Modification? Forebearance? I'll Flip a Coin!

[snapple candy]

Well Calli,
Did you notice that Chase will be paying back their TARP funds in the next week or so. I am wondering how that will effect everyone's modifications. On PBS they were talking about how they wont have to be accountable to the government since they are paying back the funds. I am also assuming they will no longer participate in MHP plan since they will be paying back the TARP fees but unsure. It may not effect us since we already on plan.
Yeah they are tacking on all kinds of fees, as well as still charging you the higher rate on your original loan until final modification agreement. I think the delays have been intentional just to keep charging the higher interest rate. If you think about it, with these mods, what are the banks really losing in the end? They do get incentives and after 5 years or so the loan will cap out at the current going rate. They are just taking a loss in the interest earned for a few years and get a kickback. Meanwhile, tick, tick, tick fees are added,etc. Since I had been served a Notice of Sale, I sent (certified mail) the trustee a letter saying I disagreed with the fees added and requested a detailed accounting of all the fees and delinquent payments. I suggest you do that with Chase.

Funny, I received an offer from Chase today to open up a checking account that has a $100 check attached to it, if you do..hehehehe right like I will keep all my funds in their bank to attach. Maybe Ill set up the account with a few bucks in to get the $100. All on Chase of course.

[Kalvin09]

Calli09......dont get too tensed up with the late charge fees.....I also got them in my account after I made my first trial period payment....when I called Chase( Exec, Customer Service and Home Retention), I received the same answer(which never happens at Chase), that once the mod is finalised all the extra fees will be removed. This is one of the important guideline in the MHA program.

So I am guessing, the day when they modify your loan permanently, they will remove all the late charges. Is anyone from Executive team working with you and your loan analyst? If so, try to get their phone number and email, and start contacting them directly......

Good Luck.....We will prevail....

[chasepmt2hot-firefighter]

Anyone want to address, Chase returning the funds?

[Calli09]

Snapple you said "I sent (certified mail) the trustee a letter saying I disagreed with the fees added and requested a detailed accounting of all the fees and delinquent payments. I suggest you do that with Chase. Good point Snapple, I think that is a great one to send to the Executive Resolution team member I am assigned to, and see if she will help me. They have not even explained the $, my statements are getting really high though, much higher than late fees and my mortage pmt.....makes me think they are up to no good."

Kalvin09, in reading the paperwork it says all unpaid late fees will be removed, well that is why they paid them....to keep my $$. Key word, unpaid, so watch those statements folks.... Crock I say, they are slime. All I can say is that the letter they send along with the actual mod in it better not be a one paragraph generic form letter they filled in with some garbage just to make me think I am getting a deal. The Exec team lady said they are supposed to do an "escrow analysis" prior to making the offer, but with them already tacking on late fees that don't belong, paying them to boot, and some other $ I cannot even figure out, makes me mad just thinking about it. I have to go to work daily thinking of this mess. They should have my payment by tomorrow at the latest, so lets see what shakes out. It is truly the "July" pmt, but if they send me yet another due notice on July, or worse yet try to say in July, where is my July mod payment, the fur will fly!!!!! I hope we all get help in the way we think we need, but I feel like a real fool now, at the cost of my credit rating, that the Exec team also thinks that they will not be doing anything about. From the horses mouth. Makes me feel great, knowing Exec team is out there for me.

[snapple candy]

Calli,
Interesting interpretation of "all unpaid late fees will be removed". You may very well be right that it a way to keep your money and misapply the funds. I am actually surprised these funds are not held in an escrow account and applied at the end of trial period.
I hope you sent your payment by certified, return receipt, made copies of it and had JULY payment written all over it. Since they already misapplied to payment month, i wouldnt trust them either. Are they going to fix the misapplication of that last payment? Are they going to put it in writing that it is fixed? I would draft up a nice letter documenting all this and your conversations with Chase Exec team (names and dates included, attached copies of checks sent previously,etc) just to cover your butt.

[Calli09]

Update: I disputed the late crap on my credit report and the answer back from the Credit Bureau today after their so called "investigation" is that they updated the information and left it in there, not to be removed for 7 years. So, those of you that feel "protected" by what you have been "promised" don't rely on just words, go and get the report and check it....my bet for most on here is that you are reported late, and it WILL NOT be removed as promised.........

I also sent a long letter to my "so called" exec response team lady regarding all the issues and have not heard back yet. I made sure I explained about the 3rd pmt, etc, but she even stated to me in our phone conversation.......I do not make the modification.......so I really think the exec response team...."so called" is just a name to makes us all feel important, like we REALLY are being helped.....they are ALSO PROBABLY just a 3rd party, hired to make excuses...etc......signing out for now, really just pissed off!!!

[Kalvin09]

Calli09.....this is so disturbing......I think you should continue fighting with Chase and credit bureau.....I know it takes up lot of energy and effort but it might end up in a good way......

