Modification? Forebearance? I'll Flip a Coin!

[RSMMOM]

Calli09,
So you are on the 3mo. trial Western Union payment plan? We are supposed to start out 3mo. trial process on June 1 but we have no paperwork and were told there is no paperwork. Our analyst said to pay the 3 payments and then we will be reviewed again and then sent the docs. When I asked if it was a forberance I was told "no" just a trial to make sure we can and will make the new payments ($500 or so less). Our loan is owned by Chase.

[CW California]

Originally Posted by Calli09

Hello all, Antel, sorry to worry you, no what I received, and what I understand we all should receive, is an actual copy of what we sent to them, just a copy of what we signed, but with their signature filled in. The mod terms are not on it, because its just a signed copy of what I already signed for the trial mod only. If you read through your fedex pkg, you will see where they are supposed to be sending everyone a copy signed by them, or a letter with a reason why the mod is denied. So, I am still at the same stage as everyone really, with the same questions, etc that everyone else has. Hope this helped. If not, read thru your docs, you will see the part where they will be sending you back a signed copy of yours.

Calli
Under the Obama plan there isn't supposed to be any negative reporting. Now they can report that you are making a modified payment but not delinquent..........

[smit5454]

RSMMOM,

That does not sound right. I received a packet with a letter from my analyst, and a forbearence agreement with details including the payment amounts and dates. The instructions were to fax the agreement the same day we send the payment "quick collect" through western union. I would demand the agreement. Its the only way you can guarantee that your payment is going to something.

[RSMMOM]

Calli,
That's the thing, we were told it is NOT a forbearance. Our analyst said it is a 3 mo. trial before we are modified on a CHase program not Obama's as they could not do PITI at 31% of gross because payment would be too low.

[Calli09]

***, if you are able to answer this one please...

I have been looking at my current trial mod payments. It looks very much like to me that they figured my payment for 31% wrong. My original mortage pmt amount was $1059. They sent me a letter and upped it to $1085 several months ago due to some $300 or so under in escrow. So, $1085 is what I have been paying. This amount also includes a $56.05 amount for PMI. Now my Making Home Affordable trial pmt is $954.18. My monthly gross is currently $3059. Anyway, if I took away the $56.05 then did the calculation, the pmt would be $948. An $81 savings. To take it a step further, if they then take away the extra $26 they have in there for the extra catching up escrow, (which to my understanding, should drop off once the $300 or so is met) my MHA is only a $55 savings a month. This to me somehow seems messed up. And hardly worth the credit hit I am now taking. I am not sure with the way they have it figured is taking into account the reduction of the pmi, and then what to do later about the $26 extra currently being paid for escrow? My loan is currently at 7%.

My question to you is this...would it be more beneficial for me to contact NACA, for a better payment? I would like to see my mortage go down at least $200 or so. Is how I put the figures making sense? I originally thought I was getting a good deal, but now no. Please give me some insight as I just made my second payment in the trial, and am afraid of getting shafted royally. Thank you.

[snapple candy]

Calli, I'd be concerned too. Sure seems to me that by lowering the interest rate down 4% or more would lower your payment more. I have multiple agencies working on my file and an attorney. CYA. It cant hurt to have NACA on board in the event Chase tries to screw you in a couple months.Be proactive and prepared to get shafted.
RSMOM, I wouldnt do a thing without something in writing re: trial payments. Sounds like a set up. I got screwed by WAMU cause I didnt get terms in writing just before a forbearance period.It was all verbal. Down the road, they lied about what they promised me. Are your Chase loan investor backed whom are not participating in Obama trial periods/mods?

[Moe Bedard]

Calli,


The MHA payment should be down to as close as they can get to 31% of gross income................if your gross income is $3059 and your trial mod payment is at $954.18...............that is about right..........it is exactly $5.89 from 31% of your gross income.............


Did your trial payment not include PITI?

[Calli09]

***, thanks for coming in here....yes it includes piti, but at my calculations, seems the $56.05 pmi is in there.......also wonder if NACA could do me better? Any experiences out there where NACA seems to have surpassed the 31%? What do you think ***? I am just skeptical about the $56.05, and also the $26 that should fall off, but probably won't. And yes ***, I did figure that they were of by around $6, and mentioned that to the person at the 800 # in the fedex packet....but have not figured out the rest of the $ till now. My papers actually said Making Home Affordable. It is $130 lower than the current pmt they have in their system, but if you take out the $56.05, and then the $26, not much of a savings now is it?

