Chase denied me, i need advise please!

[MZWITHHOPE]

After making 4 trial payments and almost 5 today I got a letter today stating we were denied, reason: Your income exceeds the maximum for our lending program. The denial before this one about 6 months ago was we didn't make enough! The letter says we were denied for MHA and CMP. I just called them and the person who answered the phone says he doesn't see any notes of being denied. The letter is dated 10/29/09. The guy on the phone says that on 10/30/09 someone approved another trial period and it starts on 12/1/09 and it says my sale date has also been postponed, which I see in realtytrac scheduled for 12/4/09 but every time I call CHASE they tell me there is no sale date? The new payment is very, very high and he couldn't tell me what kind of program it was. It sounds like a payment plan to me since I am 10 months behind and there is no way I can come up with that money. If I don't get a perm mod we will have to move and fast since the sale date is already scheduled although they will not confirm with me on the phone. What do I do now? Do I give up or keep fighting? We are very much underwater and they will loose a lot of money if they don't modify our loan but it doesn't seem they care, does anyone have any advise? Please!!!!!!!!!

[caldwellb02]

Mz - it may be time to call NACA and see what they can do, since your sale date is so close. Also try the Hope NOW folks. Sometimes these people can halt the sale and make them take another look. A good NACA number is Kevin Winn at 617-250-6222 extension 1254. You will have to leave a message. Before you do so, log onto the NACA site (naca.com) and become a member. Then when you call Kevin you can give him your membership number. Tell him your sale is theoretically close but Chase is really clueless and now they denied you after a four month trial. I do believe he will understand. It's just a possibility, but I would try.

This is absolutely criminal and I am so sorry. Also - start complaining up the chain. The Executive Team at Chase, Your Senators and Congressmen/women; the Office of theComptroller of the Currency, your local papers, sign our petition. fight fight fight. This is not right.

[bur342]

Hi,
I was denied as well (received my letter last Saturday). I really believe Chase is putting people into the Trial Period to suck more money out of us. Some money is better than not paying at all right? I firmly believe they put the majority of homeowners on the Trial with ZERO intent on modifying.

They are putting us in more trouble, especially if you went into the Trial current (as in my situation), because now that I have been denied I owe the difference between my real payment and the Trial payment plus this months payment. I will not pay anymore.

I have contacted NACA, but I'm finding it is a slow process. I can recommend trying NACA out, but I'm still in the process so I can't say I have been successful yet.

We put 20% down on our home and are still $150,000 underwater. If I were you I'm not sure I would trust Chase with anymore Trial Payments. I would contact NACA.

Not sure what state your in, but I would check their website to see if there are any Home Save Events coming up soon in your local area so you can meet with someone face to face. Get there early the 1st day if possible.

[shade]

bur342 why were you denied?

[MZWITHHOPE]

caldwellb02 - Thank you, I will contact them both and see if either one can help me. I think you and I have the same investor with CHASE (Deutsche bank) I will also contact the person that approved this unknown plan with the new ridiculous payment.

Shade - The reason was: Your income exceeds the maximum for our lending program.
CHASE

[MZWITHHOPE]

Sorry I hit send without finishing the sentence. CHASE says that means that our hardship isn't enough for a perm mod. I have to admit this morning when I got the letter I was very upset and right now I feel I need to fight until the end. If it doesn't work out at the end then I know I did everything I could and maybe down the road we will be better off. I really appreciate all the encouragement we all get here. If it wasn't for loansafe I would still be in bed crying.

[SwillerAlesbane]

Try not to cry too much. Some is good, it shows you still care and have feelings. Just remember, your life will not change, it's only your attitude. Life will go on like normal, things will progress. If they proceed with foreclosure you start looking for a new place to live.

How many times have we all moved in the past? Is this really anything new and I lived just fine when I rented.

Don't let the banksters and our corrupt government steal your enjoyment in life. Look around and love on them around you....when it comes time for this life to end, you won't be thinking of banksters and fraudulant loans, but all the time you spent with others and the things you've shared.

If I have to, I'll live in a cave, and you know what? Life would still be worth living. Look on the bright side, they haven't figured out a way to tax the air and sun yet.

[snapple candy]

Swiller and all,
I am waiting that almighty elusive perm mod. I know someone posted a link to a calculator that figured how long it would take for you to break even if you were underwater. As suspected, it will take me about 10 years to break even. I have fought long and hard (18 mths) and just cannot find a practical reason to try and hold onto this home. This is where reality/practicality and emotion collide. I really cannot find a reason NOT to walk away. MZ, it may very well be in your best interest not to maintain this home being so much underwater. In the big scheme of things, it may be a "gift" you dont get a modification. I know its hard to let go of our homes, but I feel for at least myself, I might be better off making that hard choice to give up the fight and walk away and start over. WHo needs a ball and chain around them?

