Already got a loan mod. Are there any new programs to get me a better loan without a balloon payment?

[outriggal]

Hi All,

I finally got a loan mod last August after two years of trying with Chase. We got the standard:

2% for five years
3% year 6
4% year 7
4.5 year 8-24
year 24 233,000 non interest bearing balloon payment.

I took it because we live in Southern Cal and rents are very high here. Our current payment is 2010.00 for the next five years. Our loan amount is currently 482,000 and our house is worth 350,000 tops. We have been current on our new loan mod since we got it which was last August.

Does anyone know if in the future we will be eligable for any kind of new programs to get a low interest rate and get rid of the 233,000 balloon payment?

Thanks!

[Evan Bedard]

Does anyone know if in the future we will be eligable for any kind of new programs to get a low interest rate and get rid of the 233,000 balloon payment?

Unfortunately, the only way to get rid of the balloon payment would be through a principle reduction. For HAMP they can option to defer some of the balance (which in your case is a significant amount) to make the payment affordable and amount to 31% of your gross monthly income. You can always look into the National Mortgage Settlement as it should provide principle reductions to those who qualify. For this program your mortgage must be owned and serviced by Chase to qualify. If your mortgage happens to be backed by Fannie Mae or Freddie Mac, you will not be eligible for assistance under the settlement.

https://www.chase.com/online/service...int/na/kyhtile

[gml5190]

Unfortunately, the only way to get rid of the balloon payment would be through a principle reduction. For HAMP they can option to defer some of the balance (which in your case is a significant amount) to make the payment affordable and amount to 31% of your gross monthly income. You can always look into the National Mortgage Settlement as it should provide principle reductions to those who qualify. For this program your mortgage must be owned and serviced by Chase to qualify. If your mortgage happens to be backed by Fannie Mae or Freddie Mac, you will not be eligible for assistance under the settlement.

https://www.chase.com/online/service...int/na/kyhtile

Hi Evan-

What about if the loan is serviced by Citi Mortgage, but owned by CM Alt Remic? Both have the same business address. Thank you.

[Evan Bedard]

Hi Evan-

What about if the loan is serviced by Citi Mortgage, but owned by CM Alt Remic? Both have the same business address. Thank you.

Cmalt stands for Citi Mortgage Alternative Loan trust so you may be eligible since Citi Mortgage owns and services your account. They have been sending out letters to those who are eligible and will continue to do so but it would not hurt to call in and inquire about the program.

[gml5190]

Cmalt stands for Citi Mortgage Alternative Loan trust so you may be eligible since Citi Mortgage owns and services your account. They have been sending out letters to those who are eligible and will continue to do so but it would not hurt to call in and inquire about the program.

Thanks, Evan...positive news. When we talked to them several years ago, however, they said it was a private investor group and they were not the owners...any advice on how to break this barrier with them?

[Evan Bedard]

Thanks, Evan...positive news. When we talked to them several years ago, however, they said it was a private investor group and they were not the owners...any advice on how to break this barrier with them?

I'm very sorry for the confusion, I did some more research and found this statement from a Citi rep who is actually a member here in the forum by the name of Mike Cardace.

"The acronym CMALT does in fact stand for CitiMortgage Alternative Loan Trust. That is just the name of the trust. Simply put, the loans included in this securitization trust are not owned by CitiMortgage, Citibank or any other subsidiary of Citi. They were sold. These loans are owned by multiple private investors, and they are serviced, not owned, by CitiMortgage. Therefore, these loans are not eligible for benefits/programs under the recently announced National Mortgage Settlement. Also, it's important to note that the creation of this trust long pre-dates the announcement of the National Mortgage Settlement."

[outriggal]

Evan, isn't there a new program for people that are current, but upside down to get some of the good rates?
I am back to work full time, so we are dual income and we are going to be making too much to qualify.

Thanks!

[Evan Bedard]

Evan, isn't there a new program for people that are current, but upside down to get some of the good rates?
I am back to work full time, so we are dual income and we are going to be making too much to qualify.

