Forum Newbie Help

[MrAbeFroman]

Hello and thanks in advance for the help and information. Wish I had found this forum a few months back after the run around I’ve seen.
I have a Chase loan that originated with WaMu. I don’t know who the investor is, but the mortgage was done under a program sponsored by the City of Chicago that gave down payment assistance.
I got 2 months behind in January of 2009 due to excessive other debt most caused by medical bills. My loan was 2.5 years into a 30 year loan at 6.1%. My mortage payment was $2046. I began the process of modifying my mortgage in February of 2009, at that time I resumed making regular monthly payments, which kept my out of foreclosure and kept the collectors off my back.
Since then I have sent in reams of documents, most of them multiple times. I’ve really gotten the run around, I’ll spare the details. Back in June I finally was put in on a Trial Modification. I’ve made 4 Trial Mod payments and was about to make a 5th when I got a permanent Modification. My loan was stretched out to 37.5 years but the interest remains at 6.1%, the payment is now $1890. I’m mostly back on my feet now, although my financials are still pretty shaky. Even that modest $150 helps me get on a better footing although it is more than the 31% of my gross that I’ve seen quoted.
Now, I have questions.
1. I’m not entirely happy about my payment, but it is better than nothing, so if it comes down to it, I will sign the agreement. However, this is certainly not as good a deal for me as if they had lowered my interest rate. Even a modest reduction to 5% would have put me at a lower payment than $1890 and would be a better deal for me over time. Do I have any recourse? Has anyone actually negotiated with them? Or should I just sign it and move on?
2. I can’t see that this says anything about HAMP at all. Does this mean this is just a Chase program? How can I tell?
3. I’ve just seen on here about this “Executive Line” is it worth calling this line at this stage?
4. I’m worried about my credit. Obviously having 10 months of late payments is going to adversely affect it, however I’d like to minimize that affect. I think I’ve seen that it’s possible for Chase to report all of the payments as paid on time and in full. I have paid everything they’ve asked for since February. Can I ask them to do that? What leverage can I get to make sure they actually do it.
5. Does anyone have any experience about how this affects your credit going forward? I had pretty good credit before this and I’d like to get there again. I know this is all pretty new, but any thoughts?
I have until 11/12 to accept the offer, so any and all help/advice is appreciated.
Thanks so much for all the help!!!

[MHAP76]

I can only offer my opinion:
1. I don’t think it’s a good deal at all with same interest rate at longer term. It means your principal contribution is less than before. I suggest calling Chase and tell them that the terms do not work out for you and if you can qualify for better terms or MHAP program. You do have to have a hardship to qualify for the MHAP though. In any case 6.1% is much higher than current rate so they should be able to offer you the 5% that you wanted.
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2. If it is MHAP it will have MHAP logo and wording. See sample cover letters at https://www.efanniemae.com/sf/formsd...pecialpurpose/
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3-5. Can’t give input here.

[MHAP76]

Pardon the happy faces. I don't know how they get there.

[davephx]

Re: The happy faces.

Are you pasting from a Word or some other editor other than just plain text. I think its the formatting codes that are creating the faces.

[MHAP76]

I did paste it from Word. Hmmm... didn't know it would create that.

[davephx]

Originally Posted by MHAP76

I did paste it from Word. Hmmm... didn't know it would create that.

I love a text editor called textpad at textpad.com Have used it forever.

Otherwise you can use notepad or wordpad if using Windows is in the accessory menue.

[ChaseVictim]

I would find out why they didn't bring you down to 31% before agreeing to anything. Also, ask them if you are being put on the government's mha hamp program. Seems as though you are being offered something else.

[MrAbeFroman]

Thanks, guys. I'm definitely not on the HAMP program.

Has anyone had any luck negotiating with Chase?

[exhausted girlfriend]

i was able to fight them from raising my trial payments by $500 because they included a summer class my husband taught in our gross income. I was able to get them to see things from our point of view and it worked. So, i say always try to negotiate. In the end, they decided not to raise our payment and approved us for modification.

[MrAbeFroman]

Thanks, ExGF. Who did you negotiate with? I have a Customer Service Rep that I've been dealing with who has been good at keeping track of things, but I've yet been able to successfully speak with anyone that has any power.

[MyHAMP]

Originally Posted by MrAbeFroman

Thanks, guys. I'm definitely not on the HAMP program.

I can confirm that - the interest-rate of 6.1% is too high for HAMP.