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This is a discussion on Received Perm Mod...Have Questions??? within the Chase Mortgage - Tell Us Your Chase Story forums, part of the Mortgage Advice category; I was amazed when I received permanent mod docs by FedEx yesterday and YES...I am elated but I have a ...
I was amazed when I received permanent mod docs by FedEx yesterday and YES...I am elated but I have a couple of BIG questions:
My principal balance has increased by $32,000 and I show with the payments I was behind and the trial payments I made I should only be behind $16,700 plus $7800 in property taxes and insurance combined that CHASE paid last year but it still does not add up and there is still $7300 unaccounted for.
I want to get this agreement signed and back to them quickly but I don't think I should without knowing where that money went. They also say they deleted the $800 in late charges since I completed trial payments on time. So I am trying to figure out why they added another $7300 on to my principal? Is it possible they paid my property taxes and insurance early? The number isn't right for that.
Aside from that I think I am getting a good deal:
years 1-5 2.125% interest $2620 plus $628 (ins/taxes) $3242 month year 6 3.125% interest $2902 plus insurance/taxes year 7 4.125% interest $3190 plus insurance/taxes years 8-28 5.00% interest $3441 plus interest taxes
I had an interest-only loan before at 6.75% but the payment is still going down by about $900 per month for the first 5 years so hopefully we will be okay with that and we will either be making more money by then or will be able to buy enough time to fix the house up and sell it. We always paid our taxes and insurance ourselves so when I first saw it did not seem like a good deal but it is good....all that praying worked ...thank you God!!!
My other question is, the interest statement I got did not include the trial payments I made in 2009 totaled $5300 - since I was on an interest-only loan shouldn't that be on the interest statement?
My attorney said I should not worry about $7300 as I will save that iin the first year but it is not HER $7300 and is still a lot of money to be paying interest on.
Last edited by Marie T; 02-09-2010 at 02:08 PM..
Reason: spelling
I was amazed when I received permanent mod docs by FedEx yesterday and YES...I am elated but I have a couple of BIG questions:
My principal balance has increased by $32,000 and I show with the payments I was behind and the trial payments I made I should only be behind $16,700 plus $7800 in property taxes and insurance combined that CHASE paid last year but it still does not add up and there is still $7300 unaccounted for.
I want to get this agreement signed and back to them quickly but I don't think I should without knowing where that money went. They also say they deleted the $800 in late charges since I completed trial payments on time. So I am trying to figure out why they added another $7300 on to my principal? Is it possible they paid my property taxes and insurance early? The number isn't right for that.
Aside from that I think I am getting a good deal:
years 1-5 2.125% interest $2620 plus $628 (ins/taxes) $3242 month year 6 3.125% interest $2902 plus insurance/taxes year 7 4.125% interest $3190 plus insurance/taxes years 8-28 5.00% interest $3441 plus interest taxes
I had an interest-only loan before at 6.75% but the payment is still going down by about $900 per month for the first 5 years so hopefully we will be okay with that and we will either be making more money by then or will be able to buy enough time to fix the house up and sell it. We always paid our taxes and insurance ourselves so when I first saw it did not seem like a good deal but it is good....all that praying worked ...thank you God!!!
My other question is, the interest statement I got did not include the trial payments I made in 2009 totaled $5300 - since I was on an interest-only loan shouldn't that be on the interest statement?
My attorney said I should not worry about $7300 as I will save that iin the first year but it is not HER $7300 and is still a lot of money to be paying interest on.
Sounds like the mix up is via the escrow, assuming they do your escrow too. They tend to not mess up there analysis on the escrow with alot of people. As for a full print out of all escrow's paid and i bet that is where the missing money is (7300). Is this HAMP or an in-house ???
I was told by one chase bot that when you make trial payments, they wait until the trials total the original loan payment, then they make a payment in full. Now I know chase bots make stuff up as they go, so a lb salt would go along with what I was told.
The only thing I can think of would be is fees to get all this paperwork shuffled around between departments at chase. Most likely lawyers fees to write up all the small print in order to screw you later on...
Sounds like the mix up is via the escrow, assuming they do your escrow too. They tend to not mess up there analysis on the escrow with alot of people. As for a full print out of all escrow's paid and i bet that is where the missing money is (7300). Is this HAMP or an in-house ???
