Denied - Can someone elaborate on the exact meaning of a permanent Hardship? Also, doesn't the HAMP cover job loss and reduction in income?

[ChaseVictim]

I've seen a previous post with an exhausted list of hardships. Can someone explain if they have seen anything within the US Treasury guidelines that specifically identifies that your hardship must be permanent in nature? Please elaborate on the definition of whats considered permanent in nature. Also, explain whether a job loss by your coborrower would qualify or disqualify you from obtaining a HAMP loan modification? Lastly, i indicated a significant reduction in income on my hardship affidavit and have proof to back it up with my W-2 and 1040.


Today:

I called the Hope Now hotline and spoke to a member of the esacalation team. She agreed totally with me and sent my escalation up the chain of command. Has anyone executed a hardship with the hope hotline?

Please indicated if you have a same or similar denial.

Denied: HARDSHIP NOT PERMANENT IN NATURE

REASON:

1) Bank stated that I make the same as I did in 2007 during time of loan
origination. This is not true at all. Why submit a 4506T if there not going to
use it?

2) Coborrower is unemployed and looking for work

[snapple candy]

When it comes to anyone that is unemployed, it appears they are now saying unemployment is not a "permanent" hardship.

As for your income and IRS W-2 wages. I think that some of these processors at Chase misread and misinterpret alot of documents. It is your responsibility to set the record straight. Call, fax, and sent certified letter to the person handling your modification application. And dont give up.

[ChaseVictim]

Thanks. I'm not giving up and I have my Attorney who handled my short sale on board to assist. Also, filed an official complaint with the attorney general and provided all documents to state my case.

So your saying that unemployment is not permanent. Does the HAMP allow temporary hardships? unemployment or reduction in income?

[ChaseVictim]

Wouldn't they take into consideration unemployed for more than 12 months? Also, it appears in my case that I would have been qualified due to a significant reduction in income from 2007. My case isn't assigned to anyone it was in imminent default department since july then went to underwriting August 31. The underwriting dept reviewed my file twice also, a BPO was done and my credit was checked. Why would they review my file twice and make the decision to deny my request when they knew
when the openner reviewed my file that my wife was unemployed and I stated a reduction in income and plenty of proof to back it up.

[litehouse01]

Reduction in income is a hardship is it not????????????

[davephx]

Sounds like may be hung up on unemployed wife seeking work. Did you tell them the seeking part?

[ChaseVictim]

I didn't tell them seeking work I attested to it in my Hardship affidavit and my wife signed it. I have proof that she has been applying for jobs. The job market is extremely tough right now. Also, Can you tell me why they would disclude my hardship (reduction in income) which is actually both of our hardship because it takes away from combined household income? What i'm asking for clarification is can someone explain to me whether a reduction in income is considered permanent or temporary and whether the HAMP covers a reduction in income eventhough they have you check off on the paperwork if this is your case? At what percentage of a drop would be significant to be considered a reduction in income?

[evo13]

Did your property tax go up? Medical bills, a death in the family in which your monthly expenses are affected? Chase takes these things into account also. Keep trying to find things your probably not even thinking about.

[caldwellb02]

I got the same hardship denial. I have the same job I had when I bought the house. My son, who was paying 1/2 of the mortgage but is not on the loan, has had a reduction in salary and now is not paying. That is my hardship. Its DEFINITELY permanent. At least for the next few years. Well before that time if I don't get the mod I don't have this home.

I say Resubmit and/or Call up the chain. It's frankly a stupid reason. Chase is re-reviewing miine with no changes in income or my hardship.

[ChaseVictim]

We've had medical bills because wife has no insurance and my companies insurance is out of reach more than triple the cost of insurance when If I add my spouse. So believe me she wants to go back to work because she doesn't have insurance now. As for the permanent BS. I agree with Cadlwellb02 its not a good reason to be denied just a lame excuse with nothing to back it up. I'm the Borrower my wife did cosign for me to help solidify us from getting a good rate and loan for that matter in 2007. I'm knocking on the door steps of the Executive team and have filed an appeal with the attorney general's office and have a lawyer for legal representation. I will keep everyone on this site in the loop on how things pan out.

[caldwellb02]

ChaseV - how did you file an appeal with the AG? I never thought of that. Was it through the lawyer, or did you do it yourself?

Also - what state are you in?

[evo13]

A post by mhap76 yesterday had a copy of a pamphlet insert by Chase. It clearly states job loss, and income reduction. I can't understand why you are not being given a trial period at least. I spoke to a collection agent who I told a payment this month was not going to happen. He put me on hold for a while and a Ryan came on and told me he was giving me a trial hamp. I was so furious at the collector's call, I really didn't believe this guy. I had to sit down. This was last Saturday. FedEx came yesterday. Everything in it was correct down to the payments he quoted me. 31% of our gross income and just like that it was done. I have been stressing with phone calls since May 1st. We are 4 mos passed due and the 1st trial payment starts Dec 2009. I will try and find his number for u. My cell phone was stolen and it was in there.

[ChaseVictim]

I'm in IL. My AG sent a packet via email and I provided basically everything that I sent the bank and solid reasons for appeal. I've included '07s W-2 because the bank says I make the same now which tells me that they didn't even review my 1040 or W-2s from that year. Also, faxed over a 4506-t to IRS to have it sent directly to AG. You can also, try helpwithmybank.gov the more of us that complain about the same issue the better chance we have at correcting these inaccurate denials by Chase. I have an open case with US Treasury by filling out the complaint form on the site.

[caldwellb02]

Thanks Chase. I do have a case with the Office of the Comptroller of the Currency, and have sent numerous faxes to all of my political reps here in CA. I'll try U.s. treasury and the AG.

Problem with the Treasury is Geithner is one of the good ole boys......

[litehouse01]

We are still waiting having made our 4th trial payment however I am wondering in my situation husband had to retire from his previous employer after 34 yrs because of downsizing and we lost income he finally found another job to offset retirement income after months and months and using all of our 401k to survive ...I am not currently working because of taking care of our infant grandson but I do collect a small pension monthly from my former employer but I am actively looking I don't think that should be held against me. Any thoughts. Technically I am retired so I hope they don't come back and try to use the denied because unemployed card.