Another update, see my post a few up there about the Amex lowering my remaining credit to almost zero now. I got a letter from them stating they did see the Credit report, (I already knew that). I called Experian, and ordered a free CR due to the negative activity that AMEX took against me. Well the report came in my mail today, and low and behold, CHASE did report me late, not only late, but late 60 days now, and they included their late charges and fees in along with what they said I owe them now!! I missed March (at their suggestion) and paid the trial pmt amt in April, on the 20th. Just paid my 2nd trial pmt, so I don't see why they did this to me. I am going to try and dispute it, so that it may come off. Right on the CR, it says that this negative reporting from CHASE will not come off until the year 2016!! Not a pretty thing for creditors to be seeing, on an otherwise totally unblemished CR. I still have 2 Credit cards that have not taken negative action against me yet, but I would assume that as of next mo, when I am reported by CHASE as being 90 days late the house of cards will begin to fall. Even though, to date, I am still current with my cards, never 1 late ever! I am starting to regret this snowball from hell!

[Calli09]

Also ***, my original loan before any of this even came about already had the taxes and insurance included in it. In case you wondered.

[Calli09]

Update: Ok, so today I get home and have a message on the machine from Chase: You have been assigned to the Executive Resolution Team, gave me a name, number and extension. I called....got a vm (shock), and left a vm asking whats going on? Anyone else in the trial period get this call? ***, any ideas? I did not initiate it, that is why I am wondering what they are up to now. I do of course have questions about the escrow, etc, but now am worried about being "assigned" to ERT. ***?

[Moe Bedard]

Did you contact the executive team prior to this to ask the escrow question? It would just mean that your modification file had been escalated to them.........see what they say when they call.........
1-800-242-7399

[Calli09]

***, I did not contact Exec Team recently. Also, the number I was givin yesterday is an 888 number, not the 800#for Exec Team. I left a msg, and will try to call again today on my lunchtime. Who knows? Maybe it will be from back in April, or whenever I did call them, and now they are just getting me assigned to a rep, not realizing I am already on the trial. The other person they originally assigned me to never called either, so its a crap shoot. The right hand does not know what the left one does at Chase anyway.....I will let you know when I find out......scary dealing with them

[Moe Bedard]

the 888 number is the executive team out of Ohio............

[Calli09]

Called the 888# again today, left yet another vm, asking them to at least call my home and leave me a vm as to why I am assigned to them, and what may be going on. Well.......................
I am still waiting. I do not think they will call at all, that is my best guess! They left the vm to begin with, yet cannot call me back to tell my what they wanted. I am glad this forum is out here, I feel I may be referring my atty to it very soon!

[Calli09]

To all that are on the trial Home Affordable: I have 3 questions:

Have any of you received a NOD, notice of default prior to going on the trial? I did, dated 4-7-09. I guess I can understand that, as I missed my March Pmt.

Have any of you received an ACCELERATION WARNING letter in the mail after signing the trial papers and beginning the trial? I did, dated 5-2-09.

Have any of you noticed that on your last mortgage statement received, that they took your trial money, (suspense funds) that was in suspense, and not only applied it to the "due balance" but also applied part of it towards the late fees? My last statement I just got the other day shows that, and after my automated phonecall the other day giving me an " assigned person", I am beginning to think that they may be starting foreclosure under my nose. I am of the understanding that after the 3rd pmt, the late fees are supposed to be taken off, and not be part of the modification, so why would they pay them down? Does anyone else have these letters, etc?

My concern is that "under my nose" after the ACCELERATION LETTER due date comes up, which is 6-3, they will put me into foreclosure. Even tho when I first got the letter, I called and mentioned the obama plan, etc, and they said do not worry, it was just sent out due to the delinquency of the account.

Just really starting to feel strange about this, as I see some people did get foreclosure and did not even know it.

Anyone if you can let me know if you got these things. Not those of you who have been current all along of course. Thank you.

[Calli09]

***, this is for you, if you can comment please. I called yesterday and spoke to the lady on the exec resolution team regarding some things. She asked me to forward to her a copy of the trial loan mod agreement I signed and Chase sent back to me signed, so that "I can see that Chase and the loan mod team are on the same page". Shouldn't she already know about that info, or be able to get her own hands on it without asking me? Thats weird.

She said that I am not in foreclosure, but she did not seem to have any idea what my mod will be. She also told me that the private mortgage insurance I spoke of a few posts up, is "supposed" to be in my workout figure, and will not be removed. I don't get that. I know home insurance is to be there, but not the pmi. She is adament about it belonging in my mod. She said it will not come off until 2021. What???? I also mentioned about my trial mod pmt being used for paying the late fees, (according to my latest statement) that are supposed to not be charged at the end of this mod workout, and she also said they can pay what fees they want! What???? I read the Obama thing, and those late fees are to drop off. Now if they continue paying them, they will be paid up, not dropping off. If exec team is telling me this, where can I turn now? I was considering paying my 3rd pmt now, to get this thing on the road once and for all, but now, with them putting my funds towards late fees that I am not supposed to be paying, they will probably just put it towards some other late fee, then come July, tell me to pay July, when I already did! I am not getting this, and for a measly few bucks I am saving, feel very screwed up to this point!! And also the fact that they include the PMI and insist, what now??? Geez, what now ***?

