Just getting started dealing with Chase

[RobMart007]

Sorry to hear about all those that have fallen so far behind in their payments. I feel for you, and will have my kids add you to their prayers in addition to my own.

We have been lucky to be able to sustian our payments, but, when we purchased our new Centex home for $905K in November 0f 2006, using CTX-Mortage-directed to Chase Finance-we had put our original home on the market-with no choice. Our Chase home closed in April of 2007, but we still had not sold our original home. The Centex Agent and the CTX-loan consultant both assured us that our home would sell, and we would be able to pay off our 2nd Mortage with the proceeds. Well, best laid plan of mice and men, of course this home value disaster crashed upon my head.

We finally sold our original home in November 2007, after a year on the market, for, get this...$160,000 less than we anticipated. This has created a dramatic hardship for us in maintaining our monthly budget. I understand that Chase will look to work with people sho have a change in financial circumstace with their jobs, but will Chase consider an unanticipated loss of $160,000 due to the poor sale of our first home a significant change in financial circumstance? They had worked with us to ensure us that we could afford the home, but then when it was signed and done we got no call for a follow-up meeting. Not surprising!

Our first mortgage (650K) is interest only at 4.25% and will re-set in May of 2009, but then it becomes another high interest variable loan that we have heard so much about. My second mortgage is for $250K, and is being charged at 8.7%. This is a 15-year loan, with a ballon payment in 2022. Now, as I have said, we are current in our payments, and we have kept our jobs, but hey, we are in California, and all bets are off. I couldn't decide to not make payments if I could continue fulfilling my obligations, though I do know some folks that have stopped with the specific intent of going into forclosure. That's just not for me, at least not yet.

By the way, the Centex/Chase home across the street is now selling for $579K ($250K below original price), and another down the street is being auctioned for what's due on the first. My wife jokingly said, "Maybe we should just walk away from our house, and buy the house across the street." At first I chuckled, but then thought, "If Chase doesn't want to work with me to help me stay in my home, should I really be looking out for them, or me?"

I've e-mailed Chase 4 times in the last week, and have received only automated responses. I can see why so many people are frustrated, and are clinging to the ends of their ropes.

I saw the latest press release from the parent company, JP Morgan-Chase, but it seems like the parent isn't talking to the kids. Why aren't they hiring people to take care of this mess? Don't they really want to work with current customers to stop the bleeding? We know that the bail-out money is there, and theres seems to be more coming. If Chase can write off close to $500K in bad-debt on two homes just a stone's throw away from me, why can't I get a response from them to simply modify my payments to them, and to keep me as a good customer, and to keep me in my house?

Well, I guess I'm just venting now, but this really gets me worked up. Any suggestions would be appreciated?

I guess, I'm just taking the first step in a very, very long climb up the mountain, and wondering about my options. Do I call a lawyer? Do I attack this as a lone wolf? Do I wait for a miracle? Do I count on President Obama to help me out? Just full of questions, but empty on restful sleep!

Thanks, Rob

[HopingtoFind]

Hi RobMart007,

Welcome... Sorry about your loss of $160,000... I think if you're using the money that you have received from the proceeds of your previous home as part of your current income and as a result of not having that $160,000 you're comming up short while if you haven't had that loss you wouldn't have a problem making payments you probably have a case...

Also... on your first..since your interest rate is very good right now...even if they modify...most of the time they do fixed...I wouldn't expect much of a change in your actual payment since you would be paying principal as well as interest.... something to keep in mind.

[Moe Bedard]

Hi Rob,


Welcome to the forum and thank you for joining..............

The modifications given are up to the investors that hold the loans so you would need to contact Chase and ask what the options are for the type of loan that you have..........one of the things that the investors have not been doing is reducing principal.


Contact Chase and see what the options are...........
Chase Loss Mit
1-800-446-8939

[Lisa in MN]

Hi RobMarti-
I spoke to someone very helpful at the following number:
1-866-550-5705
On a sunday no less!I copied and pasted this from the WAMU website.

The Chase mortgage modification program is designed to help hardworking Americans to preserve their most valuable asset: their homes.
Many families are struggling. Even though they have managed to continue to make payments, they still risk losing their homes. To help them, we are implementing a range of solutions.
Some of the things that we're doing include:

• Opening regional counseling centers
• Hiring additional loan counselors
• Introducing new financing alternatives
• Proactively reaching out to borrowers to offer pre-qualified modifications
• Starting a new process to independently review every single loan before foreclosure.

The enhanced program is expected to help 400,000 families - with $70 billion in loans - in the next two years.
For help with your Chase, Wamu or EMC loan, please call 866-550-5705.
Hope that helps and good luck!

