In-house modification with HAMP terms?

[chasepmt2hot-firefighter]

Anyone seen an In-house modification with HAMP terms lately?

Or...awesome terms? 2%, 3% or 4% Fixed or step?

[rachel_p]

We received an in-house mod and it follows the 31% of income rule.

[rsar999]

mine is also an in house- got the 2, 3, 4, 5 fixed. and my payment is about 25% of my NET income maybe a bit less. not sure what that was all about

[chasepmt2hot-firefighter]

Great...both from Chase?

[BudgetCutsinOC]

I just found out that I got denied for a Government remod and now Chase wants to give me an "inhouse" type remod. I say say F. That!!!!

[chasepmt2hot-firefighter]

What if the terms were still the same? 31% of gross, 2-3%, 30-40 years? All you would be missing would be the 1K per year. Possibly a solid term of the note and not the step. I'm all for it if they toss me this deal. Am I missing something?

[exhausted girlfriend]

chasepmt,

no you arent missing anything. I would take an in house mod too, if it is good terms, i dont care who is giving it.

[rachel_p]

Our in house isn't on a sliding interest rate scale like I've seen so many here talk about. It is a new fixed interest rate for the life of the loan.

[Mountain life]

For those that have received an in-house CHASE modification: were you current on your loan when you got the modification? I have been told by the CHASE reps that in order to get an in-house modification you cannot be current on your loan.

[litehouse01]

budgetcutinoc............did they give you a reason for the denial? And what kind of terms did they offer with an inhouse mod was it similar?

[Marie T]

Originally Posted by Mountain life

For those that have received an in-house CHASE modification: were you current on your loan when you got the modification? I have been told by the CHASE reps that in order to get an in-house modification you cannot be current on your loan.

well here I have been freaking out about being five months behind!! maybe this can actually work in my favor? I would be so happy to get a 31% if it included the property taxes and insurance that would be doable! I know I have to have a Chase in-house mod ... I did not think that Chase in-house mods would be as low as 2%????? what would that be dependent on?

[joleslaurent]

What are the figures involved of "these" inhouse mods? I have 658,000 loan amount at 5.99% for 30 years. Monthly payment is $4,132.64 Chase would not modify our loan. We got the house in 1999 when bought of use made 120k a year. Now our income is 70k. It's been a steady decline since 2005.

The Chase homeownership in Santa Ana (employee Art Moore) told me that Chase will take too much of a beating if they modify our loan - roughly $300,000.00

Oct. 16th was the last day to pay the Oct. mortgage payment and still be current. We could not make that payment. This month would be the second missed payment. Art Moore said that Chase will foreclose on the house after the third missed payment.

[nbtapia1]

Originally Posted by exhausted girlfriend

chasepmt,

no you arent missing anything. I would take an in house mod too, if it is good terms, i dont care who is giving it.

What is in House Modif? and what are the term? please advice. Thansk.

[Sunbeam]

In anser to nbtapia1, an "inhouse" is a modification created by your lender/servicer that is outside the HAMP rules. They can do whatever they want or don't want under these terms. I got one from Citi/Freddie at 4.5% fixed, extended terms to 40 years. This put me at, including my 2nd at about 25% of mortgage debt to income. It was a long hard battle...I had extenuating circumstances, got turned down ALOT before this came through just last week. I posed under the Citi posts "Wit's End".

[nbtapia1]

Originally Posted by Sunbeam

In anser to nbtapia1, an "inhouse" is a modification created by your lender/servicer that is outside the HAMP rules. They can do whatever they want or don't want under these terms. I got one from Citi/Freddie at 4.5% fixed, extended terms to 40 years. This put me at, including my 2nd at about 25% of mortgage debt to income. It was a long hard battle...I had extenuating circumstances, got turned down ALOT before this came through just last week. I posed under the Citi posts "Wit's End".

Sumbean
I am in trial period right now... is it mean is not sure i will approved? and then i will have to apply again, and then wait all the same long time again....

[Sunbeam]

While you are in trial, you should keep in touch with your negotiator. Don't just ride it out. Find out if they need more info to make a final decision, how close they are, what terms they are considering...can you afford the trial amount? Make sure they are listeing to you and looking at your circumstances....you should not have to "start all over again", but YOU have to be proactive. Keep in contact....Does this help? I hope so! There are no clear answers on how or why in inhouse will be made, but if you have a situation then keep working at it! Keep us posted on your progress. We are all pulling for each other and every success is a blessing!

[joleslaurent]

Did you pay your property taxes but did not pay the mortgage? Would the Chase pay the property tax?

Sunbeam, you are right! Every success is a blessing.

