Need to know if this is the truth

[dguyette24]

I posted on here about 3 years ago, when I lost my job. Our mortgage was with Chase bank, and we applied for a mod. after about 6 months of a runaround, we were turned down because our mortgage was current, and ginnie-mae was the backer. In December of 11, we reapplied. Now I have ssdi, because I have parkensons, and my husband has ssi. Anyways to get to the point, we got a letter that said we qualfied for the Making Home Affordable program. Told not to make a payment in January, and to make 4 modified payments of 766. a month. Our old payments were 941. We paid all of them on time, and have now paid our 5th payment. Our rep. is Sandra Wiggins and she has been very good about letting us know where we are in the process. Got a letter on May 7th and the 17th saying that chase had bought our mortgage. She called today and told me the hold up had something to do with figuring out the NY state taxes. I am just getting really nervous, because I don`t understand what is going on. Anyone know anything about this situation, and can give me any information, I would really appreciate it. Thanks for your help. Donna

[Evan Bedard]

Anyways to get to the point, we got a letter that said we qualfied for the Making Home Affordable program. Told not to make a payment in January, and to make 4 modified payments of 766. a month. Our old payments were 941. We paid all of them on time, and have now paid our 5th payment. Our rep. is Sandra Wiggins and she has been very good about letting us know where we are in the process. Got a letter on May 7th and the 17th saying that chase had bought our mortgage. She called today and told me the hold up had something to do with figuring out the NY state taxes.

Sometimes it takes longer than 4 trial payments before your servicer makes a final decision on the modification. This is quite common and I would just make sure to continue paying the trial payments on time until a decision has been made. I'm not sure why Chase would send you a letter stating they bought your mortgage if your mortgage was already being serviced by them.. I'm assuming that letter may have been sent to you by mistake..

[dguyette24]

I thought that the loan being bought by chase, might have something to do with them getting us out of the ginnie-mae pool, but I am not sure. I don`t understand the part about figureing the NY state tax. What she said we were going to be offered was 1000 off the princpal, for the next 5 years if payments are on time, and 4% fixed intrest rate. We are paying 6.5 now. I am just worried about it being dragged out where we owe more than the original loan. what do you think???

[dguyette24]

Anyone with any info, I would like to hear from you.

[dguyette24]

Have I posted in the wrong place, cause I`m not getting any feedback?

[dguyette24]

also would like to know if there is a time frame, that you should get the loan doc package back. Thanks

[Evan Bedard]

I thought that the loan being bought by chase, might have something to do with them getting us out of the ginnie-mae pool, but I am not sure. I don`t understand the part about figureing the NY state tax. What she said we were going to be offered was 1000 off the princpal, for the next 5 years if payments are on time, and 4% fixed intrest rate. We are paying 6.5 now. I am just worried about it being dragged out where we owe more than the original loan. what do you think???

Sorry for not getting back to you sooner on this. The permanent modification payment should be very close if not exactly the same amount as the trial period payment. The $1,000 a year off principle is one of the incentive's for homeowners who achieve a permanent loan modification under HAMP. Your new payment will most likely start out at 2-3% for the first 5 years and then 4% for the life of the loan.

There is no specific time frame for the lender to send out docs for the permanent modification but it should happen very shortly since you just made your 5th trial period payment. If they do not come back with a decision soon try contacting the executive team and have them look into your account to find out what the hold up is..

Jamie Dimon Chairman & Ceo
Phone: 212-270-1111
Fax : 212-270-1121
E-Mail Address: jamie.dimon@jpmchase.com

Executive Team:
executive.office@chase.com

Penney Davis, Executive Resolution Team
904-462-2287
alsebre.davis@chase.com