Chase Mortgage - Tell Us Your Chase StoryChase Mortgage and Chase Home Finance are and were huge lenders. We are getting a lot of traffic from people looking for help with their adjustable rate loans. This section will help you deal with this corporate giant where people are starting to get lost in their loss mitigation system.
This is a discussion on Mod Came Today Terms Suck Big Time, I'm Pissed within the Chase Mortgage - Tell Us Your Chase Story forums, part of the Mortgage Advice category; Fed Ex dropped of the Modifacation package just a few minutes ago. My wife and I was so happy. Wow ...
Fed Ex dropped of the Modifacation package just a few minutes ago. My wife and I was so happy. Wow what a Christmas gift, until we read it. Interest stays the same 11.90%, payment goes up $300.00 per month and loan ballons in late 2014 for a balloon payment of $113000.00. This took 8 trail payments to come up with crap and the U.S. government is giving Chase a $4000.00 incentive if we sign it. What gives. All Chase is doing is taking us out of foreclosure and we keep our house for 5 more years. For a little history we are like everyone else on this forum we got into a little financial trouble. We were 27k in arrears with foreclosure fees, interest, taxes, interest and late payments when Chase agreed to put in a trail Mod. Not a dime was forgiven by chase they just rolled the 27k into the agreement. We made 8 trial payments and sent in 4 sets of documents. Good luck everybody you will need. What a bunch of B.S. this is. We are at a loss for words. Don't know what to do as we love our house. A smart man would mail them the keys. What a Christmas present. Rotten Dogs Chase is. Just plain rotten.
We were 27k in arrears with foreclosure fees, interest, taxes, interest and late payments when Chase agreed to put in a trail Mod. Not a dime was forgiven by chase they just rolled the 27k into the agreement. We made 8 trial payments and sent in 4 sets of documents. Good luck everybody you will need. What a bunch of B.S. this is. We are at a loss for words. Don't know what to do as we love our house. A smart man would mail them the keys. What a Christmas present. Rotten Dogs Chase is. Just plain rotten.
Wow that is a terrible modification. Are you going to sign and accept these terms?
Your situation is extremely difficult because if you turn down the offer there will be a chance they presume with foreclosure proceedings on your home. And if you accept the offer you will be stuck in this terrible loan...
Do you have a negotiator or anyone that was working on your case? Maybe you can contact them and see if they will be willing to redo the numbers.
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__________________ Permanent HAMP modification revoked by SPS 6 months after it has been fully executed. Battle in progress. Attorney is taking care of it.
Vinny that is one of the worst I ever heard of but I met people at the NACA NY event who were offered permanent mods that also raised their rates and ended with a balloon -- and they got NACA to re-apply for them.
Almost nobody at the event who had Chase was modded on the spot -- certainly not me -- but reapplying with NACA would at least slow things down a bit.
Also, if you haven't already, you could travel to a Chase home center in your state or one nearby and demand to know exactly what data they input to come up with this ****eyed modification. Chase turned me down flat at NACA, but I made them dig through my file and it turned out they only considered half my income and that there were other mistakes as well. (I just posted my Chase Naca story here)
Sometimes the appraisal they use is way wrong, and it effects your offer. Appraisals can be redone. Your insurance escrow can also be reduced somewhat if that would help. I know you're in shock and I don't want to burden you with suggestions you may have tried and abandoned a long time ago.
But I would suggest that before you agree to anything or put anything in writing that you send or fax to the bank, getting a good night's sleep, even if you have to call your doctor for a prescription.
What Chase did to you is truly lousy but as the foreclosure crisis deepens, they may be forced to change their ways. Maybe if there's a way to drag the process out you could outlast them.
And I'll say a prayer for you and your wife.
__________________ JPMorgan Chase Primary / Citibank HELOC Permanent HAMP denied 6 months into trial despite prompt modded payments. Current status: Twisting on a spit in Underwriting Hell.
I am sorry to here what has happened to you Vinny and it only makes me scared for my loan process. The mod that they are offering is it a HAMP mod or is it a Chase mod. This makes me so confuse. I hear these wonderful stories about individuals getting these great loans and then I hear stories like yours. What are they really basing these loan mods on.
Vinney,
This cannot be a HAMP mod. Not with this interest rate. They cap off at the current market rate at time of perm mod which is hovering around 5%. This is a bs in-house mod but it truly is the worst terms I have seen. Somehow this just does not seem right.I suggest you start making some calls and ask for explanations. This is so far out of the ball park, it just doesnt even come close to something affordable.
The APR we got is above the cut-off as well (7.25%) but at least they reduced the interest-bearing amount accordingly. But a balloon after 5 years is not acceptable!
__________________ Permanent HAMP modification revoked by SPS 6 months after it has been fully executed. Battle in progress. Attorney is taking care of it.