[nbtapia1]

Originally Posted by Sunbeam

While you are in trial, you should keep in touch with your negotiator. Don't just ride it out. Find out if they need more info to make a final decision, how close they are, what terms they are considering...can you afford the trial amount? Make sure they are listeing to you and looking at your circumstances....you should not have to "start all over again", but YOU have to be proactive. Keep in contact....Does this help? I hope so! There are no clear answers on how or why in inhouse will be made, but if you have a situation then keep working at it! Keep us posted on your progress. We are all pulling for each other and every success is a blessing!

Thanks, and who pay the taxes while in trial period...

[exhausted girlfriend]

Sunbeam you are right. every success is a blessing. the way i see it, we will never see banks doing mass modifications in our lifetime. I see it as a second chance.

[Sunbeam]

Originally Posted by BudgetCutsinOC

I just found out that I got denied for a Government remod and now Chase wants to give me an "inhouse" type remod. I say say F. That!!!!

Not sure why you would say F, that....I got an inhouse and the terms are BETTER than HAMP...but if you insist on getting the government remod rather than what would be best for you as a consumer, be my guest. Sorry for the sarcasm, usually not my style....must be having a grumpy day.

[Sunbeam]

Originally Posted by nbtapia1

Thanks, and who pay the taxes while in trial period...

I did not have taxes due during my trial. Now that my permanent is in place, Citi/Freddie are requiring I have an escrow account and they will pay taxes, insurance out of the escrow count. It will take awhile to build up the right amount for taxes/insurance to come out, so they are allowing me to pay the difference over 5 years. I will try to scrape up the difference so I don't have to pay it out over time.

I would ask your mortgage holder if you are responsible for taxes/insurance during the trial...because, it depends....

Take care!

[Sunbeam]

Originally Posted by joleslaurent

Did you pay your property taxes but did not pay the mortgage? Would the Chase pay the property tax?

Sunbeam, you are right! Every success is a blessing.

When I started my trial, I did not have an escrow account because I always paid separately my tax/insurance. Also, during my mod I had no taxes due, but I did pay my own homeowners. Now that my mod is final, there is an escrow account being created and Citi will pay these bills.

You need to ask Chase if they are paying property tax or not...if they were doing it before, I imagine they still would, but don't leave it to chance. Last thing you need is have a lien placed due to past due taxes. Yipes!

[litehouse01]

With the chase in house mods how does that work? Do they require money up front in the form of x amount of payments? or is it run on the oder of the hamp program? Anyone been told they got denied for a perm mod with HAmp and chase offered an inhouse program?

[rachel_p]

Our is Chase. In house.

We were 6 months behind once we received the permanent paperwork. We were 30 days late when we started the process, and didn't pay the other 5 months because they told us not to, or the payment would be returned to us.

We are now fighting to get those "lates" removed from our credit report.

Escrow: By the time our homeowners insurance and taxes came due this fall, our escrow account was at $0, and we weren't making payments at all. Chase paid both the insurance and the taxes on time as promised. We called and asked them if they were going to or not, and they said that all scheduled taxes and insurance would be taken care of.

[smit5454]

I was told initially that I qualified for a modification from an investor participating in the Obama plan. My paperwork from the trial mod says "Chase Home Modification Program", not MHA. Every time I have asked them to reverify the terms, they have indicated 2% years 1-5, yada yada yada. I have now paid payment #6. The only thing I have accomplished is having my credit destroyed since Chase has been reporting payments 4/5/6 as late since they are "Outside of the trial plan", but they'll "Fix it once its permanent".

I received a call from the executive resolution group, and have a person who was going to "help me figure out why the permanent mod is taking so long". Well, its been about 2-3 weeks, and I periodically receive an update that she "emailed the analyst but has not heard anything yet". This has happened over and over. She needs to call this analysts "A" until she gets an answer ASAP.

I was able to figure out her email by trying multiple combinations based on her name and using the one that did not get kicked back. It helps some since I now receive replies via email versus using the phone.

No idea why it is taking so long, or why they can't tell me why.

At this point, I have ruined credit, won't be able to get a car loan since my FICO is now low 5's based on the 60 days late reporting by Chase, and if I don't get a permanent mod they will expect the back owed payments which I don't have, and I will also get to send the IRS a fat check in April since my 6 trial payments have accrued nothing from an interest standpoint (Probably cost me about $4-5k in taxes).

Thanks Barack and Chase!!!!!! GREAT program. Just as they get paid to convert loans to permanent and other incentives, why not make them pay the same $^&$$ fees BACK to the government for every one they DON'T complete on time? That would "learn em"