Turn around time... - Loan Modification Forum

MALIZNA · 10-27-2009, 10:32 PM

What is the TRUE turn around time with Chase & Chase Wamu for them to finalize or decide on a trial modification.... Why is it taking them 8 months just to decide on a trial mod, when other banks give them to you right over the phone............

exhausted girlfriend · 10-27-2009, 10:44 PM

That is the million dollar question. We all want to know the answer to that one.

darkdays · 10-28-2009, 05:44 AM

There seemed to be 2 methods of approving the mod which are both acceptable under HAMP. The lender could approve base on verbal information and approve the trial period and wait to verify the information and the second is to wait until the bulk of the information is verified and then approve the HAMP. People being approved over the phone are being done based on verbal information and that was a great short term fix for them but has alot of down falls. For example, my household income was provided and is approvable. However, after being denied and seeking answers, it seems the verification of that income has been incorrectly relayed to me and based on the manners described to me the income has not been verified at a percentage of 100%. "Other" income is verified according to certain percentages so rental income is 75%, household "contribution" is 20%. However, if you provide pay stubs for other individuals living in the house (MUST PROVE THEY LIVE IN THE HOUSE i.e. spouse) and they are not on the mortgage you just have to provide their pay stubs or P & L and their salary is considered at 100%. Samantics but it makes a difference.

10-27-2009, 10:32 PM	#1 (permalink)
MALIZNA Member Join Date: Oct 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Turn around time... What is the TRUE turn around time with Chase & Chase Wamu for them to finalize or decide on a trial modification.... Why is it taking them 8 months just to decide on a trial mod, when other banks give them to you right over the phone............

10-27-2009, 10:44 PM	#2 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Turn around time... That is the million dollar question. We all want to know the answer to that one.

10-28-2009, 05:44 AM	#3 (permalink)
darkdays Senior Member Join Date: Oct 2009 Posts: 207 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Turn around time... There seemed to be 2 methods of approving the mod which are both acceptable under HAMP. The lender could approve base on verbal information and approve the trial period and wait to verify the information and the second is to wait until the bulk of the information is verified and then approve the HAMP. People being approved over the phone are being done based on verbal information and that was a great short term fix for them but has alot of down falls. For example, my household income was provided and is approvable. However, after being denied and seeking answers, it seems the verification of that income has been incorrectly relayed to me and based on the manners described to me the income has not been verified at a percentage of 100%. "Other" income is verified according to certain percentages so rental income is 75%, household "contribution" is 20%. However, if you provide pay stubs for other individuals living in the house (MUST PROVE THEY LIVE IN THE HOUSE i.e. spouse) and they are not on the mortgage you just have to provide their pay stubs or P & L and their salary is considered at 100%. Samantics but it makes a difference.

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