Failed NPV: 2 Trails/2 Denials All Payments Made, Now Can Stay in Home with Continued Trail Payments while Waiting for Guideline Changes

[starspire]

Hello everyone,

I am new to this blog, and I am hoping that some of you can help me understand how to proceed.

To date I have had two trial plans with Chase and was denied both times after making all of the payments on time. I even showed $100.0K of P&L income in the last evaluation on a $1.06M lien, but I was still denied, because I didn't fit into the NPV model. I did qualify using the FDIC NPV model that was presented on this website, and I submitted that to chase with my paperwork.

I was told to continue making the same trial mod payments while Chase awaits new programs that I might fit into. The problem is that my credit is still being negatively impacted, whilst this processing continues, and my principle balance continues to incline, which may be a contributor to the NPV model being thrown off.

Has anyone else experienced this, and what should I do?

[Garry]

I'm not in your situation, but if they say keep making the trial payments and you'll be ok, then that's what I'd do. The gov is working on things, so it's not hopeless.

[starspire]

That is what they said, but it seems impossible. They said that they didn't know for certain what would happen.

[eawinter]

starspire - you've officially, letter in the mail, been denied?

I'm believe I'm on my 4th denial (lost count), and after making 6months of trial p's, was officially denied in Dec for insufficient income and I stopped making any payment at that point.


I made the decision not to keep pouring $ into Chase's hands and preparing for the worst. But that's the risk I take -

Were you behind before the trial payments started?

[starspire]

Yes, I was delinquent, because I had a true hardship... I had multiple properties, and I thought that I was doing the right thing to try to help all of the lenders liquidate them -- I even poured earnings into them to get them to sell at the expense of my primary residence -- and then one was sold at break even, and two were sold in distress. WAMU had been very fair to me -- they let me modify my note after a C7 in 2008, but the bail out sent the real estate market reeling, and my income declined even more (I am a Real Estate Agent), so I asked for another mod in January 2009, and here we are in 2010 without a committment. It is my fault that I made poor financial decisions, but I was hoping that they would see the value in helping me in the near term so that I could perform in the long term. I am not sure how to proceed as I am exhausted. People are always asking me about the delinquency because it is a public record, and they even tresspass to ask questions thinking that they will scoop the bank. It doesn't help that my property is listed on RealtyTrac with a message "Coming Soon!" in the title. If they would help me, I promised them that I would pay them back every penny. I earned over $700,000 in gross earnings in the past five years, so I have the ability to perform. This stress is eroding my ability to perform, however.