Help! Are we really out of options?

[mhedgpeth]

So we have been trying to get a LOAN MOD thru chase since April 2009. My husband lost 2 jobs in a year and I contacted chase in March of 09 stating I couldnt make our mortgage payment. They told me to apply for the MHA Modification loan. So I go online and start the process of which I thought would be easy. We called back every 30-60 days like they told us too believing them when they said it was being worked on. We finally got scared when we got farther and farther behind on our loan and knew it would be impossible to catch up.

We got our first denial in August 2010. They denied us stating we needed to increase our income or decrease our expenses by 400$. So we did this by cutting some stuff out and increasing hours at work.

We got our second denial in January 2011. They denied us this time stating we have insufficient income. They said they found my student loans and even tho my student loans are differed they are counting them against us and as an installment loan. We are now told we need to decrease our expenses or increase our income by 559$.

We called and spoke to a counseler and she stated that we cant qualify for a MHA loan anyways because we purchased our house in April 09 and you needed to purchase it before 09 in order to qualify. Is this true? If so, why did chase waste our time for 10 months trying to qualify us for something we will never qualify for?

Also, we have a forclosure sale date set for 3/10/11 and the counseler said our only option right now is to try for a traditional loan or to put the house for sale for short sale. Are these our only options?

Any suggestions would be helpful.

Thanks

[TerrinPhx]

Chase can do an in house mod which is outside of the MHA guidelines. I would suggest turning to NACA for assistance, but I know that NACA doesn't have a very good relationship with Chase. It can't hurt. I used NACA to get my mod with GMAC after GMAC had denied me 3x for a mod and my house was scheduled for Trustee Sale - NACA stopped the sale and got my mod done within a month. NACA has Save the Dream events scheduled across the nation, but I don't know if Chase even attends considering the war that NACA is raging against them and their practices. Good luck.

[mhedgpeth]

Hi,

Thanks for your response. I am so new to all this and confused but have learned alot from this site. What is NACA? How do I contact them?

[TerrinPhx]

Go to their website naca.com......navigate to the home page and read up on Save the Dream events and help for homeowners. Their service is free. There is also a forum for NACA on loansafe. If your home is in foreclosure they can expedite your process, but you have to make them aware of your situation. You can also see if there is a NACA local office in your area and show up at their door and ask for help. Good luck.

[TerrinPhx]

You also may be interested in the information that they have on Chase @ the NACA website. I believe they go to court with Chase in February for breach of contract.

[fightforit]

So sorry to hear about your battle with chase. What state are you in? Do you have MERS on your loan?
Have you looked at all of your mortgage paperwork on line at your county registry of deeds?
Things are rapidly changing with a lot of court cases ruling against foreclosure in different States. Where you live will make a difference in how you should handle things.
Some States are judicial some non-judicial. You need to gather as much info about your loan as possible and speak to a lawyer that gets what is going on.

[Serenity]

Chase can do an in house mod which is outside of the MHA guidelines. I would suggest turning to NACA for assistance, but I know that NACA doesn't have a very good relationship with Chase. It can't hurt. I used NACA to get my mod with GMAC after GMAC had denied me 3x for a mod and my house was scheduled for Trustee Sale - NACA stopped the sale and got my mod done within a month. NACA has Save the Dream events scheduled across the nation, but I don't know if Chase even attends considering the war that NACA is raging against them and their practices. Good luck.

Regarding the bolded. My loan is with Chase and I tried NACA in 2009. For me dealing with NACA was a huge waste of time. I went to TWO Save the Dream events, did all of the paper shuffling and hoop jumping etc only to find out that NACA either no longer works with Chase and/or has a bad relationship with them. What peeves me about NACA is that I wasn't told any of this. I had to find out by chance, reading on blogs. I know the organization has good intentions and has helped some people, but their inablilty to provide adequate customer service is a huge hinderance in this loan modification process.

[TerrinPhx]

I was just reading another thread under the Chase topic and it seems that NACA still attempts to work with Chase. I would go to NACA to at least get the ball rolling and stop the foreclosure. Here is the link to the other messages about Chase and NACA:

Chase nasty gram and question about bank statements,

[mhedgpeth]

We started to get the ball rolling with NACA today. Thanks for the advice and will keep this post updated. I am trying also to get chase to apply for in an house loan modificiation. However, since our denial our relationship manager has disapeared and is not returning our calls and she always returned them before. Any idea who I should talk to about an in house modificaiton? Can I request a new relationship manager?

