Hello -- this is the letter I got in the mail and God knows what this NPV stuff is all about....
Chase Home Finance LLC ("Chase") is writing in response to your recent request regarding a loan modification on the
above-referenced account. After researching your account, we have determined that you do not qualify for a modification
through the Making Home Affordable ("MHA’) modification program at this time; however, we are happy to tell you that
you may be eligibIe for other modification programs offered by Chase. You will be hearing from us regarding the other
programs we have availabie for you very soon.
Federal guidelines require lenders to disclose why you did not qualify for the MHA program. You have been deemed
ineligible for the MHA program for the following reason(s):
The Home Affordable Modification Program requires a calculation of the Net Present Value (NPV) of a modification
using a formula developed by the Deparlment of the Treasury. The NPV calculation requires us to input certain financial
information about your income and your Loan including the factors listed below. When combined ~vith other dam in the
Treasury model, these inputs esfimaie the cash flow the investor (owner) of your Loan is likely to receive if the Loan is
modified and the investor’s cash flow if the Loan is not modified. Based on the NPV results, the owner of yanr Loan has
not approved a modification.
If we receive a request from you within thirty (30) calendar days from the date of this letter, we will provide you with the
date the NPV calculation was completed and the input values noted below. If, within thirty (30) calendar days of receiving
this information you provide us with evidence that any of these input values are inaccurate, and those inaccuracies are
material, for example a significant difference in your gross monthly income or an inaccurate zqz code, we will conduct a
new NPV evaluation. While there is no guurantee that a new NPV evaluation will result in the owner of your Loan
approving a modificafior~ we want to ensure that the NPV evaluation is based on accurate information.
Available NPV Inputs:
A. Unpaid balance on the original Loan as of the date we reviewed your Loan
OP303-AA Page 1 of 4
B. Interest rate before modification as of the date we reviewed your Loan
C. Months delinquent as of the date we reviewed your Loan
D. Next ARM reset date (if applicable)
E. Next ARM reset rate (if applicable)
F. Principal and interest’payment before modification
G. Monthly insurance payment
H. Monthly real estate taxes
I. Monthly Homeowner Association fees (if applicable)
J. Monthly gross income
K. Borrower’s Total Monthly Obligations
L. Borrower FICO
M. Co-borrower FICO (if applicable)
N. Zip Code
It’you feel an alternative modification program we offer you is unacceptable and you intend to retain the Property but
camaot cure a deiinquency, one of the following workout OPti0n~s may be available for you t~.€0nsider:
Forbearance Plan: A temporary reduction in your current payment to provide time for you to improve your financial
Plan: An agreement structured to cure the delinquency over a period of months while continuing to make
- Refinancing Settlement: Use of an external lender to pay off the Loan, possibly for less than the full amount owed.
If you do not intend to retain the Property and caunot cure a delinquency, one of the following workout options may be
available for you under the Home Affordable Foreclosure Alternative ("HAFA") program:
Short Sale of the Property, where we may accept les~ than the full amount owed.*
- Deed-in-Lieu of Foreclosure, whereby you deed the Property to your servicer in exchange for forgiveness of all or a
portion of the Loan.*
If you are interested in discussing these possible alternatives, please contact us immediately at (888) 708-7105.
* Forgiveness of debt may have federal tax consequences. Consult with a tax professional.
As indicated in your trial plan documentation, if your existing Loan did not include escrows, Chase started to review your
property tax and insurance obligations in order to establish an escrow account. As a result, we may have paid items on
your behalf. In that case, if any escrow items were paid during the trial period, your mortgage payment will be adjusted to
include an amount necessary to repay those funds over a sixty (60) mon~th re-payment period. If your account was not
escrowed prior to the trial period, your account will remain non-escrowed, and you will be responsible for any past due
tax or insurance obligations and all items going forward. If yun~ account was previously escrowed, your escrow account
will remain in effect. Chase reserves the right in the future to require an escrow on your account if you fail to pay the tax
and!or insurance obligations under the terms of your mortgage.
Our credit decision was based in whole or in part on information compiled t’rom reports obtained from One of the three
consumer reporting agencies listed below. These reporting agencies played no part in our decision and are unable to
supply specific reasons we have denied credit to you: You have a right to receive a free copy of y0ur report from these
reporting agencies, if you request it no later than sixty (60) days after you receive this notice. In addition, ify0u fred that
any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter
with the applicable reporting agency by contacting that agency at the number provided below:
OP303-AA Page 2 of 4
PO BOX 740241
Atlanta, GA 30374-0241
PO BOX 9701
Allen, TX 75013-9701
PO BOX 2000
Chester, PA 19022-2000
FEDERAL ECOA NOTICE
The f~teral Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of
race, color, religion, national origin, ***, marital status, age (provided that the applicant has the capacity to enter into a
binding contract), because all or part of the applicant’s income d~rives from any public assistance program, or because the
applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that
administers compliance with this law concerning this creditor is the Office of the Comptroller of the Currency, Customer
Assistance Group, 1301 McKinney Street, Suite 3450, Honsto~ Texas 77010-9050.
Chase offers homeownership counseling services to borrowers in some areas. Counseling is also available through a
variety of nonprofit organizations experienced in homeownership counseling and approved by the Secretary of Housing
and Urban Development (HUD). A listing of such organizations may be obtained by calling the HOPE Hotline Number:
(888) 995-HOPE. When you call, palesaKseI o
...r.. ..~..n ep.l "
If you have any questions, please contact us at the mtmber provided below. At Chase, we value you as a customer and
want to ensure your continued satisfaction.
Homeowner’s Assistance Department
Chase Home Finance LLC
(800) 582-0542 TDD / Text Telephone
An important reminder for all our customers: As stated in the "Questions and Answers for Borrowers about the
Homeowner Affordability and Stability Plan" distributed by the Obama Administration, "Borrowers should
beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent
loan, espec.i.a..lly ~fthey reqmre a fee m advanc,e,. Chase offers loan mo¯thfica"t laosnsistance free of charge (i.e, no
modification fee required). Please call us immediately at (888) 708~7105 to discuss your options. The longer you
delay, the fewer options you may have.
Chase Home Finance LLC is attempting to collect a debt, and any information obtained will be used for that
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on
your account may be ~efle~ted in your credit report.
Page 3 of 4
If you are represented by an attorney, please refer this lctter to your attorney and provide us with the attorney’s name,
address, and telephone number.
To the extent your original obligation was discharged, or is subject to an automatic stay of bankruptcy under Title
11 of the United States Code, this notice is for compliance and]or informational purposes only and does not
constitute an attempt to collect a debt or to impose personal liability for such obligation .............
FOR CALIFORNIA CUSTOMERS ONLY:
¯ The state Rosenthal Fair Debt Collection Practices Act and the federal Fair Debt Collection Practices Act require
that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may
not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or
misleading statements or call you at work if they know or have reason to know that you may not receive personal
calls at work. For the most part, collectors may not tell another person, other thun your attorney or spouse, about
your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more
information about debt collection activities, you may contact the Federal Trade Commission at (877) FTC-HELP
or Federal Trade Commission