What to do re ARM

[whatsinaname]

Originally Posted by whatsinaname

Well, Chase sent another offer. I don't have the figs at hand but it was something like $800 a month at 4% and a lump sum due at the end of the term of $75,000 - 24 years from now. Also, they have my remaining balance HIGHEr than it was before after they tack on all their fees, etc. They have my escrow about $100 a month too high as well. They said they would reanalyze or recycle the escrow in 80 days and it would go lower but I requested they do it now, as well as do something about the ridiculous 78K figure at the end. Gees, that would mean I could never sell/move without them coming after me for the balance!

Is it advisable to keep negotiating with Chase until they come up with an offer I find acceptable or are they likely to eventually say "no go"?

I'd like to know if anyone else was offered a balloon at the end of the mortgage (75K or more) as part of a loan modification. What did you do?

[whatsinaname]

Is anyone having trouble getting through to NACA? They used to work until about 9 pm but it doesn't seem they do anymore. Also I can't get a response to my phone calls or emails.

I am trying to get an update on my loan mod and haven't heard anything for about three months.

[whatsinaname]

I am SOoooo confused!

NACA has been handling my loan mod since February 2009.

I just got a letter from Chase saying I do not qualify for a loan under the MHA program! They said I didn't make the trial payments. WHAT TRIAL PAYMENTS?

What are they talking about? They offered me a modification in August and rejected it because I didn't like the terms and they were supposed to be working on another. I thought the modification was one of Chase's own proposals, not part of the MHA anyway.

Is this something I should be worried about?

[whatsinaname]

I just found out that Chase sold my home out from under my feet on November 4. They never told me. They didn't tell NACA. I had no notice whatsoever. Last I heard they were working on a modification.

What can I do????????

[c150000]

when you recived the first paperwork with the 2 options, and didnt respond
and they sent you a 3rd option, did you ever respond to them since then 08-09

[whatsinaname]

Originally Posted by c150000

when you recived the first paperwork with the 2 options, and didnt respond
and they sent you a 3rd option, did you ever respond to them since then 08-09

Yes, we did. They were told that a balloon of 78K at the end of the loan was not acceptable. Also, they had the escrow too high and needed to adjust it.

[c150000]

So, aug 25th your last post until 11-11-09 and today ....
Tell me when you contacted them about the last offer?{ escrow+balloon}
what did they say? Did you ever sign any deal and send it back?
Had you been in contact with them since after 08-09
how many months were you behind?
Iam trying to figure why they did this to you ??????????

[whatsinaname]

Originally Posted by c150000

So, aug 25th your last post until 11-11-09 and today ....
Tell me when you contacted them about the last offer?{ escrow+balloon}
what did they say? Did you ever sign any deal and send it back?
Had you been in contact with them since after 08-09
how many months were you behind?
Iam trying to figure why they did this to you ??????????

If I remember correctly I was three months behind when the loan modification process began at the beginning of February. NACA then said not to pay the mortgage but to hold on to the funds so that payment could be made when a modification was settled.

I lost my job in the meantime but have another that pays even more. NACA relayed my message to Chase about not accepting the proposal I'd say around beginning of September. The next communication from NACA was saying that Chase wanted to see current paystubs. I wrote back and asked why as Chase had my paystubs when we started all this in February. I can see why they would want them when the modification was to be finalized but not right in the middle of the process. I think that was around mid-September. I didn't get a response from NACA as to why they wanted them. Then I fell sick for four weeks - dizziness, couldn't drive and got nauseous when I walked. Then I was interviewing and got this job and that brings us to the current state of affairs and the business card tucked in my door two days ago.

The ONLY thing I can think of is Chase found out I wasn't working from a professional online networking site. I had my profile there and mentioned I was looking for a job. I did NOT, however, list my previous position as a "past" position; I had it as the current position. I noticed two weeks ago that some trade analyst from JPMorgan Chase had been looking at my profile but I also noticed that the analyst was a 2nd connection link from someone in my own network on that site, so I thought perhaps it was nothing, but still it was strange. I immediately changed my profile since I didn't need it worded as if I was looking for a job any longer.