I was told by one chase bot that when you make trial payments, they wait until the trials total the original loan payment, then they make a payment in full. Now I know chase bots make stuff up as they go, so a lb salt would go along with what I was told.
The only thing I can think of would be is fees to get all this paperwork shuffled around between departments at chase. Most likely lawyers fees to write up all the small print in order to screw you later on...
So don't they have to give some kind of accounting for that? Mine wasn't to the point where their attorneys were involved yet.
Did you get an acelerated letter or foreclosure letter of sort. Could be some legal fees associated to begin the process that was eventually stopped in your case. Key thing is and i know at first hand with lenders, one hand does not know what the other is doing in most circumstances. Meaning the escrow dept is not aware of, loss mitigations, who is not aware of escalation team etc etc. Just ask for a full break-down or email a contact in office of the president to call you back to go over it.
Marie,
Congratulations!!! Wow - well deserved. I hear 'ya that there are some issues here, and I can't help with that, but so happy for you that you got a permanent modification!!
Mine is nearly identical but I have a BIG $170K balloon payment at maturity. I'm looking for a difference of $21,000 in my calculations.
I would try to get answers to these questions:
1. How was the new principle bal. calculated?
2. Can you send me an escrow history?
3. Where does the $7300 fit in?
Did you get an acelerated letter or foreclosure letter of sort. Could be some legal fees associated to begin the process that was eventually stopped in your case. Key thing is and i know at first hand with lenders, one hand does not know what the other is doing in most circumstances. Meaning the escrow dept is not aware of, loss mitigations, who is not aware of escalation team etc etc. Just ask for a full break-down or email a contact in office of the president to call you back to go over it.
Never was even on the pre-foreclosure list...I think maybe because I did not miss three payments in a row. I am planning to call the number listed on paperwork as I just read back though it again and see if they can give me breakdown.
Thanks Kalvin and Mercury...I am calling CHASE number listed on perm mod this morning and maybe can get an answer. Someone from CHASE just called this morning to make sure I had received paperwork and to tell me that I had to have my signature notarized and get it all back or mod would be voided. This person said to call the customer service number as she could not help me.. not right department! Interesting that mod paperwork says NOTHING about getting signature notarized ...I am going to also ask what color ink it needs to be signed in as says nothing about that either!
Thanks Kalvin and Mercury...I am calling CHASE number listed on perm mod this morning and maybe can get an answer. Someone from CHASE just called this morning to make sure I had received paperwork and to tell me that I had to have my signature notarized and get it all back or mod would be voided. This person said to call the customer service number as she could not help me.. not right department! Interesting that mod paperwork says NOTHING about getting signature notarized ...I am going to also ask what color ink it needs to be signed in as says nothing about that either!
First Congrats Marie!!
The missing $7300 could be due to the effective date of the agreement and the date your first payment is due! For example, if your first payment is due on April 1st, they have to add interest that will accrue thru March 1st. So not only do they add the delinquent interest to your balance, but they have to also add the interest that will accrue thru the effective date of the modification.
I would like to add that of course they have to apply your trial payments towards interest/escrow.
The missing $7300 could be due to the effective date of the agreement and the date your first payment is due! For example, if your first payment is due on April 1st, they have to add interest that will accrue thru March 1st. So not only do they add the delinquent interest to your balance, but they have to also add the interest that will accrue thru the effective date of the modification.
I would like to add that of course they have to apply your trial payments towards interest/escrow.
Thanks! My first payment is due on the perm mod on April 1st but they said if I make a payment in March it will go against principal so I will do that. So I guess maybe they are quoting the principal ballance assuming I'm not making the payment so that would be about half of the amount missing then.
I do need them to apply my trial payments to my interest for 2009...I need it to file my taxes!
Thanks! My first payment is due on the perm mod on April 1st but they said if I make a payment in March it will go against principal so I will do that. So I guess maybe they are quoting the principal ballance assuming I'm not making the payment so that would be about half of the amount missing then.
I do need them to apply my trial payments to my interest for 2009...I need it to file my taxes!
They will have to add delinquent accrued interest from the day you stopped making payments until March 1st. You do not need to make a payment in March. It looks like it's a common problem among servicers, BOA too doesn't properly apply the trial payments towards principal/interest/escrow.