[caldwellb02]

I agree that I would be toast without the voice and answers and encouragement I have found on this forum. I have been strangely and wonderfully not depressed the last two days. Forgot how that felt. Swiller is right - there comes a time when it is time to walk away and we/you will be fine renters.

that said, I knew there were guidelines for the value of the loan, but didn't know there were upper limit guidelines for income. that's a new one on me. the banks are really screwing with us.

And continuing to fight but knowing you'll be okay if you lose is a helpful attitude. Actually, the more we fight the more we win, because there are some things that have been happening lately that are definitely the result of consumers like us screaming to all corners of this nation saying "enough is enough." I'm not saying change is coming tomorrow - but i think it could come but only only if we keepup the fight, and I agree with MZ re: the knowledge that we did everything we could will help in the end.

Y'know if I lose my home I am NOT giving this up. I am worried about my kids and grandkids. If the banks continue to have this much power now, just think how much more they can get in the future. this has got to stop!

[MZWITHHOPE]

Swiller - thank you for the encouraging words. I am doing much better this morning. I am going to start thinking that if this doesn't work out it's for the best. I've always said that I have my family and I am healthy and if I have to start over again then I will.


Snapple - Your are right and it's probably best we don't keep this house being so much under water it would take us 10 years to break even. Maybe in 10 years we will be in a better house in a much healthier situation.

There are a million ways these banks could help us and they choose not to but I do believe that what goes around comes around and their day will come. I will fight until the end!!!!!! I will keep you posted once i call tomorrow to find out what plan they are offering me and it it's not negotiable then I will find out how much longer I have to look for a place.

[litehouse01]

MZWITHHOP.........was your loan fannie mae if you don't mind my asking.....I too am courious to see what they will offer you...is bankruptcy an option for you if you still wanted to try and keep the house?

[MZWITHHOPE]

litehouse- no our loan is not fannie mae. We actually filed for BK two years ago when my husband's business started slowing down. We have been struggling since then. The house was included in the BK therefore if they don't offer us a perm mod we can walk away and the bank can't come after us for the deficit and that is why I think they should work something out with us. We are not asking them to reduce the balance all we are asking them is chance to get back on our feet. The truth is no one cares at the bank, we are just another family loosing their home. My husband and I have 3 kids, two under 18 and I really wanted to save our home for them. I do have a wonderful family and they know that no matter where we are, as long as we are together that is all that matters. My husband has been struggling with the guilt of all this being his fault for not having work for 8 months this past year. I am keeping my fingers crossed that tomorrow I can speak to someone that can really tell me why we were denied and if there is anything we can do. I think we can file chapter 13 but I haven't really looked into it because I wonder if walking away is for the best.

[litehouse01]

MZWITHHOPE.....I feel your pain we are in a similar situation my husband basically had to start over again after 34 yrs on the job with his former employer and its been hard it caused us to get 5 months behind on our mortgage we are in the HAMP plan just made our 4th trial payment...but to be realistic with all that have been denied before us I don't hold alot of hope....I do hope they will offer us some kind of repayment if we get denied thats why I am courious what they may offer you tomorrow and will be waiting for your post on this blog...having said that I am researching bk attorneys in my area as a back up to save our home...we don't want to loose our home.......If all else fails I hope chapter 13 can save it but I really can't act yet until we get an official denial so I am doing research into attorneys....I really don't know what else to do at this point...I am loosing alot of sleep and I am worried about my hubby its taking a toll on us and he is not well he has complications from type 2 diabetes.. We have a Fannie mae owned 1st serviced by chase and a second owned by chase.

[MZWITHHOPE]

After speaking to two persons this morning it was discovered that they are offering me a new trial period with a much higher amount because they have my income over $4,000 higher. I told the guy this morning if we made $4,000 more we wouldn't be in this situation. I believe we are not the first ones this has happen to. I read somewhere where they made a similar mistake. He has emailed my new negotiator and I am to fax all our financial so she can review it again. He insists our sale dale has been postponed and there is no sale date as they are trying to work something out. The guy seem helpful and I am going fax everything tomorrow and call them in two days and see what's happening. I am hopeful again with a little spark that maybe just maybe we might have another shot of being approved.

[ISmyhouseISmine]

I also applied for loan midification to chase on 03/09.
Everytime I called them to find the status they said my application is under review. It took them five months, in 08/09 they came with a reason over the phone (no letter in the mail) to deny. Reason was I have more than enough liquidity. So, I asked them to send me in writing.
It took them another two months, in 10/09 they worte me a letter, Now the reson for denial was completely different than they told me over the phone. and it was my income is exceeding the limit to qualify.
Both of the above reson for denial is not true in my case.
how do I appeal their decision?