Thanks!

The only new program I can think of that offers assistance to current underwater borrowers is the national mortgage settlement. But of course you are not required to be delinquent to qualify for a loan modification. Other than that I'm not aware of any program that does not require a financial hardship to qualify for a loan modification.

[sandiegosub]

Evan, isn't there a new program for people that are current, but upside down to get some of the good rates?
I am back to work full time, so we are dual income and we are going to be making too much to qualify.

Thanks!

we got our loan mod in august of 2011 after 3 years of denials/
the rep at chase told me that i can reapply for other programs after
the one year mark of my loan mod which is sept.
so i am going to try and see if i can get a principal reduction
as my balloin payment in 26 years is 442k
that includes all my past due and principal that they put on the balance to get my
payment down from 4600 to 1800
any idea on what programs are out there
harp or some principal reduction plan
i will let you know what i find out;

[tadias13]

Hi All,

I finally got a loan mod last August after two years of trying with Chase. We got the standard:

2% for five years
3% year 6
4% year 7
4.5 year 8-24
year 24 233,000 non interest bearing balloon payment.

I took it because we live in Southern Cal and rents are very high here. Our current payment is 2010.00 for the next five years. Our loan amount is currently 482,000 and our house is worth 350,000 tops. We have been current on our new loan mod since we got it which was last August.

Does anyone know if in the future we will be eligable for any kind of new programs to get a low interest rate and get rid of the 233,000 balloon payment?

Thanks!

I actually called Chase today as I too have a large amount of deferred principal in my mod. Supposedly the rep I spoke to today said that as of 8/9/12, they will be contacting those customers with mods that include a forbearance or ballon payment due at the end of the mod. Chase might forgive the entire amount or do a partial forgiveness of the deferred principal. I called the 866-372-6901 number and received this information.

You may want to contact them!

[Evan Bedard]

I actually called Chase today as I too have a large amount of deferred principal in my mod. Supposedly the rep I spoke to today said that as of 8/9/12, they will be contacting those customers with mods that include a forbearance or ballon payment due at the end of the mod. Chase might forgive the entire amount or do a partial forgiveness of the deferred principal. I called the 866-372-6901 number and received this information.

You may want to contact them!

Thanks for sharing this information Tadias, this would be excellent news if Chase did agree to forgive some of the balloon payment because for some this is a very significant amount like Outtrigal has experienced..

[tadias13]

Thanks for sharing this information Tadias, this would be excellent news if Chase did agree to forgive some of the balloon payment because for some this is a very significant amount like Outtrigal has experienced..

Hi Evan,

This ballon payment due at the end makes me and probably everyone else here feel like we will never really own our homes. We are all just renters if we still have to pay these obscene ballon payments at the end. If Chase doesn't forgive it then why stay? If I don't get a forgiveness on the deferred principal, then I have no real motivation to stay and pay off the house. Anyone applying for a mod now automatically get evaluated for a principal reduction. When I called Chase yesterday I asked them why they were not doing this with people who received mods before the settlement. When my financial situation improves, I want to leave as I never reaffirmed the mortgage after chapter 7. The reason I am still here is because I have the 7 dogs. Chase basically got all of the WAMU houses for free so they think they can just shove us all to the side. Think again, I call those a-holes all the time and that is the only way I get anything from them. Many times I have had to scream at them because I know they are lying, and some of those reps are very rude so I do not feel bad when I get mad at them. They put me on hold a lot but screw them, I keep calling and they are not going to win. As long as I am here in this house, I will keep fighting them.

[tadias13]

Thanks for sharing this information Tadias, this would be excellent news if Chase did agree to forgive some of the balloon payment because for some this is a very significant amount like Outtrigal has experienced..

I just found out that for those us who received a mod in the past 24 months we will not qualify. Even if someone received a mod and it has been over 24 months, if the interest rate is under 5.25% they will probably not qualify. Here is the number I called 855-217-8967. I was told to look into the HARP refinance as it more streamlined and you can have had a mod in the past 12 months.

