I joined this site today and found it very helpful. I was thnking if we could sticky this post and have everyones status. I thought it would be more helpful and easier to find out how everyone is doing.
for example
orange911
trial mod pending / 4 trials payments sent and then denied (not enough income)
sorry for the double post- please lock this thread
I have a loan serviced by EMC/Chase Fannie investor.
I have been trying since August of 2008 for a permanent mod.
I was denied twice -insufficient income.
They keep putting me on 3 month payment plans.
The first was 600. twice a month.
Then they took my financial info over the phone and came up with a plan with payments over 1700. that was to end Nov.15
I have had to send my info in 3 times.
Collections call twice a day.
I checked the courthouse no nod.
I am self employed but still working and taking in regular income.
I can not afford 1700. a month without starving.
I send in a regular payment of $1200. a month,
which is 31% of my income and would be my modified payment if they used the proper calculations.
I am very scared . Taking it day to day. Hoping for some kind of permanent workout mod.
I will file bankruptcy last minute if I have to.
I stopped paying my credit cards and HELOC months ago.
Chase value-225,000
Zillow-280,000
1st with EMC- 248,000
25,000 HELOC
Waiting to see what comes next
11 months still waiting.
Originally with Wamu, purchased by chase. Servicer & investor are the same.
My file is still in underwriting with Chase. I don't know what to expect.
11 months, hundreds of hours, and just got the trial approval. Working with NACA. Trial amounts are just what I expected.
Was working on loan mod with Chase through NACA. Needed a few numbers tweaked in the loan mod, then Chase sold it with no notice to either NACA or me.
On MHA Trail made 4 payments denied due to insufficent income and housing value trying for an inhouse mod
Applied in May 2009. I have been told that my file has been with underwriting for almost two months. I follow up at the given intervals and have a strong feeling they are giving me the run around. I am very frustrated and am feeling hopeless. Now they are telling me they want a quit claim deed from my ex and copies of his lease!
With Wamu now Chase
been on trial mod 4mts
just made fifth payment.being told still with underwriter? been
told this for more than two months now?
My file is still in review with Chase. Will pay the 7th payment soon. Last conversation with them is I should be happy if no news is good news since I am still in review. I don't know what that means. Has 2nd BPO orderred by them.
Hi, everybody -- joined a long time ago but this is my first post.
I am about to send in my fifth trial modification payment to JP Morgan Chase WaMu.
Although I was tentatively approved for Making Home Affordable, the temp payments they came up with were 25 percent higher than what they would have been at 31 % of my income.
I've been keeping up with the payments, but it's a very hand-to-mouth hardship, so I did ask, repeatedly, why my payments weren't kept at 31 %.
I was told by two different people at Chase that if you are a 1099 employee and do not have withholding taxes taken out of your pay, they times your annual earnings by 1.25, then use that as the basis for the 31 % (sure enough, that figure did match).
But why would they do this? Although the taxes are not withheld by an employer because I'm 1099, they are set aside by me until April when I pay them.
So on the most recent occasion that I was asked to re-submit the profit loss section of the application, I included the $285 or so per month I save for taxes under expenses.
Has anybody else's trial payment been calculated with similarly trick arithmetic?
I kind of wish I hadn't questioned their figure.
Up until that point, I was given the impression over the telephone that it wouldn't be more than another three weeks before I'd find out about my permanent modification.
But once I included the taxes in my expenses, it became harder to get progress reports from them by telephone and now months have passed.
If anybody here has actually received a permanent Chase modification, please do tell, it will give us inspiration.
Applied in April 2009, denied in August 2009. Re-applied in late October and received approval for a HAMP trial modification in November (friday the 13th!). Made my first trial payment yesterday for my December 1 payment.
They shouldn't... here is the only place the 1.25 factor comes into play per Supplemental Directive 09-01 April 6, 2009Originally Posted by brasscupcakes
Home Affordable Modification Program
"If only net income is available, the servicer must multiply the net income amount by 1.25 to estimate the monthly gross income."
This is only if gross is not available before any payroll deductions which include tax withholding.
