Chase modification too high

[jos123]

Please advise

I had loan modification with Chase, they have sent me modification package that i can't pay, more than my income. during trial period it was like 2500 which is ok with me. the final modification is about 4000 its just about double.
I have submit accept or reject in 1 week. what should i do?

here is loan info
loan: 550,000
with late fees and missing paymaets is about 660,000
they have also added bolloon value of 300,000
intrest 5.125

current value of my home is about 450,000

I have calculated 4000 payment for 30yr is about 1.1 mil, is that right?

Please help, what should i do, should go to lawyer? what will chase do in my case in any one knows?

[diana0806]

Jos, i would e-mail angie ackerman. She is david lowmans asst. She called me back . She will get you in contact with a supervisor in the executive res. Team in ohio. Explain the situation to her in the e-mail. She called me within 24 hours after i e-mailed her. Hang in there. They did that to me if you read my story. Owe 297,000- now 401,000 with late fees and not being able to make payments. Ballon payment of 277,000. I am waiting for new in house mod. I will see what these numbers say. Fight!!!!! We will prevail!!!!!!!!!!!!

[jos123]

I have just emailed angie ackerman about my mortage issue. Chase promised the payments will be around trial payments but when final package came its almost double.
any ways what should i do next?

file for another modification? What did you?

[diana0806]

I would wait and see if she calls you. If nothing , i would call her direct. If you do not here anything by early afternoon , i would call because you do not want this hanging over your head all weekend with return date next week. She e-mailed my rep. In ohio and told him to try to get better deal. I am now waiting for new paperwork. I still do not want a ballon payment. They charged me 77,000 in interest because of no payments. They told me not to make payments. Then when i tried to because of delays they returned my check. That is my protest. Also, credit destroyed. Hang in there. We will prevail!!!!!!!!!!!!!

[diana0806]

Do you have a rep. Or contact at chase who has been helping you all along?

[jos123]

Diana,

Thanks so much for your help. I just got recipient email failed. I looked her up on google.com and email her but seems to be wrong address, would you pass me correct contact info

[diana0806]

david.b.lowman@jpmchase.com !!!!

[jos123]

Just spoke to an underwriter, I told me that i can't afford this payment plan, he told me that this is the best offer, either accept or reject. if i reject i loose the house. Please advise.

[MZWITHHOPE]

jos123 - I am not an expert but your loan amount and payment/interest rate don't add up. Do you have the break down? maybe you are paying a past due escrow? I have seen where if you have a large escrow negativie balance they break it down to a 5 year repayment agreement or maybe they have your tax/insurace wrong. They have done this in the past. Do you know who your investor is? It's not a great mod but the interest rate is fairly decent. I would be okay with my interest rate being 5% if it was my modification.

[CHANLY]

This happened to me too. Turns out they miscalculated my income, still waiting to see if they will re-do it. I tried and tried to call everyone and anyone and never got any response. I finally just returned the paperwork unsigned with a letter explaining my situation, etc. For me there was no option to take what they offered, it was way more than what it should be based on my income.

[whatsinaname]

Was it an in-house modification or HAMP?

[jos123]

I had missed 3 payments, than i learned about the modification and got payper work done from chase website. Here is the peroblem the trial period payments are perfect, but they added extra 1500 on top which is way beyond my reach. if i don't sign the paper by 28th this month the house will go on foreclosure as per the underwriter, is the case or they have to give me other option, what will they do? will the just send me foreclosure notice to empty the house, or will they work with me? do you know what the procedure?

[Paulac]

Same thing happened to me, trial payment and new payment on perm mod was the difference of about 600.00 more, couldn't afford, sent back the offer unsigned, rejected, with letters and all of my updated information. within a week got a letter from chase with a name of a person for a negotiator and a phone call from this person and they are supposed to redo the numbers, they mis did my income, we'll see....now I'm over 16 months going thru this mess, 12 trial payments and haven't given them a cent since Feb. have to save to leave here I think. it's time, don't think they will get the payment to where I can afford it comfortably and be able to live/eat. I've accepted it and am ready for them to bring it on, whatever it is, it will be closure. took me many months to get to this emotional state...good luck, keep us posted, thanks,

[inthegarden]

angella . l . ackerman @ chase dot com

[jos123]

I have emiled her my situation, she said someone will call be noone has sofar in 2days. I am thinking of doing same, sent the papaer unsigned and see what they have to say.

whan u mailed the paper unsigned you didn't receive foreclosure notice?

[sofla]

o.k. maybe the info is here and I'm not seeing it -- what is your monthly gross income that you reported to them? did you report a 2nd mortgage? what are the taxes and insurance on the property?

all of these come into play in determining the amount of the payment and how much goes to the "balloon"

[jos123]

7100 mothly income from all family members, Household medical food transportation exp are just about 4000 a month which leaves with me 3000 for mortgage. modification they did wants me to pay 4000 a month. i can't afford that.

[jos123]

total mortage is 557K, late fees and payments made my mortgage 663K, they are charging 300K balloon.

[justdeb]

do you have PMI on your loan? What was your org. loan terms - org. loan PITI and HOA (if any) payments?

Without knowing what those are, its hard to work the numbers - was it an interest only loan to begin with - did you pay T&I yourself or did you have an escrow? Were you late in paying T&I?

What was the breakdown of the extra $106K from the org. balance to what it is now? Did they give that to you (they should have)

There are alot of variables that need answers first

[jos123]

They didn't provide any breakdown of the loan in modification package, I have requested the detail and they still have given it to me. I have to submit my accept or reject by end of the day today. If i reject the offer i will loose the house.

[justdeb]

They didn't provide any breakdown of the loan in modification package, I have requested the detail and they still have given it to me. I have to submit my accept or reject by end of the day today. If i reject the offer i will loose the house.

This is my personal opinion on this matter - so take it as you will...however...I would not sign ANYTHING that didnt explain IN DETAIL what the hell I'm agreeing to - and where $106K came from...

Nope.... and thats nearly illegal - causing a homeowner to sign under durress and without full disclosure of terms.

[sofla]

your numbers don't make sense. that's over 50% of your gross -- I've never heard chase using 50% of gross -- and the loan amount isn't that high to have a 300000 balloon -- what are the property taxes/association? also agree to see if numbers might fit -- what were your original terms?

[Sunny480]

My Chase loan modification offer came out with higher payments than I had before and amounted to 46% of my gross income. I was told my payment was based on my income which Chase has miscalculated. After complaining to my state's Attorney General, I got a call from Chase Executive Office. The "girl" stated that my income is based on my income. However, it seems that they cannot read a pay stub and calculate pay stub as if it is one week of work, multiply by 52 and divide by 12 to come up with monthly income. WRONG!!!!! Could not convince her that she should only multiply my pay check by 26 then divide by 12. She is either dumb or clever.....I hung up.....will keep updated on next step. Thanks fellow mortgage cellmates.