What to do re ARM

[whatsinaname]

Three years ago I refinanced my home and got a two-year ARM with Chase (had a different mortgage company prior to the refi). It adjusted three or four months ago. My interest rate, before refi, was already about 10.25%. Two months ago I missed a mortgage payment as I was so strapped financially but have been paying since. With the increase in the cost of utilities, food, etc. and a reduction in overtime from work, a lower fixed rate would help me considerably.

I also have an old car that needs to be replaced and I just can't pay for one with my current mortgage payment. With winter coming on, I have been trying to come up with a way to afford a car payment but I don't know if I should change my car before I contact Chase or after.

I don't know if my situation is one they would consider for a fixed rate. I don't know their guidelines.

I have no savings, no credit cards (only mortgage). I have no family I can ask for help.

Can someone please offer some advice. Thanks.

[whatsinaname]

A few weeks ago I received a call at work from someone at Chase. After listening to only a few words I disconnected - thought it was someone in collections as I am a month behind. However, after I hung up I realized this call was different. The man introduced himself as Charles somebody. I am now wondering if he was from loss mitigation to try to help with my readjusted ARM. I would like to try to find out who it is so I can get back in touch. Does anyone by chance know who it could be? I am sure there are many people working on this topic in loss mitigation, though.

Also, last spring I received a call from someone at Chase who was going to try to work on a reduced interest rate for me. This was someone else - a woman. I gave her some details and she said she would look into it and would call back. She never did. I automatically assumed I was not eligible. I called her back twice after that and asked her to call me - no luck!

[RudyJay]

Hi whatsinaname

just to say hi welcome to the forum...a moderator will be by shortly to provide some suggestions..

First let me say we have all been ..where you are...

I would start here...Chase Early Loss Mitigation
1-866-665-7629

There are samples of hardship letters and income vs. expense sheets it is located on the home page. good luck

[whatsinaname]

Do you think I stand a chance of getting a fixed rate?

[Moe Bedard]

You would need to call and see what options the investor on your loan has........

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

[RudyJay]

Other members in the success section were able to get fixed rates and some not... It depends on the investor . For me the interest rate on my mod was decreased for 5 years and fixed after that...

[whatsinaname]

Originally Posted by *** Damiano

You would need to call and see what options the investor on your loan has........

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

How do I find out who the investor is? I remortgaged my home three years ago and got Chase.

[Moe Bedard]

Chase is servicing your loan.........you can ask and sometimes they will let you know if they know, but they might not be able to tell you that as they have pooling and servicing agreements in place.

[whatsinaname]

Is the name of the investor likely to be in the agreement documents that I signed at the time I remortgaged with them?

[Moe Bedard]

Not necessarily...........usually after a refi the loan gets sold almost immediately...........that is why it is so hard to track. but you can ask.........sometimes the rep will let you know.

[whatsinaname]

My mortgage was not with Chase prior to the refi, though. Does that make a difference?

[Moe Bedard]

no.........the loans are just with servicers...........the ones that you send your payments to are servicing the loan for the investor.

[whatsinaname]

Originally Posted by *** Damiano

no.........the loans are just with servicers...........the ones that you send your payments to are servicing the loan for the investor.

Is it likely that the broker who found the mortgage with Chase for me would know who the investor is?

[Moe Bedard]

The broker would not have anyway of knowing who the investor is........

[whatsinaname]

I just read ***'s comment in this thread -

http://www.loansafe.org/forum/chase-...-1-1-09-a.html

about Chase reviewing its loans over the next 90 days, particularly its ARM loans.

***, do you mean they are reviewing the ARM loans that THEY themselves own or the ones that they service that are owed by other investors as well?

As I mentioned above I am 30 days behind but I fear I may be now 60 days behind because I make my payment at the end of the month rather than the beginning and today (Sunday) could not get money out of the bank - not enough by ATM - to make the payment by Quick Collect. I will have to do it in the morning, the 1st. That will make me 60 days. Should I even bother making the payment?

Do you have to be totally current for Chase to help over the next 90 days? What sort of help are they offering?

My ARM readjusted six months ago but I have continued to make the same payment I have always made (prior to readjustment). I wonder if that will lead Chase to believe t hey should just fix my interest rate to the rate it was before adjustment - 10.25%. I hope not as it has been a real struggle to pay it. Most other things in life have dropped by the wayside just to make the payment. I would love to have a fixed rate of about 8% and be able to be current with my mortgage, making the payment on the 1st of the month rather than the last day.

Does my situation look like one they will want to help? I hope so as the company I work for has stopped all overtime so I am down to my base of 48K.

[Moe Bedard]

the link I put in that thread to the press release explained what Chase was going to be doing over the next 90 days.

[whatsinaname]

I just returned to work today after being gone for two weeks. I came back to three collect calls from Chase. Two were normal almost anonymous collect calls but the third one was different. It was a PRIVATE voice mail message from a woman who left her first and last name and said she wanted to try to help with the situation "I had placed myself in" and that it wasn't goin g to me any easier next month (January). She said if I didn't call her back that I would HAVE to call her back next month - January. (She called 12/27.)

Is this just another collection tactic? This woman scared the life out of me. Is this how they try to help you with an ARM???

[Moe Bedard]

unfortunately you will receive alot of calls like that...............any info about the modfication status or updates or anything new that comes up from the investor on your loan should be dealt with directly with you calling loss mitigation so that you can be sure that you are speaking with the right contacts.

[whatsinaname]

Thanks, ***. That makes me feel a bit better. I am gearing up to contacting loss mitigation but was totallz thrown bz that call. When I feel fear, I do nothing but run and she managed to make me feel it was the end of the world.

[whatsinaname]

One more thing. The woman who left that horrible message said it would be too late this month. She called in Dec. Is it too late to mod the ARM

[Moe Bedard]

you will only know if you call and ask for an update......

[whatsinaname]

I was hoping you would say that it is never too late. Are there time limits on such things? My mortgage company is Chase.

[Moe Bedard]

your stalling..............just call

[whatsinaname]

I know I am, ***. I am afraid to find out how much I owe because I cant afford it

[whatsinaname]

In an effort to prepare to call Chase to see if they can do a loan mod for my already adjusted ARM, I found my ARM note this evening. It says:

"Multistate Adjustable Rate Note - Libor 6-month index as published in the Wall Street Journal - Fannie Mae Uniform Instrument"

Does this mean it is a Fannie Mae mortgage? If it is, that's good, isn't it because I think Chase only modifies Fannie Mae mortgages. Is that correct?