For self employed which would include those that get 1099's you do a P/L which shows net but that is the same as "gross" for employee. No taxes have reduced the net so is the same as gross.... both are pre tax.
my p&l shows gross income and net income after expenses which number are they going to use? the net after expenses right?
zander - Yes they "should" use net after expenses.
Unlike an employee where employer pays for office rent, supplies, postage etc as self employed you pay it so your net is the equivalent of an employees gross.
But no taxes taken into consideration .. so its gross of any taxes just like employee but net of business expenses which an employee does not have. If that isn't confusing it more...
I'm afraid I still don't understand how they computed my income, but that's okay, from what I gather, the cards are theirs and they can compute it any way they like.
What really frightens me is that I haven't seen anyone in here get a permanent mod who like me, has equity in their house.
In fact, I spent last night reading every single message regarding Chase to see if I missed anything -- and at least two group members flatly stated that Chase does not modify mortgages for those who have equity in their homes.
(And I may have inadvertently made things worse by emptying my retirement account in order to satisfy back federal taxes and penalties so that the feds removed their lien from my house. On the other hand, I was only able to partially settle my state of Connecticut taxes, so their lien may be forthcoming, if it hasn't already been filed. Plus, there's also a lien from a credit card company. And there's a second mortgage).
Still, even after all that, there's still some equity. Not nearly enough to even put 20 percent down on another house (and I'll probably never ever be given another mortgage in any event) but it's still money.
I'm a journalist by profession (living on clerical work/dogsitting, etc. due to collapse of industry). I purposely put down 50 percent, knowing the decline my trade was in, but it didn't really help, due to job loss and catastrophic medical problems that kept me from working for five years.
(hence the second mortgage, emptying my 401k, ebaying any and all valuable items accrued during my life time, regardless of sentimental or family attachment).
There's virtually nothing left for me to pawn at this point. My dogs are the only thing that's been keeping me going forward, thank God for them.
And thank God for this forum, which has provided me with a place to vent.
If anybody has any further information at all regarding modifications in cases where there's equity, please, please pass it on.
Thank you for listening.
UPDATE:
I was definitely turned down to Making Home Affordable and the grounds were that I had too much equity in my home.
Turns out I was turned down on the 11th. I called on numerous occasions on that date and after asking for updates on my status -- nobody but nobody gave me any inkling that I had been turned down.
I wouldn't have found out at all, if I had not called the Chase executive team, desperate for information. They were the ones who told me the reason for the turn-down was equity.
Of course, this doesn't answer the question as to why I had been approved for a trial modification under the Obama plan -- it's not as if my equity situation changed over time.
And unfortunately, the Chase Executive Team that has been so helpful to so many here cannot be of help to me, because they only work on Chase-originated loans (mine is WaMu).
The one spot of hope I have is that I am being considered for an in-house modification.
However -- this same person from the Executive Team tells me that in-house, they use the same criteria as Making Home Affordable when it comes to the amount of equity you may have in order to be considered for relief.
He told me that these are not Chase criteria they were abiding by but investor criteria and that although Chase has been getting vast amounts of flak for considering equity as a dis-qualifier, Chase didn't have the power to change it.
He has referred my case to a different executive team that does handle WaMu loans -- and told me that I should hear from somebody there on Monday or Tuesday who will act as liason between me and the negotiator.
But I feel very, very discouraged.
How ironic, to learn that specifically because I purposely bought a much cheaper house that I could have qualified in order to ensure I could always afford it, I made the bank's option to foreclose virtually inevitable.
