What to Do For a Chase Modification

[workinlossmit]

Since I work for these guys.. here are some basic stuff you need to have ready when you are assigned to a Loss Mit Rep:

1st things first, if your loan is less then 90 days old then you have not been assigned to a Loss Mit/Foreclosure Rep!!!

You will be sent to early Lss Mit (Glorified Collectors) who will check when your ARM resets.

IF YOUR ARM IS DUE TO RESET within 6 months then you can speak to these folks and request a MODIFICATION!!!!

IF YOUR ARM IS GOING TO RESET beyond 6 months then continue to make your regular payment.

2nd thing, please have these main things ready:

1. your stated income not VERIFIABLE just stated so that we can refer your loan for a mod.


a) Income = Salary divided by 12 or hourly x 40 x52 divided by 12.

b) Do you have any other liens (2nd mortages) how much and to whom!!!

c) Do you have a car payment? How much?


d) If your account is not escrowed, how much did you pay for property taxes annual or semiannual? (it will be broken down by the month by your rep)

e) If your account is not escrowed. how much did you pay for homeowners insurance? annual or semiannual (it will be broken down by the month by your rep)


3rd thing, please start getting your docs ready.

You'll need three to five things depending on your rep)

a) HARDSHIP LETTER

b) monthly household budget

c) Two MOST recent paystubs

d) Two MOST recent bankstatements (if you're an independent contractor, your last 12-18 bank statements.)

f) Two most recent TAX returns (if your an independent contractor; your last 3-5 years of tax FILINGS!!!!)

4th and most important thing: FOLLOW UP!!!!

5th and most virtuous thing: BE PATIENT!!!

The time frame to modify a loan is now 60+ days . . . WHY?

With the President's freeze program, Fannie Mae/Freddie Mac loans (cutters), the Hope Now Project and our own loans, the turnaround time has been extended.

GOOD LUCK!!! Fax those docs to your REP in Texas or Cali or whichever location that they are at AND send it to SAN DIEGO because that is where the Mod Underwriters are located.

[Andrew]

Bump to the top. Great Info!!!

[n8tvca70]

OK so here's my question:
I have all above items in place ready - faxed and return req receipt to San Diego where my Loan Mod is - I have not been asigned to aparticular person but my situation is different as I had been assigned in July somehow lost thr the system and then called daily a hundred time over and someone wonderful soul had mercy and put m back into Loan Mod. I wonder if they picked up where we left off? I have o idea.
What I do know is after mailing/faxing I have rcvd. a Notice of Rights dated January 2, 2007. If I pay a paymnt (have not made one since November) and then they ask for "good faith" I am screwed. I will not have good faith $$ my paymnt is now $3100 and it takes one and a half paychecks to cover it at this point. Will I foreclose during this process?
I am sorry its all about me me me right now but I am so nervous and this is our first home - we purchased within our means my husband lost his job (and STILL pending payment of 2 months salary since July - regained emplymnt in mid-Noember Labor Board sided with us at hearing but employer is BK now so thats a whole diff story.....
What is the best to do? Make a pymnt? Will they rescend it? I can make a pymnt Friday virtually wiping us out but if thats what it takes....

[Moe Bedard]

Thanks as always lossmit. Great person.

[workinlossmit]

n8---i would have to look at your loan...

depends on where your mod is currently at in the MOD process---

um.. lets just say its close to the end---kit is in the same boat... albeit i think she is def near the end from what she posted... she can make her regular payment and make up the difference that her "goodfaith" down payment request... as long as her mod docs are being sent to her in a couple of weeks.. so she is okay...

you n8, are a little more tricky.... if your loan mod is not anywhere near completion then i wuold tell ya to make a pmt to avoid foreclosure because you dont want to be jacked by all the fees and costs associated with your account going into foreclosure---although if you do go to f/c then you will need to follow up with a rep tomake sure your file is placed on hold with the atty so that you dont get assessed any MORE fees/costs assessed while the MOD is being reviewed.. hope this helps a little.. but it depends on the status of where your MOD is currently at...