[Marie T]

MZWITHHOPE...is Chase saying your overall income is too high or too high in relation to your payment? What percentage is your mortgage payment of your gross income? Mine is not FannieMae either, mine is a WAMU owned loan that Chase took over. I think Chase also had figured our income too high when they gave us a trial payment we could not afford. I ended up hiring an attorney after a lot of research.

[MZWITHHOPE]

Ismyhouseismine - call chase again and have them review the income they used to determine their decision. The guy on the phone this morning gave me those amounts and that is how we discovered the error. I am not sure what your situation is but we are 10 months behind and the sale date of our house has been postponed about 5 times so we have to act fast.


Marie T - our trial payments we have made have been 31% of our monthly gross. The new payment would be a lot higher because they have our gross income to be $4,000 more and that is why they are saying we were denied for old payment permanent modification. They are suppose to be sending me a new fed ex packet with the new payment but I am sending all new financials tomorrow and a letter explaining our gross income to our new negotiator. I am hoping they will either open our old file which we were denied or lower our future trial payments than last time since our income has decreased a little in the past 3 months.

[MZWITHHOPE]

My negotiator just called me.......She says i haven't been denied!!!!!!!What is going on with CHASE? I have a letter that says I was. Why do they mess with our minds this way? I am glad I am not denied but my weekend was horrible!!!!!!

[exhausted girlfriend]

Mzwithhope,

They didnt deny you, they adjusted your payments to reflect the income they believe you have and want you to do a new 3 month trial payment before they will modify. I am going through this same situation. They increased our monthly income because my husband taught a summer class that paid him 14,000. So, they changed our trial mod and increased the payments by $500.00. I pleaded my case, and sent in a letter of explanation. I really did some serious pleading to get someone to listen to me and i guess by the grace of God, she finally took me serious and looked at my file again. Well, she immediately got her supervisor to look at it too and they sent my file back to the underwriter with their findings. The underwriter saw and understood my point and cancelled the new trial mod with increased payments and have kept me on the original plan. Now this was about 2 weeks ago and the new plan is still in the system, so they are working on it now to get it officially cancelled. I will let you know what happens in the next couple of day. i was also told not to pay Nov 1 payment because the new trial plan hadnt been completely cancelled.

[MZWITHHOPE]

Exhausted girlfriend: Thank you for sharing with me your similar situation. That's what I figured out this morning. I am hoping for the best now. Please do keep me updated and I will too. Hopefully soon we will be posting good news....

[bur342]

The reason for my denial was "Your hardship is not of a permanent nature." Bogus reason.

My next phone appt. is on Nov. 10th with NACA. I'm just so over Chase.

[kgeriak]

I got a call 2 weeks ago - they told me that The reason for my denial was "Your hardship is not of a permanent nature." i have been doing this since Feb 09. i finally contacted Sen Dodd and he in turn contacted the executive office who contacted me and pretended to help. I have been denied before because I did not make enough money. Now they tell me I make enough and do not have a permanent hardship. Funny since they have 12 months of bank statements and if they really looked at the Statements they would see that the income (I am self employed) has declined steadily since Dec 08. But no they say no hardship. They said i would get a letter which I have not received yet - Still waiting and pay my mortgage within 30 days of the 1st every month. They get every penalty included in their check. I told him that when the letter comes I will be doing this again and again until I get the answer I want. My Rep: Mr. Robinson was shocked - He kept saying Don't do it cause it will be back on his desk. I said sorry. He begged me to call him before I do anything again. I said I would be I still plan on going back to Sen. Dodd's office and pursuing this even harder. It is ridiculous - you would think it would be easier to just fix these mortgages instead of procrastinating all the time!!

[MZWITHHOPE]

Here is my update: I called my negotiator today and we also discovered that my property taxes are about $23,000 more per year in the system, which is wrong. She cannot proceed to do anything until that is corrected. She gave me a number to call and was transferred 4 times when I was finally able to speak to someone in the right dept. She ordered an escrow analysis which will take about 5 to 7 days. In the meantime I sit and wait and hope for the best. I feel that I am going to have a nervous breakdown soon if this continues.

[MHAP76]

MZ, my heart goes to you. It seems that everything went wrong in your case. I hope you document all of the correspondence just in case you ever need to go to a lawyer. It would be good if you can work with one person at Chase so you don't have to repeat the history of your case and can somewhat hold them responsible.

[MZWITHHOPE]

MHAP76 - I have a book of notes with names.