Modification? Forebearance? I'll Flip a Coin!

[Calli09]

Thank you for the Exec number. I will call. Also I will go to the website and fill out the "new" form for info. Does this mean the analyst I have now, (that I have never spoken to) will be history, and I will get a new one? Just want to be getting somewhere. I got an automated message on my ans mach yesterday, and when I called the number, went round and round through different people, on hold, then had to go back to work, so still.....nothing. The automated messgage just gave me a number to call. I am late, so I am sure its collections. Good lord what a fiasco this is!!

[Calli09]

Update: Got ahold of a lady at exec team Monday. I gave her the analyst name, and she said I will receive a call in 5-10 days, gave me her number and extension, and said if I do not hear from the analyst, to call her back. I told her that I did not feel that since I had been attempting this since Jan 30th, that I should not be forced to be late, take a hit on my credit, etc. She really had no answer for that. I am almost certain that I will not be receiving a call back from anyone.

I agree with the people on here complaining about lates on your CB. It is total crap. No, Obama did not mean for peoples credit to go further into the dumper on this situation. Also, everything I have read about the Obama plan states that it is to be free, and be of no cost to the consumer. Now, I ask you this, how are finance charges, late fees, atty fees, etc, and also having your credit cards charge you more for the hit you take on your CB, "no charge for the consumer"? Either continue to pay one way or another now, or pay more later on charge cards, auto loans, etc, when the person giving out the credit uses the lates against you, and charges you a higher interest rate. Chase should be sued.

[Kalvin09]

Hi Calli09,

I am in 100% agreement with you......Chase offered me a forebearance program , when I applied for a loan mod program.....they said, even I pay the payments in the forebearance period, I will be reported to Credit Bureaus as late payments for 3 months.......and also for the forebearance period, they did not include home owner's association and insurance.

When I called my loan analyst about it, she said she consider the association fee and insurance for the actual loan mod after forebearance.....What the hell??? Why cant she consider it now?????

I dont have a good feeling going into forebearance program......This program has been made for consumers who are already late on their payments but not for the consumers who are current.

This is crazy.........I hope I can find means to solve this and get the actual help...........when I took the session with 995 Hope, they asked me not to accept the forebearance program......based on my financials, I need a loan mod.......

And you know what, as you said, if your credit takes a hit, think about all the money we need to put into, auto loans, credit card interests etc.......

Is there anyway that we can voice our feelings/ opinions?????

[azdmsmith]

I read into a lot of details of the Obama plan on the Fannie Mae webpage. For Fannie Mae loans at least, Fannie Mae is requiring the servicers to report the trial period as forbearance and they go into great detail about how that is to be reported to the credit bureau (as a late payment). I don’t think Chase has an option so complaining to them will probably not help. However I find it very hard to fathom that part of the intent of the Homeowners ASSISTANCE Program involves damaging the credit of those who have been able to make the short term sacrifices necessary to continue to make payments on time to protect their credit. That seems awfully backwards to me too.

[Kalvin09]

Before Obama plan came in, Chase was doing loan modifications without forebearance. Why cant Chase continue to do that for the loans which are current.
I think Fannie Mae program (Obama plan), is for loans which are late on payments...

[azdmsmith]

You have to be at risk of default but not behind on payments to qualify for the Obama modification program. In fact, the servicer (Chase) earns an extra $1,500 if they modify a loan that is current.

[Calli09]

Update: Great news! Today I received a Fedex pkg with the Making Home Affordable papers. They have it calculated at 31%, First pmt due April 20, then May1, then June 1. It states there are no fees involved. Says the pmt is estimated, but should be close to what the actual pmt will be, once the 3 mo trial period is over. It also goes on to mention the Obama incentive due me, $83.33 per month towards the principle. That is if I am on time and not be 90 days delinquent. On or after the 1st thru 5th anniversary date that the modification goes into effect, the $ is applied.

What I thought was funny, I also today received an automated msg on my ans machine, asking me to call this 800 number at chase, to verify I have received my Fed ex papers. They do seem to rush the matter.