[mauimalia]

I really do appreciate every inch of help I read here on this forum. I am presently somewhere in the "stew" of working out some form of loan modification. My question is fairly general. I have contacted Hope Now and asked for their help. The rep said that they contact Chase and supposedly this expedites the issue faster.

Is this true? If so, why would a federal supported contact get anything done faster than anyone else? I know Project Lifeline is supposedly supported by Chase, but I still got the NOD from NDEx and I haven't received any notification that my NOD has been extended 30 days.

Is Chase even sending out the Project Lifeline letters or is it a given?

Again, thank you for your kindness and support. I thought that didn't exist anymore.

Maria

[Moe Bedard]

Maui,
Project Lifeline was just signed by President Bush on Feb. 14th.......it takes a little while for the system to catch up. Chase is being very proactive with their modifications and helping people out. The letters are being generated to people that are 90+ days behind on their mortgage but you can address it with the person who is helping you with the modification now if you are in that category.

[mauimalia]

Thank you so much

[Mary Salzer]

Maria, you need to be proactive and make sure that the dates have been extended, you can not let "someone" else do this for you. The phone calls and work to obtain the modification or postponement of foreclosure dates are things that you have to do to protect yourself. HOPE is a great organization, however you have to have the control over these issues, no one else other than yourself can really advocate for yourself better than you.

Since you have not received any notification you need to get on the phone with Chase and determine that the foreclosure has been postponed and then with the attorney's office to make sure that they too have been notified of this postponement. You can not leave this in someone else's hands to take care of for you.

[mauimalia]

Thank you for your supportive words. I literally typed up a basic help letter and faxed it to the Chase CEO and each and every CA Rep, Senator, Gov Arnold, Henry Paulsen and President Bush asking for them to please look at our loan and assist us in working out a resolution for our home. Not sure if it will help, however, it couldn't hurt, right? I also got a call that Chase is having a Work Out Session at the Anaheim Convention Center on 3/5/08 from 2-8pm.

I am utterly mentally exhausted at this point. I will call and confirm somehow with someone at Chase that we've gotten that 30 day extention through Project Lifeline. I was told by one of the phone operators that they are participating, but I figured that everyone is spinning their wheels at this point.

Do you think 1000's of people faxed the CEO of Chase or does he think I'm the only crazy one to do so? If I didn't invest my 88k into this property, I would be letting it go.

Maria

[elrob1981]

Q1. DOES THE FOLLOWING STATEMENT: "IF YOUR ARM IS DUE TO RESET within 6 months then you can speak to these folks and request a MODIFICATION!!!!" APPLY FOR ALL BANKS INCLUDING SAXON MORTGAGE

Q2. ONCE YOU FALL BEHIND ON ONE MONTHLY MORTGAGE PAYMENT DOES THE LENDER GIVE YOU THE OPTION TO MODIFY YOUR LOAN THEN? I DON'T THINK THEY WILL SINCE MY INTEREST RATE HAS NOT RESET YET BUT WOULD LIKE TO CONFIRM

ROB

[Mary Salzer]

Rob - I am confused, how did these questions arise and we need to move this back to your thread when you answer me, to confusing for the over 50's crowd where the mind is starting to fail.....

Were these on a mailer or on a questionnaire that you are filling out for HOPE?

[joekwood]

I have a 30 year fixed (FHA) with Chase. I called and finally got to the loan mod dept. I told them that I am current but need help because within 6 months I will be giving the house back to them. They said to me that being your loan is FHA we do not have any loan modifications programs for you. So I asked...so what you are telling me is that you cannot help me and in 6 months call back to find out where to send the keys and they said yes correct.

Thanks for your help...

[Mary Salzer]

I have posted to your thread with the solutions that are available to you under the FHA programs....you will need to short sell and try to mitigate your losses that way. FHA is a fixed rate program and no they do not modify --- it is not a toxic ARM program, it is vanilla lending and as such it, the situation does not have the flexibility for modification.