They will have to add delinquent accrued interest from the day you stopped making payments until March 1st. You do not need to make a payment in March. It looks like it's a common problem among servicers, BOA too doesn't properly apply the trial payments towards principal/interest/escrow.
I know I don't have to make a payment in March but I am going to since I was planning on doing that anyway.
I did call customer service yesterday and was told that they would email me a breakdown so I will see what happens with that. It is still a good mod or as good as most other peopel are getting so I am planning on taking it in tomorrow to get my signatures notarized and FedEx it back.
Just an update here...I received the signed permanent mod paperwork yesterday but it did not include any detail or explanation of all the charges they added opn to my principal balance. I think it is funny that CHASE sent everything before by FedEx and what I consider to be about the most important paperwork, the signed permanent agreement, they just sent by regular mail!
Now that I have the signed paperwork in hand, and I feel like they can't snatch the modification away from me, I will be more aggressive in trying to get explanations of the charges out of CHASE. I also feel better knowing Ii have it becasue we are now going to be filing BK.
I wish eveyone who is trying to get their loan mod the very best. I think in my case, having an attorney helped tremendously but you never know...maybe the planets were aligned just right at that exact moment and I would have gotten it anyway!
Marie-
Wow. That was a fast return of your signed documents. I hope for something similar.
As I've posted in other threads I have similar questions on my mod as to how the figures were calculated and I stirred up a big fuss about it. In the end, as you have done, I've decided to wait until I get my signed documents back to delve further into that rats nest.
I'm sure that if the numbers are wrong, I can get them corrected. Still wondering, though if that would jeopardize the mod. Keep us posted? Congratulations.
Marie-
Wow. That was a fast return of your signed documents. I hope for something similar.
As I've posted in other threads I have similar questions on my mod as to how the figures were calculated and I stirred up a big fuss about it. In the end, as you have done, I've decided to wait until I get my signed documents back to delve further into that rats nest.
I'm sure that if the numbers are wrong, I can get them corrected. Still wondering, though if that would jeopardize the mod. Keep us posted? Congratulations.
I think it was pretty fast too and I was surprized. I am still waiting to get an explanation of how they came up with the total principal balance. I have left yet another message and if I do not get a response to that by tomorrow, I will send a Qualified Written Response query asking for a detail of how they came up with so much more than I am coming with.
Congrats! How many trial payments did you make before being approved for your permanent modification? I am making my 4th trial payment in March, and I am getting very anxious about the process.......
I signed in black and did not have signatures notarized after all as after I read through it for the 10th time realized it said unless it says you have to have signatures notarized, you don't. Not sure why they would make some and not others have signatures notarized.
Congrats! How many trial payments did you make before being approved for your permanent modification? I am making my 4th trial payment in March, and I am getting very anxious about the process.......
I only made three trial payments: Dec - Jan - Feb. I made the Feb payment 10 days early as my attorney suggested that would avoid mine hitting on February 1st when there would be a deluge of "final" payments. I am not sure if that is what made it work...I know she was constantly calling to check on paperwork to make sure CHASE had everything.
I am waiting for my paperwork to be signed by Chase and returned. I went on the website today for the first time in over a year since I had previously lost the ability to access it and did see where they had made the change regarding my new interest rate. But, they haven't updated the other numbers such as escrows and late fees and other arrears. So, I am going to be looking closely to make sure everything gets done correctly. But, at least seeing the new interest rate showing on the website gives me some reassurance. Congratulations once more.
I am waiting for my paperwork to be signed by Chase and returned. I went on the website today for the first time in over a year since I had previously lost the ability to access it and did see where they had made the change regarding my new interest rate. But, they haven't updated the other numbers such as escrows and late fees and other arrears. So, I am going to be looking closely to make sure everything gets done correctly. But, at least seeing the new interest rate showing on the website gives me some reassurance. Congratulations once more.
Bert
Thanks Bert! The weird thing with the "signed" paperwork...you can't even read the signature and it is not printed anywhere who signed it. Could have been the janitor for all I know.
I have never had access to a website to see my history. I was with WAMU and they did not have that feature as far as I know. So do you just go to CHASE's main website and put your loan number in?
Marie, I just went to their Chase.com website and under the mortgage tab somewhere on the page requested a new username and password. Just that easy. Give it a try.
but I have a couple of BIG questions
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