Just need to send the package back.

[northwesto]

Well I finally have resolution after 26+ months of trying. Here are the basic details:

Original $250,000 40 year adj. (37 years left) that was modified in '08 to a fixed @ 7.5 with a payment of 2015 TI included.

Mod $310,000 25 year 5.75 with $80,000 deferred which will be forgiven if I pay on time for 3 years. New payment of 1800+ (depending on escrow). Ballon payment of about $5000

I think this is a decent deal since originally all I wanted was help because of a pay cut. I must say that dealing with Chase over the last 4 months has been pleasant. From the time the excecutive team found that I had not been serviced correctly and never offered a trial plan they got right on it. I finally started my trial in January, made my last payment March 1 and recieved the perm mod paperwork this week.

[Evan Bedard]

I think this is a decent deal since originally all I wanted was help because of a pay cut. I must say that dealing with Chase over the last 4 months has been pleasant. From the time the excecutive team found that I had not been serviced correctly and never offered a trial plan they got right on it. I finally started my trial in January, made my last payment March 1 and recieved the perm mod paperwork this week.

Thanks for sharing the details of your modification and congrats on receiving one! Was this a modification under HAMP or a traditional in-house mod?

[Cat Damiano]

northwesto,


That is a really great modification, Congratulations!!

[MIDSOUTH]

Hi Northwesto

Congratulations on your perm mod....have the say, the service you received is a testament to what banks can actually do. Many posters on this site are probably envious I do have a couple of questions though...

1. Does your final loan amount of $310,000 include the 80K and the 5K?
2. Why is your final loan amount significantly higher than your original loan amount of $250,000? (just wondering if there are allegedly "owed" fees and costs that were added)

[dearles]

Woo hoo baby happy for you!!

[northwesto]

Thanks everyone!

Evan - This is a HAMP mod according to the paperwork. I was suprised be a few things though, the clause where the deferred principle would be forgiven over 3 years and that the lump sum at the end of the loan was only $5000.

Midsouth - I was really suprised that Chase did an about face on this. In my earlier post back in 2010 I had all but give up. The department I was working with closed and the next group I was talking with claimed that I already had a trial plan but I did not make the payments - even though I was never on a trial plan. In May of last year I went to the excecutive team, got a Rest Report as well, but they still dragged this on until December. I know a lot of people on here are still fighting but it is possible to get resolution, just keep fighting.

The final note is broken down into two parts, non interest bearing deferred principle (80000) and interest bearing principle(230000) for a total of 310000. The 5000 is part of the 230000. I have not finished calculating how they got to the 80000 but I have accounted for most of it. Really, as long as I make these payments and have the deferred forgiven I am more than good with that.

[donnac]

My paperwork just went to the underwriter with CHASE. What was your timeline from the time it went to the underwriter till you got the trial payments. Once it went to the underwriter did the underwriter request additional paperwork from you? Also, CONGATULATIONS!!!!!

[northwesto]

Donnac - the final time it went to the underwriters it took about 30 days. Hopefully you get pushed through the first time.

I sent the FedEx package back and the same day I got a letter stating that my loan servicing is being transfered to Ocwen on April 2nd. Will Chase even sign off on this now???? The mod date enforcement day is April 1st according to the docs. I have not had a chance to contact Chase since I got the letter last night. Anyone experience this?

[Evan Bedard]

I sent the FedEx package back and the same day I got a letter stating that my loan servicing is being transfered to Ocwen on April 2nd. Will Chase even sign off on this now???? The mod date enforcement day is April 1st according to the docs. I have not had a chance to contact Chase since I got the letter last night. Anyone experience this?

A couple years back we would see servicers pull this move all the time by switching servicers immediately after, or sometimes right before a permanent modification is offered.. Hopefully you still have a copy of the agreement on hand because you may need to provide this to Ocwen as soon as your mortgage is fully updated in their systems.. You should also get in touch with Chase immediately to ensure they are updating your account with the modified terms before it is transferred..

[northwesto]

Well after calling Chase for a two weeks and only being able to leave messages for my rep - he finally answers on Friday. He tells me that my mod was not completed by Chase but he will work with Ocwen on the doc transfer to make sure it is completed. I of course did not want to miss my 4th payment because it took two years to get to this point - so I sent it into Chase to make sure it was on time, now I am not so sure that was a good idea. The Chase rep said he would call me on Monday and try to make sure that everything was transferred to Ocwen correctly but I really doubt that is going to happen. So if Ocwen doesn's fllow through on this is the clock reset?

[Evan Bedard]

Usually when your mortgage is transferred to a new servicer they should give you about a 30 day grace period before a payment is due so they can fully upload your account in their systems. I would begin contacting Ocwen this week and let them know your mortgage was transferred over to them and also that you just received a permanent loan mod from Chase right before the transfer..

[northwesto]

Usually when your mortgage is transferred to a new servicer they should give you about a 30 day grace period before a payment is due so they can fully upload your account in their systems. I would begin contacting Ocwen this week and let them know your mortgage was transferred over to them and also that you just received a permanent loan mod from Chase right before the transfer..

Well, I finally have everything updated with OCWEN. They initially wanted me to go through with the whole process again, I argued that the original mod went into effect on 4/1 and I did not need to re- apply. Finally after weeks of going back and forth with my relationship managers they finally agreed that this was done and have updated my file. It is now showing on the website and my last statement. Now to try and get a signed copy from them...maybe.

[northwesto]

Back to the games! Ocwen has reversed the modification! According to Ocwen, Chase reversed the modification and never approved it, this after we made two permanent modification payments and I was attempting to make a third. So we are now back in the trial mod again. This time we were approved within 10 days for the trial and hopefully get a permanent again by the end of the year. What recourse if any do I have? We made the payment and have statements showing the modification, if something goes south with this current trial is there anything I can do? Neither Chase nor Ocwen have stated why the modification was revoked.

[Cat Damiano]

Back to the games! Ocwen has reversed the modification! According to Ocwen, Chase reversed the modification and never approved it, this after we made two permanent modification payments and I was attempting to make a third. So we are now back in the trial mod again. This time we were approved within 10 days for the trial and hopefully get a permanent again by the end of the year. What recourse if any do I have? We made the payment and have statements showing the modification, if something goes south with this current trial is there anything I can do? Neither Chase nor Ocwen have stated why the modification was revoked.

If you have not already done so, you may want to try contacting the Ombudsman at Ocwen and see why exactly the modification was reversed because you should have received something in writing.

You may contact the Ocwen Consumer Ombudsman a variety of ways as provided below:

• By email at Ombudsman
• By phone at (800) 390-4656
• By fax at (866) 771-5152
• By mail at:
  Ocwen Financial Corporation
  Attn P. O. Box 785061
  Orlando, FL 32878-5061