You really need to obtain a seriously good Real Estate Agent to assist in the Short Sale process. Otherwise you are going to have a Foreclosure situation, they do not do Deed In Lieu unless there is serious effort on your part to work out the situation...

FHA will consider Deed in Lieu in seriously financially stricken markets...it is rare, the market has to be extremely distressed. Remember that Deed in Lieu is the same as foreclosure on your credit and is an extreme credit ding that will follow for about 4 years before there is relief in your credit report, scores and ability to obtain credit.

[hulahoop]

We are in the process of a loan modification w/Chase. We have a few questions -
We have been calling Chase everyday for a status update - sometimes we get the analyst we're working with, sometimes we get the customer service rep. The last customer service rep. stated in their module it had notes that our analyst has the paperwork she is working with and then he proceeded to give us what we would have to come up with (downpayment) and what our monthly payment would be. (With this info we thought we had been approved.)

When we called again to check our status (another customer service rep):

1. We were told that our foreclosure was postponed 30 days because Chase needed more time to work on our paperwork. We requested from the law firm who sent us the original foreclosure letter a letter stating that the foreclosure has been postponed. They sent us the letter. Does that mean it is postponed for 30 days from the time of the letter or from our original foreclosure date? (Our original foreclosure date is 3/18/08 - we received the letter on 3/10/08) Do the courts get this postponed date or will we have to go to the court to file this postponement?

2. We were told that it was sent to Freddie Mac for approval. If we are not approved does the postponed date stay in effect or does the foreclosure go into effect on the day we are informed?

3. We did a loan repayment plan about 2 years ago - will this hurt our chances or getting approved? We also have a lot of equity in our house - does this help us?

4. We have been listed in the paper (public record) and we are now receiving a lot of mail from law firms and lawyers - claiming they can help us stop the foreclosure - isn't what we're doing ok? Or do we need to seek out a lawyer?

Hulahoop

[Moe Bedard]

You are like walking a fine line and you really should consult with an attorney about this. It sounds like they have sent you opened ended letters with no definite periods that Will leave me guessing, as you are.My guess is you are doing fine and you should keep on top of this at all times.

However, you are at the mercy of Chase and can get lost in the system or caught in the tangled mess. Make sure you swim through this.

As far as lawyers go, it all depends on the lawyer. You will only get results with a good lawyer and a bad one will put the last hole in the foreclosure coffin. So, if you do, make sure they come recommended.

I am not sure on your repayment plan and Fannie Me's guidelines on that. All lenders and servicers are being a bit more flexible now, then in the past.

[hulahoop]

Thank you for your quick response. We still have a question regarding the postponement. When we called Chase to request a letter for the postponement they said it was not something they do - however to contact their lawyers- which we did.

Since our original foreclosure date is 3/18 will this letter hold any bearing if, say the foreclosure goes through on 3/18 because the courts did not get the postponed date?

We are confused on how this process works with a postponement. Do the lawyers files this? Should we go to the court with our letter? Should we request another letter stating what the new foreclosure date is?

Very stressed out - Thanks again

Hulahoop

[Moe Bedard]

Hulahoop,
What state are you in?

[hulahoop]

Cat - We are in Virginia

[Moe Bedard]

hulahoop,
You are going to need to start early tomorrow and call the Trustees office to make sure that the sale is off of the docket and fax them the letter if they haven't already received it......this is very important because in Virginia if the sale goes through you don't have redemption rights......


Please keep us posted tomorrow morning that they have confirmed that you are not listed for the court sale.

Va. foreclosure law:

In general, once the sale is final the borrower cannot redeem the property, but the lender may cancel the sale if the borrower is able to pay off what is owed.

[mauimalia]

Dumb question here... if JPMorgan Chase is buying Bear Stearns and the Fed dropped its rate again. Wouldn't it be in Chase's best interest, in general, to lower the rate on people's mortgages within mods? Or is this really a CDO predicament? I know CDOs are sticky, but isn't some funds worth something than no funds?