[shelleyils]

We got a fannie mae loan mod last year and got denied for a forebarence due to loss of income. They sent the paperwork to chase and was told to apply for a HAMP. On the rma paper work we had to fill out, there was a box for us to check if we've gotten any type of loan mod in the past. We checked yes and they have not said anything about it. I'm guessing they might call us after all our paperwork goes to underwriting and tell us we don't qualify.

[tadias13]

I just found out that for those us who received a mod in the past 24 months we will not qualify. Even if someone received a mod and it has been over 24 months, if the interest rate is under 5.25% they will probably not qualify. Here is the number I called 855-217-8967. I was told to look into the HARP refinance as it more streamlined and you can have had a mod in the past 12 months.

I found out some new information today 8/15 regarding principal reductions and those of us who do not quality for relief under the new mortgage settlement. I spoke with a rep at Chase this morning and was told that people with the ballon payments at the end of their mods can reapply for another mod. When you apply for another mod, tell them you are applying for a principal reduction. You will still need to submit the documents, pay stubs, hardship letter, etc. but I was told they are giving principal reductions for people that do not qualify for help under the mortgage settlement. So if you have a ballon payment due at the end of your mod, try again. I am I thinking the mod has to be at least 1 year old before applying for a new mod. I spoke with someone in North Monroe, LA.

[sandiegosub]

That is the same information I got my one year mark is se4pt 1st so im gathering up all my paperwork now to submit/
I can almost do it in my sleep after all these years. Will update as soon as I hear anything

[shelleyils]

Is the one year mark when you made your first payment for the final mod, or when you made the first trial payment? Our case manager called today and said all our paperwork is with the UW now. We haven't gotten any of those certified letters about acceleratiing the foreclosure.

[tadias13]

That is the same information I got my one year mark is se4pt 1st so im gathering up all my paperwork now to submit/
I can almost do it in my sleep after all these years. Will update as soon as I hear anything

I want to know what the outcome is, good luck!

[sandiegosub]

Is the one year mark when you made your first payment for the final mod, or when you made the first trial payment? Our case manager called today and said all our paperwork is with the UW now. We haven't gotten any of those certified letters about acceleratiing the foreclosure.

the one year mark from the final mods first payment is what I was told, trial does not count

[nankatfog]

This is good to know. My loan is serviced by Chase but Aurora Bank FSB owns it. So I'm assuming I don't qualify for the DOJ.
I started a mod in 2009 and early 2010 it was finalized and I ended up with a 10k balloon payment and my payments went up $288. Now because of past family matters I'm 3 months behind. I did call and got on a mortgage repayment plan but they only gave me at 1st 3 months to pay. I called because my 1st payment would be late they (Chase) said it was ok. Then after I made my 1st payment I started getting calls. Today I talked to a really nice lady and she told me they were suppose to adjust the pymt date. Guess what they didn't and their system kicked out the repayment plan. The lady set it up again and now I have 4 months but gosh with Christmas coming my kids will get nothing. I guess a roof over their heads is better than toys.
My questions is can I try for another mod to maybe lower my pymt?

[tadias13]

This is good to know. My loan is serviced by Chase but Aurora Bank FSB owns it. So I'm assuming I don't qualify for the DOJ.
I started a mod in 2009 and early 2010 it was finalized and I ended up with a 10k balloon payment and my payments went up $288. Now because of past family matters I'm 3 months behind. I did call and got on a mortgage repayment plan but they only gave me at 1st 3 months to pay. I called because my 1st payment would be late they (Chase) said it was ok. Then after I made my 1st payment I started getting calls. Today I talked to a really nice lady and she told me they were suppose to adjust the pymt date. Guess what they didn't and their system kicked out the repayment plan. The lady set it up again and now I have 4 months but gosh with Christmas coming my kids will get nothing. I guess a roof over their heads is better than toys.
My questions is can I try for another mod to maybe lower my pymt?

If it has been 12 months since your first mod became permanent, then you can try again.