I believe this is the best I probably could get, but my only apprehension is that a few months back my escrow was miscalculated, and I owed some extra. They tacked it onto my current pmt. I am afraid that they will not reduce the pmt back down once that "underage" is made up. I will be calling the 800 number in the morning, and "try" to discuss this with them. Overall, I don't think I could ask for anything more. I just have to fill out all the papers, send pay stubs, tax form, etc, same as everyone else has said. I hope this is a good outcome, after the 3 mos are up, as I think I will take it! I have to say, after not getting a call and then for the papers to be here today, I am stunned. I hope things have started to move in the right direction on this forum. Good Karma to all!

[Kalvin09]

Calli009:

Do you know if your credit will be affected with the trial period? I have received the offer too....

[snapple candy]

Calli,
What interest rate are they offering you? And for how long? Or is a vague until you get final loan mod after trial period?

It may be all these lenders are legally obligated to tell you that this can be reported to credit agencies. Whether they actually do it or not is another thing and remains to be seen. I wonder since they are on such overload, whether it will happen or not and/or how fast it would be done. Based on all I am hearing on alot of threads, there isnt much one can do about it other than write their legislative representatives a letter encouraging then to fight for changes in the language at some future date. Good luck with your escrow Calli. Good idea you address this now and be pro-active.

[peggyinfl]

I was told by chase that if you accept this new forberance it will effect your credit as if you were late on your payments during this 3 month trial. And this trial period doesnt mean your approve after the 3 months. you can still be denied.

[Calli09]

Kalvin 09, yes the papers mentioned that the lates during the 3 mo trial period will be reported.

And yes peggyinfl, it also states that this does not mean a definite approval.

Snapple Candy, no, there is not an interest rate mentioned. The actual plan workout is to come later after the trial.

I have not decided to accept, due to the fact that after reading through this it seems as though they actually could make the pmt more that what it is now. I am also wondering about the escrow. Only the phonecall today will give me any idea, so I will update you all later. Call me skeptical at this point. With it being "time sensitive" it makes the decision a difficult one.

Has anyone here turned down this " first offer" only to have a more decent one come along? Like I said, I am skeptical a bit to sign, thinking that if the pmt is raised, it will not help me at all, than I am locked in. Not being given any actual terms and int rates makes it seem like you are really signing a blank check. Any thoughts?

[Kalvin09]

Calli09

I received the trial package tooo and also a forebearance letter from my loan analyst.

When I called the number on the trial package, it went to the Home Retention Department(third party company hired by Chase). They said that my payments during trial period will not be reported late, as I was current before I get on to the trial period.

I asked them to give me in writing, but they did not. I dont how much of this is true.....as it is a third party compant, they might just want everybody to accept this offer......And also they said, the new interest rate offer will be provided to me after I make the first payment. At that time, if I do not like the offer, I can go back to the original payment method.....

I called the executive team and left a VM

[Calli09]

Update: Called the 800 number in the Fedex pkg today to discuss it. I spoke to a very nice person that explained they just found out yesterday the 3 pmts should read 4/20, 6/1, and 7/1, she said just cross out what was there, and put this, and initial it. Which leaves me not owing the 2nd trial pmt till June, which actually makes more sense! She also confirmed that the late charges are not to be added to this pkg.

After the 3rd pmt, within 2 weeks, I should receive my new modification terms. She said it is possible that they will be anywhere all the way down to 2% for a five year term. (Wow, that would be great). She also mentioned that they will be reporting me late on CB during the trial period.

I am going to try to have faith that this will turn out good in 3 months, and will be a decent loan mod for me. I am turning in the papers and moving on, with the hope of a great mod in the works!! Keep your fingers crossed!

[Calli09]

I also forgot to add, I asked if there was any grace period in the trial pmts, like there is on my regular house pmt that if I pay between the 1st and 15th, it is not considered late. She said no, the trial pmts are due 4/20-6/1-7/1, with no wiggle room.