[mhedgpeth]

also, we are in Arizona. We are very frustrated to learn that we would have never qualified for the making home affordable modificiation and have wasted 10 months trying to get it. Just because we purchased the house in 09. Anyone know if we can talk to someone about this? All this wasted time and now we have forclosure status and so little time left, and so little options.

Chase has yet to deny us for purchasing the house in 09, shouldnt that have been something they looked at first?

[mhedgpeth]

Is it true you have to attend a workshop in order for NACA to help you?

[TerrinPhx]

Yes, it's true. I have heard that they make adjustments for those who need help immediately though. Also, you mentioned that you are in AZ. The Save the Dream event will be in Phx Feb 3rd - 7th. You can attend the workshop @ the event. You can do all of your paperwork ahead of time and have all of your documents with you if you go to the event and that will speed up your process. You can upload your information prior to going and have a member # prior to going. The phone # for the NACA Phoenix office is 602-248-4408. You can call them and see what they suggest.

[TerrinPhx]

Also, Mhedgpeth.....Last year my Trustee sale in Phx was set for 3/16/10 and I didn't get NACA on board until 1/22/10 and had a modification in hand by 2/19/10. I had previously attended a workshop, but didn't pursue working with NACA until I got served with foreclosure papers. Make sure when you call that you tell them your home is scheduled for Trustee sale AND that Chase is your lender.

[Maurice Bedard]

If you have a fannie mae or freddie mac loan, they have what I call last chance mods, but I don't know how to convince your servicer to offer one. A few people have gotten them AFTER a foreclosure sale where fannie mae ended up owning the home.

[dianne]

If you have a difficulty getting anyone to call you, from NACA...You can go to their forum and post your problem and one of their representatives will help you. I found this the easiest way, to get help. I didn't go to a workshop and did my interview over the phone. It is VERY difficult to contact anyone, at NACA over the phone. I found that I could call the closest office, which was in TN. and get someone to find help for me. They are a very good organization, but just overwhelmed with all the families needing help.

[RSMMOM]

Chase and NACA do not play well together. Chase does not attend the Save The Dream events so that would be a waste of your time. I have been with NACA since 2009 and they have submitted my file to Chase on my behalf but Chase calls me direct or sends letters to me and usually a couple of weeks later I get the same info from NACA via e-mail. Chase just does not cooperate with NACA so it seems you are better working with Chase direct. We have been at this since Nov. 2008! Still no mod!

[TerrinPhx]

RSMMOM.....since they haven't gotten anywhere going with Chase direct and their home is in foreclosure I don't think it can hurt to go to NACA and try and get the foreclosure stopped. If it takes awhile for a mod at least they have some time to work with. Chase and NACA go to court in February for breach of contract, so hopefully things will get better once that case is resolved.

[mhedgpeth]

Thx everyone for your suggestions. We were able to speak with someone at NACA today who told us to attend the next workshop which is saturday Jan 22, and also fill out paperwork and complete our online interview before hand. The lady was very positive and said they had a great success rate even knowing our date of auction (3.10.11) and that we were with chase she was very positive and said we had plenty of time. I agree that directly working with chase has wasted 11 months and we want to try the last options we have before we have to put the house up for short sale

Any other options/suggestions we would greatly appreciate and we will keep everyone posted.

[RSMMOM]

I agree you have to try all avenues but if Chase does not go to the Save the Dream Events then what is the point of you going and waiting in those lines just to find out you servicer is not there. Ask NACA if Chase is going to be there and I'll bet the answer is no because Chase does not have a current contract with NACA. I am just telling you what I know from being with NACA for the last 19 months. They always sound so positive and then can't (because Chase does not work well with them) do anything and do not forget they want you to volunteer and go to rallies etc. as I get the e-mails from Bruce Marks. I just do not want you to get your hopes up too high but I hope they can stop your foreclosure. We have applied through NACA at least 3 times and it takes forever to get a response from Chase and then for us it has just been a request for more paperwork, a denial etc. NACA will e-mail Chase for a status update and it will be literally months before Chase would respond. It wasn't until I called Angie Ackerman in the Exec. offices at Chase that I have been having regular contact with them. I do wish you the best of luck and hope you home can be saved. I have watched 3 families in my area recently lose their home (1 was on a trial and the other 2 were negotiating still) and I am sure we are close to being next.