Vinney,
This cannot be a HAMP mod. Not with this interest rate. They cap off at the current market rate at time of perm mod which is hovering around 5%.
Hmm, as I just said, an APR above the cap doesn't necessarily mean it's not HAMP. If the investor/servicer-agreement doesn't allow an APR-mod, they can skip that and get to the 31% by playing with the other numbers.
__________________ Permanent HAMP modification revoked by SPS 6 months after it has been fully executed. Battle in progress. Attorney is taking care of it.
sign it off, buy time, keep at it. write your Senator, the President, your Congressman. Keep writing, calling. I have signed three now with BofA. been at it for 18 months. hopefully someones going to care, going to help us out. BofA not doing much better. these are 5 year band aids, but in your case. very ugly.
What a bunch of bs. E-mail j. Daimon's office now. Send out a certified return reciept to his office tomorrow. This happened to me. I got 2 horrible loan mod. Offers. Time to take the gloves off. Also, contact charles scrhaff in nyc. He is charge of mortgages at chase. His office directed me in the right direction. They gave me a supervisor in the executive res, group in ohio to handle my case. He has been great. Hang in there. I have been there. Keep fightin. We will prevail!!!! Fightin chase for 25 months!!
Is it HAMP? is it 31% of gross income?
otherwise , with the waterfall they have to lower interest rate 1st.
ouch that looks like it hurts.
Merry Christmas!!!!!!!!!
sign it off, buy time, keep at it......... I have signed three now with BofA. been at it for 18 months.........
Please explain how you have signed three and continue to ask for something better ?
I have read that most servicers only allow one mod every 12 months.
Sure would like to understand your strategy. Thanks!
MYHAMP,
I thought HAMP guidelines require they go to 2% floor if needed, then to the cap (over a period of yrs that fit) and use deferred principal to get to the 31% if still then needed. I never heard of them being able to go to this level of an APR on a HAMP.
Vinney,
I got to disagree with survivor. I would NOT sign this and expect more mods down the road. I would fight first for what you want. I dont know how survivor is getting multiple mods like this. I dont suggest going that route.
Hope, as far as if you turn down, what will they do. it really depends on how aggressive you are, whom you talk to, and a variety of factors depending on your case. I turned down a mod verbally. They eventually served me with a notice of sale. I had already been complaining enough, that I did get that sale cancelled and then on a HAMP trial. I was put thru hell but I still fought back and won. You have to study the directives and guidelines and know how they apply to you so when you talk to them, you can quote the guidelines.
MYHAMP,
I thought HAMP guidelines require they go to 2% floor if needed, then to the cap (over a period of yrs that fit) and use deferred principal to get to the 31% if still then needed. I never heard of them being able to go to this level of an APR on a HAMP.
I was VERY surprised when I got the offer because I expected the same. But obviously - when the investor prohibits certain steps - they can avoid certain steps of the waterfall. I expected a 2% APR on $200K to get to the 31% - we got a 7.25% APR on $81K. Basically the same payment - with the disadvantage that you won't pay off that much over the same timeframe. On the other hand, our P&I is fixed for 27 years, so no increase after 5, 6 or 7 years.
The investor didn't allow an extension to the maturity-date either. However, they set up the payment as IF we would pay off the $81K over 40 years - leaving a second balloon of $55K. However, an additional $25/month for interest take care of that.
__________________ Permanent HAMP modification revoked by SPS 6 months after it has been fully executed. Battle in progress. Attorney is taking care of it.
Hey hope, when you get mod. Offer you have a date to return it. Both mine were in house mods. They were trying to screw me. After 1st one i called before due date and asked them to do another one and they did. It was worse then the 1 st. I contacted ceo's office and told them my story of lies, lost paperwork and crappy mods and how i was coming to his office with 3 young kids and my wife to discuss the situation. I asked what kind of happy meal he liked. I said it very nicely .then got supervisor in ohio to handle case personally. I always made sure foreclosure was on hold in computer when talking to one of my 20 reps. Who handled my case over the last 25 months. My case is very complicated. I could not make up my journey. My story proves to keep fightin and get what you are looking for.( a fair mod.) i also contacted my congressman who did call my home and told me if it does not work in your way call him immediately. I hope that day does not come. We will prevail!!!!!!! Fightin chase for 25 months!!
Thanks everyone for your input and prayers. I just found out that this is an in house mod. We were at 11.99% on a 15 year balloon. Bad loan to begin with but that was 10 years ago when interest was out of sight. My new payment will jump from 1350 to 1650. The only thing Chase is doing is letting us keep our house. I have to sign and mail it back by Dec 31. With Christmas and New Years just days away getting any help will be very hard. The sad part of all this is I made 8 trial payments of $1355 like clock work on the first of the month and Chase has still reported us 120 late for the past 8 months to the credit burros so I will have to make 12 more payments before anyone will even look at a refi and most of us are under water on our home values so I am stuck. Good luck everyone.