I have to say, I am speechless.... Started my loan mod back in March, 2009. Have first and second mortgage with Chase and its a rental. They knew this from the beginning. Since March, my file has been transferred to different units and I have been requested to re-submit my package THREE times - all the while they were informed that this was an investment property. In October the "special walk division" called re the second mortgage and asked me to submit a loan mod package for the second since it's a new division and the loan was subject to be written off in November. I submitted a complete package as requested (by fax as well as express mail) approximately the last week of October. To date, Chase has received over 300 pages of documentation from me. I called the number given by the rep, the first week of this month, to see if they received the package and what the status was of my second mortgage mod; that's when I was told that Chase doesn't modify second mortgages! I asked her if she recognized the telephone number I recited to her, and if she could transfer me to the department that was assigned to the telephone number, after listening to the telephone number that I recited, she informed me that she did not recognize the number and no such number was listed on her roster. I informed her that I found this hard to believe because this was the number she was calling me from! Today, I received a form letter from Chase that I don't qualify for a loan mod because they cannot verify occupancy of the property under MHA program. They only listed the second mortgage loan number. I thought they did not modify seconds. When I called to find out what was going on, everybody left for the holiday, office closed and no way to leave a message. ....... I have no clue what's going on. Property is underwater by 50%.
For me it's been 13 months now. I've submitted paperwork 4 times, faxed multiple times everytime. I've been denied 2 times before I got into the trial plan. Denied twice for insufficient income. (husband out of work in the construction field) Denied on 10/29/09 after my 4th trial payment due to being over income. When I called CHASE they said "no you are not denied" My file had been forwarded to a new negotiator for a new trial plan with my payments being $1,300 more a month
. CHASE had my income as $4,000 more a month and my property taxes being $23,000 more a year (I live in a house not a mansion!!!). By the way my loan was WAMU now CHASE and the investor is DEUTSCHE BANK. which I hear they don't do HAMP but do offer in house mods. and did I mention that the company helping me with my loan mod from 1/09 through 9/09 was shut down by the Federal Trade Commision for charging people the upfront fee ($995) That is when I found this forum and this is was has kept me going. On 10/31/09 when I got the denial notice I posted here on this board and I must say if it wasn't for the support here I don't know where my family and I would be....thanks to all for your support!!!!!!!As of today I call CHASE at least twice a week and my file is on hold for a new escrow analysis I requested on 11/5/09. I din't pay on November 1st and I don't think I will make a payment until they clear up my income and escrow account. I live on a day to day basis thinking all day when we will have to move and where we would go.
MZWITHHOPE,
I will say stick with it, you have renewed my hope, you just don't know. Thank you...... I plan to start my calls this Friday, if they are closed, then Saturday.
Martae007
I am glad sharing my story motivates others.....I also forgot to add that our sale date has been postponed 4 times. I dream I will post my success story in the near future and forget about this nightmare....But I also have to think we might have to move, so we have a 50/50 chance.
Don't give up and fight until the end!!!!!!!!
First denial from Chase now after 11 months of the runaround. Hardship is Divorce and loss of income.
Was given hardship is not of a permanent nature...I thought divorce was supposed to be permanent...but whatever!
Last payment made to Chase was October, Now prepared to walk away.
Thank you MZWITHHOPE, I absolutely plan to fight til the end!!! I saw in the paper that one of the "housewives of orange county" had her 6.5 million dollar house modified! There is no reason why these banks can't modify us common folk. I suggest we all take today off and enjoy our Thanksgiving, after all, the banksters are....
Well, Chase is at it again, I received a call from a rep., re a trial repayment plan, since its a rental, he asked what my gross monthly income is. I gave him conservative figures that included rental income. He said that income which includes rents, would make the trial payment higher, I explained that the gross income includes rental income and my self-employment income which I have to pay other mortgages. Then he said that the gross SHOULD include rental income even though it drives the gross total up?????? Well, he offered me $3,000.00 per month for trial period for three months on a now $200,000.00 house (owe $420,000.00) - this is on 1st mortgage, when haven't even dealt with second mortgage. I told him the reason for delinquency is that initial loan is Libor Index loan that goes up every six months and I have submitted over 300 pages since March and now I get a call for $3000.00 per month - when orig. amount for 1st mortgage is $2500.00. I asked what interest rate was that based on, his response is "no interest rate, just a number." So, I told him the rent will not cover $3000.00 per month so why not reduce the dollar amount to a more manageable amount for a $200,000.00 house. No go. Unbelievable!!!! Here I've been begging for a trial mod and this is what they offer???