Lisa

[RobMart007]

February 9, 2008: Just finished another phone dance with Chase. Today I started with:

800-800-4663: They said that they were doing no principal reductions, and potentially could look at the loss on the sale of my original house in order to consider modifying the loan. I was transferred to 866-447-1636 to a so-called "Special Lending Unit"

866-447-1636: I was told that my loan is "Prime Loan" and since he could only help "Sub-Prime" loan holders he would need to transfer me to another department. So, off I was transferred to 800-446-8939. After two transfers the computer says, "Your call cannot be completed....deadline"

I recall 800-446-8939, and try to navigate another way. Same thing, "Your call cannot be complteded...deadline"

I again try 866-447-1636. This time I speak to someone who seems to be a bit more compassionate. I explain the previous run-around, and she assures me that she is transferring me to the right number, but tells me to only press #2 as a response. Reluctantly, I allow the transfer. Guess what..."Your call cannot be completed...deadline"

I try the number again 866-446-8939, this time I try another route. I press #1, then #1 again.............I got a real live person. Brian proceeds to talk to me for about 10 minutes. But, Brian tells me he has nothing to do with loan modifications, that he has no idea what is going on for customers in my situation, has no ability to transfer me to anyone that might matter. In fact Brian tells me, "Well, since you are current in your loans, really there is nothing that can be done. You should just be patient and wait for the market to come back." I explain again about the number of forclosures in my neighborhood, and explain that it just doesn't seem to be right that since I am playing by the rules, being a good guy, that there is no one that seems to want to assist me in restructuring my debt.

He says, "Well I can't tell you to not make your payments, but that would be the way you could get noticed" Basically, Brian tells me "tough beans". He says you might want to try again. Brian told me that he didn't even know that Chase was planning to open regional centers to assist customers. Does anyone actually run this bohemoth of a business, or is it run by the phone company?

Well, I hang up with Brian, and think, Ok, I'll keep on going. I dial the 800-446-8939 number. Well, now after spending close to forty-five minutes playing phone chase with the Chase "Customer Service" numbers, guess what? This is what I hear..."Thank you for calling Chase. All of our offices are closed. Please call again, during normal business hours.

It's actually 2:04 Pacific Standard Time where I am making the call!!!!! Ok, now it's beer time!

Oh, and by the way, I have sent close to six e-mails to Chase through their system, and I got a response telling me that my concerns have been directed to the "Home Loan Direct Department. Well, that was three weeks ago, and I have had no other follow-up through that system.

Thanks for the advise, but really is this the only way? Does anyone know if there are actually reginal centers coming? Or, any legislation out there to help folks that are playing by the rules?

[Moe Bedard]

The numbers that you posted that were called today didn't include the number that Lisa mentioned above that she used...........and she has been through the process already.

[RobMart007]

I actually started with 866-550-5705, but when I explained that I was not currently in forclosure, or behind in payments they transferred me to the 800-446-8939 number. I thought they were willing to work with folks not in forclosure. Maybe it was the misfortune of who I got to answer the line.

Should I specifically be asking for a particular Department? Should I use a specific "word string"?

Loan modification?
Loan restructuring?
Refinance?
Loss mitigation?

Really, I just want to speak to a compasionate, knowledgeable speciailist regarding my situation in order to find a way to stabalize the expected rise to the cost of my mortages in order to stay in my home, keep my credit rating, and even stay a customer of Chase. Many of the phone operators seem to be listening for specific words prior to transferring the call to someone else.

I'll give it another go tomorrow, but it's almost like you have to take a day off of work in order to spend the time trying to get in touch with someone that might have the ability to comprehend the full situation, and have the ability to assist in finding solutions.

Okay, I'll breathe and try again on Tuesday.

[Moe Bedard]

Whether or not to modify someone that is not in default would be up to the investor............and there are some investors that will look at the hardship even if you are not in default..........but will be once the rate adjusts.

The only dept. that takes care of the loans that are not in default is one that I think you already mentioned that you spoke with............

Early Loss Mitigation
1-866-665-7629


but if not............it won't hurt to try.........

[HopingtoFind]

For prime loans that are current 800-446-8939 is the right number to call. When you dial that number wait for an auto reply and when it starts giving you options press #0 #0. You should get to a live person in Loss mitigation.
I learned this from another poster on this board. Good Luck.

[Shelly17]

Hello,
I have Prime Chase Loan...this is the number I call. 866-867-2109. Someone always answers.

Good luck!

[7138pps]

Originally Posted by RobMart007

I actually started with 866-550-5705, but when I explained that I was not currently in forclosure, or behind in payments they transferred me to the 800-446-8939 number. I thought they were willing to work with folks not in forclosure. Maybe it was the misfortune of who I got to answer the line.

Should I specifically be asking for a particular Department? Should I use a specific "word string"?

Loan modification?
Loan restructuring?
Refinance?
Loss mitigation?

Really, I just want to speak to a compasionate, knowledgeable speciailist regarding my situation in order to find a way to stabalize the expected rise to the cost of my mortages in order to stay in my home, keep my credit rating, and even stay a customer of Chase. Many of the phone operators seem to be listening for specific words prior to transferring the call to someone else.

I'll give it another go tomorrow, but it's almost like you have to take a day off of work in order to spend the time trying to get in touch with someone that might have the ability to comprehend the full situation, and have the ability to assist in finding solutions.

Okay, I'll breathe and try again on Tuesday.

Hi Rob
How was your loan modification with WAMU goes? Did you get finalized yet?Please post more of your story , I am in CA too . I have been trying to do it myself with WAMU since July nothing moving anywhere, so I decided to go to NACA , WAMU denied twice. 1- None owner-occupied which is not true
2- Hardship is not permanent nature, I am current just like you, Please tell more story on your case.
Thanks
Jill