Might have a Chase success story...

[musicgirl]

I might have a Chase success story, but I am not celebrating until I know for sure, because I know how Chase can be! It has been a long road, and I have been reading this site for months, but this is my first time posting.

My husband lost his job January 2009. We filed for a modification in April 2009 through a modification company which has since closed and taken our money with them (that was a mistake, but you live and learn). We have a 1st mortgage with Wamu/Chase, and a 2nd with Citi. We owe $220,000 but our house is only worth around $80,000 in good old Arizona, so we told Chase we need a modification or we will be forced to short sale or walk.

Unfortunately, the time that we first submitted our paperwork is when Wamu was switching to Chase, so they "lost" our documents a few times. We stayed current on our payments and didn't get much help. We were moved around between 3-4 different negotiators and never received any solid information. Finally we started falling behind, realizing it was our only option to get them to listen, and once we were 3 months behind (October 2009) they started acting like they might help us.

At the beginning of November 2009 FedEx showed up at our house with trial mod paperwork. We signed it and sent it back, along with our first payment due December 1. We were contacted by a negotiator shortly after who confirmed our information, and kept sending in the payments.

I called Chase 2 days ago, after making our 3rd trial payment, and we were told our account was in underwriting. She read the notes to me and they said: "Account has been approved for permanent modification. Homeowners should be receiving paperwork in the mail. First permanent modification payment will be due March 1, 2010." However, she said she couldn't see the new terms yet, and to call back in a couple days.

Like I said, I am still cautious as this has been such a long process, but I have hope! I will let you know what happens!

PS We are currently trying to settle our 2nd mortgage with Citi - we submitted an offer and are waiting for a negotiator to call.

[zander]

What exactly do you mean that you are direct with Chase.. ? I'm interested to hear how you can help.

[Garry]

Me too, is this help free or are you soliciting?

[bryanw328]

" Im direct with Chase, Wells Fargo and other National Banks."

?????????????

[Garry]

Times up Adam, I'm turning your green dot red.

[zander]

Times up Adam, I'm turning your green dot red.

lol I was waiting patiently myself. But then i saw a Fed Ex truck go by....ya it just kept driving.

[Jillian118]

lol I was waiting patiently myself. But then i saw a Fed Ex truck go by....ya it just kept driving.

I think he is a mortgage broker.

[wonderland]

musicgirl- In december we were told we were approved too and that the modification would begin Feb 1, 2010. Then in January we were denied for "insufficient income". Push for the final paperwork. I do hope this works out for you!

[Garry]

Adam totally distracted Musicgirls post trying to solicit, I hope everyone flags him. I wish the best of luck to you Musicgirl!

[zander]

I think he is a mortgage broker.

He's something alright!

Garry yes distracting.

Musicgirl sorry I hate to see people getting played we are all distressed and looking for answeres Moe is on the radio right now talking about the issue of Bad Apples including attorneys who are of no help at all, I too hope everthing works out for you.

[musicgirl]

Thanks everyone! Like I said, we are just waiting. That's all we can do. Hoping it's true but also expecting another run-around We'll see!

[musicgirl]

Update: Called Chase again today and was told the same thing (which is always good). She said the modification is complete but the documents have not been uploaded into the system so she can't give me the terms (not cool) but that all we are waiting for is the negotiator to mail us the forms. I will believe it when I see it!

[azdmsmith]

"Loan modifications can be difficult". Oh my goodness thank you sooo much Adam for sharing that valuable information in this forum. I imagine no one here had the slightest idea that loan modifications can be difficult. Hmm you learn something new every day.

musicgirl-sorry your thread was hijacked, congratulations but remain cautiously optimistic.

[Evan Bedard]

Do not contact AdamLang. He is only here to promote his business! Please guys try to let us know if you notice this happening.. The forum is getting very busy and it is quite difficult to catch all these ****brokers coming to the site lol

[Garry]

Thanks Evan, what is the best way to let you know when we see these things?

[Evan Bedard]

No thank you Garry for making these guys stick out like a sore thumb by flagging them

If you scroll down to the very bottom of the page you will find a small nav bar and one of the buttons are "Contact Us" there you will be able to send us an email notifying us of any problems, also the home tab at the top of the page has a contact us form as well..

Thanks Garry you do a great job around here man!

[Garry]

Will do next time Evan, Thanks again.

[Mercury213]

Dang, I missed Adam and a chance to light somebody up!
Congrats, musicgirl. Sending good vibes your way.

[bryanw328]

Good Luck MusicGirl!!!

Mojo to you!

[musicgirl]

Ok Chase is stupid (which I knew). I have been told by 4 different people over the last 2 weeks that we were approved, and we would be mailed docs, and now I am being told we aren't. We are just assigned to an underwriter and it could be 3 more months apparently.

I just hate that they can't get things straight! I was expecting this from them, but it's still frustrating.

The good news is that our 2nd lender Citi just offered us a settlement of about 10%! I guess I will just keep waiting on Chase!

[Garry]

Sounds like good news to me Musicgirl, hopefully you're in a position to cough up the cash and settle the second.

[Mercury213]

Ok Chase is stupid (which I knew). I have been told by 4 different people over the last 2 weeks that we were approved, and we would be mailed docs, and now I am being told we aren't. We are just assigned to an underwriter and it could be 3 more months apparently.

I just hate that they can't get things straight! I was expecting this from them, but it's still frustrating.

The good news is that our 2nd lender Citi just offered us a settlement of about 10%! I guess I will just keep waiting on Chase!

Great news on CITI, though.

Chase. They have a different method for every person, it seems. 3 months is ludicrous. Being with NACA may have made a difference for me (doubt it), but they approved me/made an offer on 2/2. Paperwork was here on 2/8.

[esta123]

Ok Chase is stupid (which I knew). I have been told by 4 different people over the last 2 weeks that we were approved, and we would be mailed docs, and now I am being told we aren't. We are just assigned to an underwriter and it could be 3 more months apparently.

I just hate that they can't get things straight! I was expecting this from them, but it's still frustrating.

The good news is that our 2nd lender Citi just offered us a settlement of about 10%! I guess I will just keep waiting on Chase!

Music girl, can you tell me what you mean by settlement with 2nd? I have my 2nd with Chase and all they did is give me a 1% reduction in interest rate, which doesn't help me in any way. Thanks!

[musicgirl]

esta123, Basically we are so underwater with our home that if we were to short sale or foreclose the 2nd would get nothing. So instead of trying to modify we offered them a settlement for 10% of what we owe ($4300) and they accepted it, since it was a lousy interest-only balloon loan with a high interest rate. We are wiring them the money tomorrow!

[musicgirl]

UPDATE:

I talked to our underwriter today and she said all she needed was one more updated copy of our HOA statement (which I faxed in right away). She said as soon as she gets it she is sending our file for final approval. I asked if she could tell me the terms, and she said not until it was completely approved. I asked if everything was ok with our file and she said, yes, we were good to go! Specifically, she said "once you get me that statement we are ready to rock and roll!" ha ha! I am still being cautious but I am feeling a little more hopeful... she said it should just be a few weeks before we get the paperwork.That sounds promising, right?