Hi there. I'm asking here for someone else. If someone has been waiting for a response on a Chase Mod since May and has not even paid any trial payments (says they were never told to) what should they do? They said that they have called and get the run around. I have told them to try calling HOPE (hud-approved agency). I know people here also go to NACA. Any suggestions? They have a NOD on the property, no trustee sale date yet. Located in California. Thanks.
Dangerous waters! I'd be calling my states foreclosure attorneys once a week to check for a sale date. This sounds a bit like my story but Chase sold it out from under my feet in the middle of loan mod - with NO notice!
Hi all. I am a newer member to this forum. How is everyone able to obtain a trial payment period for the loan mod? I have been getting the run around from Chase for over five months. I waited a month and heard nothing. Called up four months ago, I was told all my paperwork was in order and it is being submitted to underwriting and to call back in two weeks. Two weeks later, they said nothing has been submitted and all looks in order and they are submitting to underwriting. then I call back in two weeks and am told paperwork is NOT in order, to fax them x document. I do so within minutes of the call. Call back within a week, all is in order and submitting to underwriting.
Now it's been four months of this nonsense and I am almost out of savings from trying to keep up all my full payments.
Any suggestions on who I can call? Or write to? Getting quite freaked out about all this.
Thanks for any help.
Very good question! I've been trying to obtain a trial payment from Chase since March - getting the run around and finally given an offer for $600 more than the original payment for a property that is underwater.....
Does anyone have a name of an attorney who has been successful in acquiring a reasonable loan mod???????
to all I am in the same situation as you all, however;, I am getting some kind of lead way by filing a complaint at the Executive Head Quarters of Chase bank in New York, and also filing in writing a "regulated complaint " letter, must be kind and persistant, I can write the number down later. Thanks.
Called today and the news is 1. I was approved for a modification 2. First payment Feb first or second 3. New amount $2211. 4. My original payment $2128. 5. 4 trial payments on HAMP plan $1256. 6. Interest rates stay the same 7. Loan pays off 1 month sooner than it used to.
I said "so I was denied the HAMP modification?" He said "No you were approved." I said "That can't be correct - it doesn't meet the guidelines!" He said "if you are disapproved then I will get a letter saying I've been denied and they will try and do a Chase mod."
He only knows what's in the history. I now have a negotiator with whom I left a message with so maybe I’ll be able to talk to him tomorrow.
Obviously they've rolled the amount I didn't pay during the trial period into the loan and just re-amortized it.
Wonder if I signed the papers they're count that as a successful modification and collect their money. Don't think they could, but you never know.
Them's the facts as I know them.
Started process in November 2008 (upon being told by chase that we qualify for a modification, even though we never asked for one).
Received permanent modification in October 2009.
No trial period.
The first 6 months went smoothly and we worked well with Chase. The last 5+ months were a living hell.
Well, I'm numb. Just received six copies of NOD today, from another company representing Chase. I've complied with all of Chase requests to resubmit documents, only to receive a letter turning me down, this weekend, because they could not determined that I lived in the property. They knew since March that it was a rental. Also, I received yet another letter this weekend that my file was being transferred to another department for review for loan mod. Today, I received the NOD. Tonite, I received a call from Chase to see if I wanted to reinstate the original terms of the loan on a house this is underwater by 52%. Original terms is 1st and 2nd mortgage totaling $4,000.00 per month for a house that is now worth $200,000.00. I owed $420,000.00. Or, pay $3,000.00 per month on the first only....... Incredible. I'm at a loss. I was specifically told months ago that my file was with the Special Lending Unit, for investors, I was asked to re-submit my package to this unit, which I did. Then my file was on the underwriter's desk for fast track, ..... Today, I was told that no such unit existed for investors. .
Stuart that does not sound like a hamp, and they contradicted themselves saying you are approved and then stating if you were denied you will get a letter and they will try to do a chase mod. From what i've been reading if you're not approved for hamp they will automatically try to qualify you for in house before sending nod. They are hoping you'll setttle for that Fight Them!!