[Maurice Bedard]

I still say that if this loan is a fannie mae or freddie mac loan, their are other options available through the servicer, which can directly mirror HAMP, except for the incentives. I would trust working directly through fannie or freddie before NACA as far as stopping a foreclosure.

[TerrinPhx]

Good point ******. No reason why they can't be calling Freddie or Fannie and still be working with NACA and see who gets action first. I wouldn't put all of my eggs in one basket with time running short.

[dianne]

I may have just simply gotten a rude person, but I called Fannie Mae, or should I say they eventually called me back. The woman, acted like the money was coming right out of her own pocket. She told me, it didn't matter that my home had NEVER been appraised, by my bank...EVER....She told me, that it didn't matter, that my bank had on-line valuated my home for $365,000...My own "REAL" appraisal came back at $65,000 and was based on licensed building and mold inspector's reports, and the current real estate devaluation. This FM person, told me, that I couldn't afford ANY modification. She rattled that all off in about 10 seconds flat and was done.....

I may not have called the correct person. I tried calling twice, and the first time, no one called me back, the second time, someone did....

AND I did get a modification, HAMP! SO don't give up!

[Maurice Bedard]

I had the same result when I called fannie mae- rude, ignorant, arrogant woman.

[mhedgpeth]

We dont have a freddie mac or fannie mae loan we have an FHA loan. Any one know of any options we may have? We are not holding out too much hope, we are just wanting to try all options before we give up. Thnx

[TerrinPhx]

I don't know too much about FHA modification guidelines. I've read a few posts whereas borrowers have been offered a modification, but it isn't very substantial. Possibly, they would offer some type of forebearance.

[mhedgpeth]

So it turns out we dont have a FHA loan, We actually have a USDA farm loan because we are just outside of city limits and qualified for this loan to help with our down payment. Anyone have any idea what our options are with them as far as modification goes?

Also, we have had good success with NACA so far, we got called on time for our phone interview they have compiled all information and are working on postponing the forclosure. Will keep updating.

[mhedgpeth]

Okay just an update and a few questions. We dont have an FHA loan either, (chase told us we did) we found out we have a USDA rural house farm loan and have contacted them to get a modification etc. We told them our story and they were shocked CHASE treated us this way and have not modified.

We also have gotten things underway with NACA. Our file has been submitted and is waiting on a response from CHASE. Our auction date says "auction not stopped". We heard from a lady from chase in the home preservation office on saturday who said she had 2 modification requests and she was gonna send the one from HOPE hotline because it looked better. She requested some more documents be sent to her. My question is, can she pick which modification to send to the underwriter? I believe she does have the NACA one, but is choosing to send the other one, and it seems to me like they dont want to deal with NACA.

Also, does hope hotline send in modifications? We had a counseling session with them, but were unaware they were compiling a modification request. What should we do? I dont want to get screwed again and am worried about her choosing which modification to send!

[TerrinPhx]

Maybe Hope has a better working relationship with Chase. NACA will still work your file. My NACA file still said "auction not stopped" even after they stopped it. You will have to go to the county recorders website and keep checking for filings. It is really up to the lender to stop the sale, and I would keep on Chase about that. Sounds like you have worked a lot of different angles to try and save your home and that is a great idea. Can't put all of your eggs in one basket! Perserverance will pay off!

[mhedgpeth]

Thx. How do we find the county records website?

[Maurice Bedard]

FHA mods will add all arrears to the loan balance and give you a 30 yr term at the current rate at that point. There is some kind of principal reduction plan is certain circumstances, but it seems like most just get the basic 30yr, current rate, arrears added to loan.

[TerrinPhx]

If you're in Maricopa county you can go to www.maricopa.gov and click on the Recorders office link on the left side of the page.