[Kalvin09]

Calli09.....Home Retention Dept told me that they will not report to the CB during the trial period.....for consumers who have been current before the trial period........Is this what you heard from them?

[chasepmt2hot-firefighter]

I'd like to hear my analyst say the same...

[Calli09]

Chase trial mod, becomes NOD!! I sent in my Fedex package Monday. Then, got home Monday night only to find a letter in the mail, Notice of Default, telling me to call and pay up. Also informing me that someone may be stopping by the house to do a look see! I am teed off!! Why get nod, and why the look see person. I called the executive office today, and left a msg for the same person I spoke to in the exec office a few weeks ago. Got the voice mail. Explained about the Fedex, and asked her to find out why the NOD. And explained to her that I am not going to just open my door and let someone do the look see. Matter of fact, some man knocked on the door on Easter Sunday around 5pm. I did not open it..I don't open the door to people I do not know. Especially unannounced ones.

Anyone else get the NOD after you received the FEDEX? I also told the executive lady Why does the right hand not know what the left one did? Good lord, I am really mad about this. Once you set the Fedex trial terms in motion, why have letters of nod sent, and people going "to visit" ??

[snapple candy]

Calli,

They just might be covering their arses as well as putting pressure on you to go with the forbearance and/or intimidate to make sure you stay with the program.
At least they are notifying you of someone coming. They did not with me and showed up out of the blue. Not too happy myself. If it was them, showing up Easter Sunday is totally unacceptable.
I have debated about the reason for these inspections and their purpose. WAMU told me they do it when they cannot get ahold of the homeowner. Well I know that is a bunch of BS in my case. Of course I always go to the cynical reasons. Are they trying to see what kind of shape the house is in so if they foreclosure they have a good idea how fast they can move it? Is it an inspection to see if the house has not been abandoned and/or verify lived in by the homeowner? (It does state in guidelines this should be done in loan mods)

[snapple candy]

On another thought, I think these forbearance programs are meant to buy time to see if interests rates go up and the final loan terms are more favorable in the end to the lender. It appears to me know knows in writing what the terms of the loan mod will be until after they go thru trial period.

[Calli09]

Well, today I get home, there is another automated msg on my machine from Chase saying, call us about the Fedex pkg you received.....I called, and the guy that answered was trying to tell me that the pkg pmt is supposed to be in addition to the money I already owe......BS!! Not what the girl told me on Saturday when I called. Think they changed their minds now that I Fedex'd their first pmt to them......what a crock. I told him that is NOT what I was told. I was told to start making the pmts. I am behind by 2, march and april.....then he could not tell me why the auto msg today, when the pkg was received last Thurs and I called on SAT, mailed the pkg back on MON. He then told me the 3 pmts will be put towards what I am currently defaulted at, then will still need to pay the rest up front. I said if I could not afford to pay x2, why would I pay the 1st fedex pmt and also what I am past due????? Lord. Tomorrow I will call back the exec team lady that gave me her extension, as I still have not heard from her on the NOD letter. As for them saying they will just show up, thats a crock too. Any time they have left me a msg, I have called. In fact, I started this whole thing back in the end of Jan, if you read my 1st post....BEFORE I became delinquent. Now, this makes me wonder even more about the may payment that the gal on Saturday told me to skip......(how convenient for them). I asked the guy on the phone today where he was, he said Buffalo, NY. Said they are a 3rd party co that Chase hired to take all these calls. Its not even Chase people giving us this bogus advice, so once again, Chase drops the ball and lets someone else do the job! Guy said there are about 100 of them in this call center.

Snapple Candy, you just said what I think. interests rates go up and the final loan terms are more favorable in the end to the lender. Are they trying to see what kind of shape the house is in so if they foreclosure they have a good idea how fast they can move it? You are right on the money. I can hear them now..."Hey, looks pretty decent, we should be able to get $$ for this, lets foreclose! Sorry for the rant, just really pissed as they never bothered to help me before I got late. Now am in big fear of losing job again, due to economy, so if that happens, I can't even make the mod.....then what? Lord.