I am still faxing my life away to every elected official and Chase to work out something for me. They said we have insufficient income to carry the loan. No duh. However, our income is NO different than when the loan commenced. This is why I wonder why they won't just adjust the rate to make it more affordable? The house has lost 150k, they will owe property taxes and it will take 9-12 months to sell. I am not a brain surgeon, but I don't understand why they will not work with us. I need to send Bernanke a letter. I forgot to fax him.

Cat, can we file for another modification if we were turned down for "insufficient funds?" We are in CA.

Maria

[hulahoop]

I have called the courthouse and got transferred at least 4 times for someone to answer my question. It seems I cannot get to the right department. (I was transferred to the Circuit Court Clerk, Land and Records, and Commissioner of Accounts twice.) I was told to call the law office who filed the postponement.

I have left messages and an email for the attorney who signed the postponement letter. I also spoke to someone else in their office who said they have instructions to postpone the sale and it was sent to their attorney.

I then called Chase to ask if the postponement date is the date of our letter or from the date of the original sale date. She stated it is 30-days from the original foreclosure date.

I really don't know what else to do. Do we need to hire an attorney to find out this information? Or is it too late?

[workinlossmit]

if your loan has been postponed with that atty....

we will internally monitor your account. kinda confusing, but their are actually 6 people working on your account during the process---recently a seventh was added,

1. cust svc rep-- if your loan is in default they cant see our screens... kinda silly but thats life..--they just smile and direct you where you need to go.. and generally handle complaints.

2. collectors--- they can sorta see our notes but not everything.--they bug you for a past due payments..

3. loss mit reps---these are the front end specialist, they refer loans for worksouts and all that jazz. (me)---the cogs in the wheel. we monitor the loan, we get paid on the loans we cure, we send emails to workout specialist, fc reps and uw managers for status on an account.

4. foreclosure reps---- these folks monitor the foreclosure proceedings. they dont speak to borrowers, but send their request to proceed with foreclosure to the loss mit specialist.

5. workout specialist----these folks work on the mod/deed-in-lieu/shortpayoff/reinstatements/repayment plans---they use to talk to borrowers, but they dont anymore, becasue they could never get anything done....

6. loss mit cust svc---these folks are gonna hopefully answer your questions when you call. try to get you to the right rep or handle the call by themselves.---they talk to borrowers

7. underwriters--- they make the adjustments on mods/spo's/dil----they dont talk to borrowers or to loss mit reps...

okay---to answer your questions... each and every loan can be referred for a modification. there are only a handful of servicers that are not modifying loans and we can still refer an acct to them, but they will handle it individually.

the cog in the wheel with all the different reps is the loss mit spec. once he gets approval thru his/her mgr then the file will be placed on hold with the atty. IT CANNOT BE PROCESSED FOR SALE WITHOUT THE LOSS MIT REPS or MGR APPROVAL. therefore, if their is a working mod in process then a F/C specialist will have to send a request to the managing loss mit rep to see if he can proceed with the foreclosure. if the file is still being reviewed/worked for a mod/dil/spo then we will advise the f/c specialist to keep the file on hold with out atty an addtl 30 days.

bear stearns----those accts wont be absorbed into our queue anytime soon---so says management today... check back for updates...

fannie mae and freddie mac accts are being fasttracked for mods... around 30 days---sorry kat..

loan repymnt plan 2 years ago---won't hurt....

what youre doing is what i would tell a third party.... save your money...
2nd part to that question---if you want legal advice.. i cant tell you not too.. but i ll tell them the same thing.

jokewood--- um use to be hte case that we wouldnt touch your loan until it was within 6 mo of resetting. its all done on a case bycase now.
so refer your mod docs..

elrob---q1. wells fargo does accept modification referrals byond the 6 mo threshold. send in your docs

q2. chase does, but you need to check with wells fargo...

[NohelpfromEMC]

Dear Lossmit,

If you are stiil around could you maybe enlighten us to anything new that may expedite us through this overly drawn out process?

Thank You in advance.

Many frustrated Chase Borrowers

[Hodgini66]

Last time this profile posted anything was May 2008.