Well today I called Loan Mod line and found out I had a different Analyst then told yesterday. This one answers her phone. We had a long discussion telling me based on myVERY OWN PAYSTUB (this was repeatedly stressed) I was told I made enough money to pay my old mortgage amount though she wasn't the one that ran the numbers. On the other hand, based on my net (see above caps), I didn't make enough to qualify for and in house mod. . After awhile she turned be over to a supervisor who did the his utmost best to defend their reasoning, but failed. So I said "So agree with me the numbers are not right?" He said "No they are not and he will personally review it for HAMP and if that doesn't work, then for an in house loan." Hard to say I make too much when the house payment is 54% of gross income!
Re: Sticky: Up to Date Status on Chase Mods I too have gotten the run around from Chase. My husband filed for the MHA modification in April 2009, at which we were 2 months behind on our mortgage. When speaking with a rep for Chase he was told that he qualified for the progam, and a week or so later,we received a payment plan for the trial mod. in the mail. We made all 3 pymts. on time. We then called Chase asking them the status of the mod. and should we continue to make the trial payment amount which was 600.00 less than our regular mortgage. We have since been denied twice for the same reason "The hardship is not permenant." The 1st. denial I called all day trying to find out what that meant. I finally got someone nice who was willing to help me. She asked me did my husband have a job? I told her yes and that it was me who's unemployed. She all but said that the denial was because they thought my husband didn't have a job. And then she gave me the phone number to a supervisor in which I have yet to hear from after leaving a ton of messeges. Mind you, the mortgage is in my husbands name, and we have faxed all of the documents they requested from us several times including pay stubs so how could they think he doesn't have a job. Now here we are today 20,000.00 in the hole and told once again that the hardship is not permanent and this time they stated that per a equifax report thats how they came to their decision which tells us nothing. Now we are faced with foreclosure unless we pay the money. Chase said that we couldn't reaply more than twice. Oh, I forgot to mention that they also returned our payment stating that the funds need to be certified. When my husband called to find out more info. he was told that is how they are doing things now. He also asked for status of our mod. and was told nothing about it being denied. We were told by another rep that our house has been in foreclosure since Oct. in which we talked to them that month and was told that our packet was sent to the underwriters. We have contacted NACA (yesterday) and are all out of options since my husbands credit is screwed as a result of this, what is there left to do. Does anyone have any suggestions on resources to help us save our house? I too can't sleep at night.
Keep at it!!!!!! Don't give up. After the three month trial mod, did you continue to make the trial payments?????
We've already made 7 payments not including what would have been our 8th. pymt. for Dec. in which Chase sent back to us requesting the funds be certified.
Success!!!!!!!!!!!!!!!!!!!!!!!!
2% 1-5 years
3% 6th year
4% 7th year
8-40 (was already on a Fourty) 4 3/4%
Old payment $2129.
New payment $1252.03
$6,468.75 added to loan from trial period
Interest on $287,586.63 w/balloon at the end (forgot to get exact number) around 36k-37k.
original loan was down to about $319,000. before this all started
First payment in Feb
As a friend of mine would say: WOO HOO!!!!!!!!!!!
Holiday cheer and warm hearts is not the case here!! I have become more stressed over this than anything else in my life. When I faxed about 21 copies the first time and a few weeks later had to fax 17 more, this didnt make me uncomfortable and the Chase people were more than eager to help. Now I have made my 3 month trial periods. The 1st payment was taken out of my checking account and the rep told me that it would come out on the 1st of every month. The 2nd month I had to call it in because they didnt take it out. The 3rd month the rep was so hateful and said there would be a 20.00 processing fee. Now after I have signed ALL the paperwork for the new contracts I have my copies and sent them all of their copies that I have signed they claim they need more information. I have faxed these things 5 times and they still are saying that I have not given them everything. Even though I have sent all the payments they have asked for, I am still getting calls and intent to foreclose notices and they claim that I am behind almost 3,000.00.
I searched sites to see all the complaints and have spent days (many,many days and hours) trying to figure out why they are trying to back out on our contract. The hateful people I speak to says that what they sent me and that what I signed and returned was NOT a contract.(what are they trying to pull????) Someone pls help me this is making me physically very ill.
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