[Moe Bedard]

If it were me................I would call back and speak to someone else and ask them to clarify these points of concern.

The executive team doesn't actually get to see everything...........there job is to act as a liason when a customer is having a problem that they would need to step in for....................they are not able to work on the modifications..........they would still need to put it with a loss mitigation rep.........

The documents that you were sent should have had a number on them to call if there were questions on them........

[snapple candy]

Calli,
you are right, under Home Affordability Plan late fees are not charged. Sounds like Exec dept doesn't have a clue. Stick to your guns and quote the language in the contract.

[Calli09]

***, yes the docs did have a number, its to the 3rd party people hired by Chase, they are located in New York, Buffalo to be exact. When I call them and ask questions, they say talk to Chase......really inept! Today, I just got yet another statement from Chase, showing the late payments as paid! They don't explain on the statement what else they have done with the $, just late pmts paid, and suspense funds received. Today at lunch I am going to call the regular # on my statements, wind up talking with collections and try to see what those people say about all this, then if time permits, get back to exec team, to see about someone else. But as for buffalo, just a bunch of people hired off the street with no mortgage knowlege as I see it. This is a mess, and getting deeper by the month.

[Calli09]

Called regular cust svc # today, got a guy in collections with an attitude. He told me that I am on a pre trial, and that until the mod is actually given , they can do what they want with the $. I explained that is not what is stated in the MHA mod terms. He then acted stupid, and stated the same garbage over again. I then tried to contact that exec team lady back, got vm, then got another one, that insisted now they can't help and I need to speak to her, the one that told me the PMI stays, late fees will be paid from trial pmts etc, etc, etc, with no good news at all!! So, don't know what to try now, really feeling shafted! Should not have "signed up to be Chase's Guinea Pig of the Making Home Affordable Mod"!!!!!

[snapple candy]

Calli,
I am assuming in your package for trial mod program you got the fraud notice that states "If you are aware of fraud, waste, abuse, mismanagement or misrepresentation affilitated with the Troubled Asset Relief Program, please contact the SIGTARP hotline at 202-SIG-2009 (Office of Special Inspector General for the Troubled Asset Relief Program) or online form: U.S. Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP). I hope you are documenting all these calls with CHASE, names, numbers, dates,etc.

[Calli09]

Oh yes! I have it!

[Calli09]

Well, no word from exec response team, even though I left several messages this past week.

Today, I mailed my 3rd and last payment of the trial mod. I labeled it 3rd mod pmt!! So lets roll the dice and see if I get fair treatment or not. It will be interesting to see how long it takes to get my final terms. They do have some homework to do on their side.

Also, will be interesting to see if I ever even get another call back from that "assigned exec team resolution person". I am still waiting, and will keep you all updated if and when I hear from them. I for one do not feel confident that the exec person will call back. It is my gut feeling that something was weird to begin with for me to be assigned to her, then in my conversation with her she wanted a faxed signed copy of the copy of the mod trial plan Chase signed, so that she can be sure that everyone is "on the same page".........smells funny to me, so I paid the final pmt and let the chips fall where they may.......I for one have NO confidence in Chase, and from reading these boards, should not! Will let you all know the next time I get contacted.

[Jillian118]

Hey Cali,

How long from start to finish would you say this whole process has taken you just to get here?

[Calli09]

Jillian, I started this process with a phonecall to Chase on 1-30-09. And on and on it goes.

Update all, today received the 2nd Acceleration letter, warning me to pay up. Called the collections department, got another knumskull on the line, I explained I was in the trial mod and I asked him why I have to keep calling and reminding them of this, then....... he hung up on me!!! Wow! I was nice when I asked too, not mean and nasty like I feel now!! Guess he just did not know what the hell to say to me, better just to abort the call since they know they won't get me back again. I then called back the exec dept to try to find out what is up and why the lady has never called back from last week. I got another guy on the line in Exec resolution, he is to pass the word onto my lady and have her call me. He did tell me however, to "ignore" those acceleration letters, as they are automated, and if you are late in any way, you will automatically get them. Ok. Seems if you are on a mod trial they should be able to shut that crap off......just makes me mad!

Also folks, please, watch the fees wrack up on your statements, I am already really ticked off, as they are putting some very strange amounts that I now owe, since this began, and it is my understanding that the mod is not to cost us anything. So when and if I sign anything, they will have to explain all this extra $$ all of a sudden, that they will just want to "slap onto the back of my loan" then pay later.......I think NOT! What a crock this is so far................I am very tired, angry, and do not trust any of them now. Probably will have to give this to a lawyer to fight it out with them. My math, and their math is not the same at all. If this is not supposed to cost us, why are they taking my trial mod pmts and paying down late fees with them that they threw on this acct so far. They charged me $75 in late fees so far that they have already paid with my trial mod $. I feel used, not helped in any way at all.