[snapple candy]

Calli,
Ok to rant. This is the place to do it. My hours were cut this week and the business may go under in the near future so I know where you are at. I know you are trying to do the right thing and protect your credit score. I am just not so sure any of us can achieve that in this mess. Chase/WAMU is getting 3000 loan mods a day. DO you really think 100 at a new call center can effectively handle that? Doesnt even sound like they are even competent. Sounds like someone at Chase didnt process you contract (language) thoroughly and now they are trying to back track to cover issues of back payments. What does mod papers say that you just signed and sent in? If someone overlooked that detail in the contract and forgot to address the delinquent amounts in it....??? Also did they process and cash the payment you sent in? I would go over that contract with fine tooth comb and if it doesnt call for those delinquent payments and do not address how trial payments were to be applied, I'd tell to take a flying.....well you know what I mean. Use their incompetence against them if that is what in fact is occuring.
I have been sleeping this past week and watching tv in the middle of the night. I saw this am that Govt has given 9.9 million of new monies to deal with housing crisis to Chase, Citi, and wells fargo. Then another report says that Chases 1st quarter profits are up! Go figure. Just more of the same.

[amiracleplease]

The problem is we are unsettle because there is no REAL guidelines that the bank is following if it was clear, steps 1-5. we would know what comes next.

The problem is the Chase is doing what ever, and the ball is dropped at there convienance. loosing paper work, claiming they never recieved it, voice boxes filled, new reps, new rep no longer there. There is many problems created by CHASE and I find it unjustified., unprofessional, and the sad things is that we have to wait on them.

no one likes to be in this position, more so us, we can loose our home.... Chase does not have any care whether you own it or someone else. Maybe their big banker friend. yes we can feel threatened.
Because bottom line is they hold the key, the paper work and the terms and if we dont like it, to bad for us....

VERY POOR UNPROFESSIONAL ATTITUDE. this is where OBAMA needs to jump in and stop this over bearring monster of a mess.
There should be pentalties for these banks, it only seems like we are the ones getting the pentalties, and the late fees. and who knows what other fines/fees are going to be in the fie print.
and the only thing we can do is use are judgement to say we hope we are ok and sign with hopes that the bank does not hurt us to much.

WE ALL KNOW WHOS the winner here.

[peggyinfl]

I agree with you. I have looked over the fedex package that was sent to us against Fannie Maes. It seem some of the information was left off from the one Chase sent (or their so call generic group). Convienant? I think it might be a loop hole for them. We are not accepting their offer. Maybe these banks are ticked off because Obama stepped in and all they can think about is the money they are losing, so they are twisting the rules until they get caught up in it. I'll wait it out and see what actually happens to all these "trial payments" and see how many will actually get approve for the MOD. Don't forget these are the exact same banks that put this country in all this mess because of thier greed. I was told by Chase that because I was unemployed I probably won't get approve after the 3 months even if every payment would be current.. She said, "it would be like giving us a house for free."
But if you read the guide lines from fannie mae it states if you collect unemployment it must be consitant for 9 months. But of course this guide line was not in my fedex package.

[amiracleplease]

loop whole, for them. Yes.
We are just going to have to wait it out.
and see if we get what we want. I declined the first loan forbearance, I negotiated back with them. and I only can wait to see what they come back with.

I will hope it is the 31% guideline as for what guidelines are.
I know it will not be. so where do you go with that.
how many letters will it take to generate to get what is good for us.
the time is ticking and foreclosure is coming.. Chase needs to face pentalties also for negligence.
where do we go with that.
until then I will hope for the best and will have faith that something will give.

May the lord watch over all of us. Everything happens for a reason and I pray my destiny is not sick and ********. my health is my first battle. and I hope ********, and sick is not my greater battle.

[peggyinfl]

I went to the white house web site and wrote a message about all of this mess. I hope others will too and maybe Obama will get the message.