What to do re ARM

[Moe Bedard]

That isn't what that particular line is about.............it is referring to the legal document the note...............
https://www.efanniemae.com/sf/formsd...cuments/notes/


but whether or not your investor is FannieMae....which you can ask once you make the call..........Chase investors are modifying their portfolios no matter which investor it is. I don't recall seeing anyone going through the process with Chase that has stated that their investor is not modifying...............Chase investors are very big on the financials and making sure that you can afford the mortgage moving forward.

[debianni]

My Chase loan was underwritten by Chase and the mod went through. Chase has alot of different investors.

[whatsinaname]

I still haven't called Chase but I did open the most recent statement. I am about $10,000 in the hole because of the ARM adjustment and two late payments! Is $10K too far behind for them to help me?

[Moe Bedard]

It has been two months of not calling to get the process started........you really need to make the call so that they can start the modification process.

[whatsinaname]

I know. Now that I opened the statement, I am not so afraid to call - still afraid, though.

I am so confused about income vs expenses. Is income supposed to be $200-300 higher than expenses - or lower than expenses?

[whatsinaname]

Can someone please give me the phone number to call. I have seen a few different numbers posted from time to time but I am not sure which one to call

[whatsinaname]

Originally Posted by whatsinaname

Can someone please give me the phone number to call. I have seen a few different numbers posted from time to time but I am not sure which one to call

Does anyone have the numbers for Chase?

[Moe Bedard]

Chase Homeowner's Assistance
1-800-446-8939

[whatsinaname]

Is that the same as loss mitigation?

[Moe Bedard]

Yes.....that is where the process begins...................you need to start the process with the Homeowner's Assistance Dept. so that they can get the information together and assign someone to you..............then you will get the contact number for that person at that time.

[whatsinaname]

Originally Posted by *** Damiano

Yes.....that is where the process begins...................you need to start the process with the Homeowner's Assistance Dept. so that they can get the information together and assign someone to you..............then you will get the contact number for that person at that time.

I am about to pick up the phone - literally - but what do I ask them for? Do I ask them outright to reduce my interest rate?

I hope these people are pleasant to deal with.

[Moe Bedard]

That was an hour ago...................did you call?

You ask if you can apply for a modification.

[whatsinaname]

No, but I have to now. Someone just dropped off a letter from Chase - hand delivered.

[whatsinaname]

What is the difference between Hope Now and NACA?

[Moe Bedard]

NACA the Neigborhood Assistance Corporation of America is who many of the members are going through to get help............the assistance is free and they will work with the investor on your loan through the servicer if you meet the criteria...............and the modifications are low fixed rate proposals...........
https://www.naca.com/refinance/refinanceTenStep.jsp


HOPE Now is an alliance between counselors, servicers, investors, and other mortgage market participants. Its purpose is to reach and support as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently.
Hope Now

[whatsinaname]

I tried calling NACA and couldn't reach a single human being. All I got was voice recordings. Their counseling session is also 100 miles away from here - so how can I get NACA's help? I need to be able to speak to someone.

I also got a letter from Hope NOW so I am a bit confused as to whether to contact NACA or Hope Now. Somehow I feel more comfortable getting help from one of these organizations than contacting the lender directly.

Do you normally get better loan mods from working directly with the lender or from using one of these organizations?

[jcg109]

I have no experience with NACA, but I found Hope Now to be utterly useless. I'm in the process of doing a Mod now on my own, and have had no issues thus far. (Fingers crossed of course.)

I've seen a few people have success with NACA, so that might be the way to go.

Good luck!

[VegasCouple]

This is what our experience was:

Hope Now: We called them and went through all the information on the phone (how much you make, mortgage payments, ect.) Then two weeks later they sent us a letter with our budget and tell us to sell our stuff.

NACA: We went to a workshop and this is where we got the local number and local e-mail address. Then we were able to talk to them in person and set up an appointment. It was nice going over our budget with an actual human being who did help us out and was very nice.

So we have had much better luck with NACA. We are still waiting for help though.

[Moe Bedard]

I posted the difference between the two here in your original thread...........it makes it easier if you ask questions and post updates here in your original thread so that your story is in one place.

[whatsinaname]

Thanks, ***. I thought I inquired in another thread but could not find it.

Any tips on how to reach a human being at NACA. I've been calling all day and get a recording.

[Moe Bedard]

In order to make an appointment with a phone counselor..........you have to go through the submission process.................

https://www.naca.com/refinance/refinanceTenStep.jsp

[whatsinaname]

Okay, I am getting my documents together and will submit online. I DO hope they call me soon.

[whatsinaname]

Okay. It appears I can't fax documents to NACA without a member ID and I can't figure out how to become a member. I don't see a link anywhere and no one comes on to chat at live help!

Help!

[Moe Bedard]

NACA is free................if you were on the page of the submission and read the NACA eligibility requirements under the General Information tab located here.............this is also the link to go through the submission process and Stage 4 lets you know exactly how to get the documents to them.

https://www.naca.com/refinance/refinanceTenStep.jsp

You would have seen this statement.

NACA provides the Home Save workshop to everyone without becoming a NACA Member. To begin the NACA Program including the initial counseling you need to be a NACA Member in good standing. This requires that the Membership Agreement be signed by all household members. Given the current mortgage crisis NACA has suspended any Membership Fee for Home Save participants. In addition, NACA will pay for accessing your credit reports.
All of NACA’s services are Free.

[whatsinaname]

How do you work the numbers? For example, say I bought a home 10 years ago for $140K ($20K down and mortgage the rest) and four years ago it was worth $180K. Today it's worth $120K and I owe $150K.

I am really curious as to how they would write down such a mortgage. What do they do about the $20K that was used as a downpayment when it was originally purchased?