Perhaps they realized I had been unemployed.

Nothing in the mail from Chase indicating they were going to foreclose. Nothing from foreclosure attorneys in the mail. No phone calls. Nothing pinned to my door. Absolutely nothing!

I talked to someone this evening, not a real estate professional, but someone who knows an awful lot about this sort of thing has he has multiple income properties. He told me they should have notified me that this was about to happen but I got absolutely nothing. I just about had a heart attack when I was talking to the NACA rep on the phone tonight. I couldn't believe the words I was hearing.

This HAS to be illegal! It HAS to be. Surely - surely this sort of thing is not legal in this country!

[c150000]

ok so, back in september they were reviewing your perm mod.
they asked for pay stubs, and you never provided them for chase
and never heard anything back from naca about the check stubs
after you asked them to find out why chase wanted them?

and during the process from febuary you were not working at all?
they offered you last option in aug 09

so from sept they didnt hear from you at all about the paystubs they requested?

then wham the sold the house?
before this month when you found out when was the last contact you had with them?

[whatsinaname]

Originally Posted by c150000

ok so, back in september they were reviewing your perm mod.
they asked for pay stubs, and you never provided them for chase
and never heard anything back from naca about the check stubs
after you asked them to find out why chase wanted them?

and during the process from febuary you were not working at all?
they offered you last option in aug 09

so from sept they didnt hear from you at all about the paystubs they requested?

then wham the sold the house?
before this month when you found out when was the last contact you had with them?

Last thing I heard from Chase was a letter at end of September that stated I did not qualify for an MHA modification as I did not pay the trial payments. Well, I didn't pay them because I knew nothing about trial payments. No modification had been decided upon.

I was working from February onwards through the end of July and was then unemployed for a couple of months - but matched the job and better!

I don't see how they can legally do this with no communication of intent to me.

[litehouse01]

If you really want a mod you have to be pro active and don' t think for a minute chase will come to you..you have to presue it everyday twice a day until you have a trial or forebearence or some kind of plan or resolve. The burden is on the borrower.. You have to be relentless and if not they will take your house...its that simple you have to call and question communication you receive in the mail especially if you think its wrong or you don't understand it.Simply not paying is not an answer in my book sorry to be frank...I am fighting for my own home and will be making my th trial payment and yes it's been a fight every step of the way but my home is worth it.

[whatsinaname]

Originally Posted by litehouse01

If you really want a mod you have to be pro active and don' t think for a minute chase will come to you..you have to presue it everyday twice a day until you have a trial or forebearence or some kind of plan or resolve. The burden is on the borrower.. You have to be relentless and if not they will take your house...its that simple you have to call and question communication you receive in the mail especially if you think its wrong or you don't understand it.Simply not paying is not an answer in my book sorry to be frank...I am fighting for my own home and will be making my th trial payment and yes it's been a fight every step of the way but my home is worth it.

Good for you - but no one is going to pay anyone anything unless there is a request or agreement in place to do so. Back in March Chase wouldn't TAKE my money. When NACA began the loan mod process with Chase they told me to hold on to the payments until the loan mod was settled. At that time, I would pay.

I don't think anyone would continue to pay only to find the payments rejected.

This was the agreement - hold payments until settlement.

[whatsinaname]

I am talking to someone on NACA's auction team at 8 am Monday morning; then, my attorney whom I have already notified. I want to find out who bought it and if what happened is legal. If not, there's going to be one almighty fight!

Is it possible Chase bought it back (from itself)? If so, is it possible to mortgage it from them at the new price? If so, what happens to the losses?

[whatsinaname]

Originally Posted by whatsinaname

I am talking to someone on NACA's auction team at 8 am Monday morning; then, my attorney whom I have already notified. I want to find out who bought it and if what happened is legal. If not, there's going to be one almighty fight!

Is it possible Chase bought it back (from itself)? If so, is it possible to mortgage it from them at the new price? If so, what happens to the losses?

Please let me know what I can do to fight this and get this foreclosure rescinded.