Fed Ex dropped of the Modifacation package just a few minutes ago. My wife and I was so happy. Wow what a Christmas gift, until we read it. Interest stays the same 11.90%, payment goes up $300.00 per month and loan ballons in late 2014 for a balloon payment of $113000.00. This took 8 trail payments to come up with crap and the U.S. government is giving Chase a $4000.00 incentive if we sign it. What gives. All Chase is doing is taking us out of foreclosure and we keep our house for 5 more years. For a little history we are like everyone else on this forum we got into a little financial trouble. We were 27k in arrears with foreclosure fees, interest, taxes, interest and late payments when Chase agreed to put in a trail Mod. Not a dime was forgiven by chase they just rolled the 27k into the agreement. We made 8 trial payments and sent in 4 sets of documents. Good luck everybody you will need. What a bunch of B.S. this is. We are at a loss for words. Don't know what to do as we love our house. A smart man would mail them the keys. What a Christmas present. Rotten Dogs Chase is. Just plain rotten.
OMG, that is OUTRAGEOUS. You get a modification that makes it WORSE?
START FILLING IN COMPLAINT FORMS EVERYWHERE, CALL YOUR AG's OFFICE, AND CALL YOUR US SENATORS AND GET SOMEONE WITH SOME POWER TO LOOK INTO THIS BUNK FOR YOU. THEY SHOULDn'T GET ONE CENT FOR COMING UP WITH THAT SORT OF CRUD, NO WONDER THEY ARE TRYING TO SAY THE MODIFICATIONS AREN'T HELPING PEOPLE, WELL DUR IF THAT'S HELP, WHO NEEDS HARM?
Vinney,
This cannot be a HAMP mod. Not with this interest rate. They cap off at the current market rate at time of perm mod which is hovering around 5%. This is a bs in-house mod but it truly is the worst terms I have seen. Somehow this just does not seem right.I suggest you start making some calls and ask for explanations. This is so far out of the ball park, it just doesnt even come close to something affordable.
Good point Snapple, it couldn't even CAP OFF at that interest rate, IF it WERE a HAMP. They have to get someone with a big stick to look into this closer.
Vinny that is one of the worst I ever heard of but I met people at the NACA NY event who were offered permanent mods that also raised their rates and ended with a balloon -- and they got NACA to re-apply for them.
Almost nobody at the event who had Chase was modded on the spot -- certainly not me -- but reapplying with NACA would at least slow things down a bit.
Also, if you haven't already, you could travel to a Chase home center in your state or one nearby and demand to know exactly what data they input to come up with this ****eyed modification. Chase turned me down flat at NACA, but I made them dig through my file and it turned out they only considered half my income and that there were other mistakes as well. (I just posted my Chase Naca story here)
Sometimes the appraisal they use is way wrong, and it effects your offer. Appraisals can be redone. Your insurance escrow can also be reduced somewhat if that would help. I know you're in shock and I don't want to burden you with suggestions you may have tried and abandoned a long time ago.
But I would suggest that before you agree to anything or put anything in writing that you send or fax to the bank, getting a good night's sleep, even if you have to call your doctor for a prescription.
What Chase did to you is truly lousy but as the foreclosure crisis deepens, they may be forced to change their ways. Maybe if there's a way to drag the process out you could outlast them.
And I'll say a prayer for you and your wife.
Well BrassCupcakes, you are one savvy lady, so I think whoever is dealing with your modification would be real wise to get you out of underwriting HELL ASAP!! lol, been there--good description, and I've yet to find modification heaven, either WTG LARRY LITTON sticking me with a, now EIGHT THOUSAND DOLLAR ESCROW DEFICIENCY, 6 days after you NOTARIZED that agreement with me....
__________________ God blesses those who hunger and thirst for justice for they will be satisfied.
Matthew 5:6
That has to be THE worst mod I have ever heard of.
11.9%, that sounds like a CAR LOAN and a bad one at that! Did you look at the stamped date on the letter? Maybe it went through a time warp and was sent out in 1981.
In all seriousness, this is seriously ridiculous.
My best strategy with Chase was to STOP PAYING, but if you really really want to keep that home you are at their tender hearted mercy.
swillers, you always manage to make me laugh. that interest rate does sound like it came from a time warp. Perhaps his negotiator landed from a time machine.
Well BrassCupcakes, you are one savvy lady, so I think whoever is dealing with your modification would be real wise to get you out of underwriting HELL ASAP!! lol, been there--good description, and I've yet to find modification heaven, either WTG LARRY LITTON sticking me with a, now EIGHT THOUSAND DOLLAR ESCROW DEFICIENCY, 6 days after you NOTARIZED that agreement with me....
God blesses those who hunger and thirst for justice for they will be satisfied. 
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