is due. Keep calling till you get someone that knows what they are saying.

[blueberry4]

Originally Posted by prindia

That is a total lie. Chase do offer Forebearance plans. When I first called them they put me on a trial payment plan when I received documents it said forebearance plan. I then called them back and asked them why I was not approved. My case manager said ooh it's because of the numbers you gave them. Well I hung up and called someone else they said i was approved for the MHA plan two days later I did receive the fed ex package. It was two hundred dollars higher than the first payment but I knew it was MHA plan because the forms said it.

So what I am trying to tell you is that they do offer Forebearance and MHA plans. Foreberarance is not helpful because after the trial you will need to pay the balance that is due. Keep calling till you get someone that knows what they are saying.

I was on the MHA Trial mod and was denied!!! Can we apply again and if so, what exactly are they looking for in order to approve you??? My husband is self employed and because of this we eventually got to 3 months behind...business is better and we are able to keep making the monthly payments but we are teetering on foreclosure...have been for 1 1/2 years. Can ONLY afford the payment we have (barely) and cannot afford to try to payoff the amount we are behind, which leads to LATE charges EVERY MONTH!!!! No happy ending in sight!!!

And, they denied us because our hardship is not permanent and according to our income we CAN make the payments!!! How much more permanent can it get!!! Someone else living in my house?!??!?!

sorry...just venting!!

[Outddorsy1]

My application (2nd application they lost first paper one) was taken over the phone. They stated I qualified for trial loan modification. At the time I was not in active foreclosure. I made the requested payment. The following month I spoke with Chase again. The acknowledged I was waiting on my Loan Mod papers, and they took the next payment. Sometime within the next two weeks, they placed me in active forclorsure with no notice, no papers. They claim that the although they could see my loan mod application, the notice was not forwarded to teh noteholder...basically it went nowhere again, and the lower payment kicked me into beign another month behind. I had no intention of begin antoehr month behind. I was requesting a loan mod, forgiveness of the back due amount, forbearence, whatever the best deal was. Instead, they used this tempary loan mod program to place me into active forclorsure.

Thiefs....no other way to view it from where I sit. I had not been falling any further bedind the whole year...until I entered this trial program, at their suggestion. Now they claim nothing can be done.