I just sent in my 3rd payment.......I am trying to reach my Exec Res team contact but she never answers her phone.......I also got collection calls from Chase.....I guess I have to wait for one more month to see what will happen......

[Calli09]

Anyone out there have you received the "Acceleration Notice" during your trial mod? I am interested in knowing if anyone else has, because I have a bad feeling about this. I have received 2 so far, May and June, and think once 3 comes, I will be getting my foreclosure/sale letter!! So.......anyone????? Perhaps I am just putting it all out here, but isn't that what this forum is about? I figure if someone else can tell me the outcome of these "Acceleration Letters" or shed some light......*** perhaps? I have already made my 3rd pmt of the trial mod, it was recorded 5 days ago, and I have heard nothing..............just need to know. If they are going to do that to me, I may as well file BK, and stop the whole thing now!!

[a2kman]

I have actually received an "Acceleration Notice" every month for the last 6 months after making my payment. According to my rep these are auto generated because I am tracking at 59 days late. I have had no other notices associated to them though.

I hope this helps.

I am actually a little nervous myself right now because I have been approved for the obama plan and they reduced my payment to 31% of last year’s tax return which puts me right at the 2% rate. My current income should actually put me at around 6% so I am not sure what will happen after the 3 months.

[shade]

a2kman - why would they go off of last years tax return? Self employed?

[a2kman]

Originally Posted by shade

a2kman - why would they go off of last years tax return? Self employed?

Not currently, I was a contractor for many years and then was hired full time, in essence last year’s tax return included my W2 and my contract income. I no longer do any contract work and am just a w2 employee.

This is where my confusion comes into play.

[shade]

They need to go off of your paystub.

[Calli09]

OK, heres the latest! I am at work today, I called home and a message, the same automated one when I first got the Fedex with the mod trial plan.......it said, call us asap, regarding your fedex pkg you received today! I thought I possibly got my final mod papers........got home and notta.....nothing. I called the 800# in my original fedex, and asked them what was up? She said the only notes she sees is about when I last called, nothing of consequence...also does not see that I made my final payment......just gives me the well, that takes time to upload.....you should be receiving a final packet sometime after July 1. Now she is just telling me this, NOT reading off her screen. So, I hang up and call the regular Chase #. I get girl on the line and ask her, what is the status of my mod? She puts me on hold, then blind transfers me, never comes back to tell me shes blind transferring, to some guy who is not at his desk, and I get a VM. Not about to start with yet another person, especially not knowing who in the hell she just transferred me to. Geez!!! Another inept Chase employee.....when in doubt, abort the call, hang up or just blind transfer to another person.....maybe they will know....yeah right!

I emailed my supposed executive response team lady the other day, asking her the status, and have yet to hear from her. Even sent her the trial mod papers that I got back in the mail that Chase actually signed. I received those back in May, signed by Chase in May. Has anyone else gotten their signed copys of the mod? It states in your trial mod papers that you will either get them back, signed by Chase, or get a letter in the mail telling you why they are denying your mod. Just curious to know, I asked this in an earlier post, but no one answered. Also wondering, did anyone else get this 2nd call to "Hurry and call us" only to find that they don't know what the @# is going on either.........I am telling you, I already got a nod, and 2 acceleration warnings, so, I think they are up to no good, and unfortunately, since no number I call, or my own assigned "executive response team person" can give me the "response" I need, I am just screwed. So, for now, just still p o'd, waiting to hear, or not to hear.....that is the question. Anyone else getting any kind of info on the final mod after their 3rd payment? What a bunch of garbage to put us all through this. How professional is this bank? I would be embarrassed to say I worked there if I did. Unreal.

[snapple candy]

Calli,
I am wondering if they have an address wrong?
I have not gotten my trial mod papers signed by Chase. This contract is only for trial mod. Chase rep told me they (signatures) are "on hold". Didnt know why. I told him this isnt a binding contract until Chase signs it. I dont feel comfortable about it at all. They get to collect my three months of funds without signing the contract? Something just doesnt sound right to me.
I am now dealing with Chase on my 2nd and what a circus. I got the hurry up and call message. Its URGENT she says. I call back and the extension number she gave me doesnt work. Then I press 0 and the operator gives me another ext # and that doesnt work either. Then this am (they are on Florida) I get a phone call at 5:15am from her! I didnt go downstairs to answer it. I called several times today and had to talk to operators all times. Her extensions still not working. I know they used to work cause I called her on it 2 weeks ago. She told me then their lines and faxes getting all crossed. I swear they do it intentionally to slow the process. I dont know how they could be so inept. How do phone lines get crossed like that?

FYI: For my first, the guy handling the trial mod states that 30 days after your 3rd payment recieved, you should have it finalized and next payment due the 1st of the next month. IE: if you make last payment in June (up till last day of June), your new payment will be due August 1st.

[Calli09]

Snapple,
Since you have started the trial, I think within the first or second month you should receive the papers back signed. Mine actually were signed within a few weeks of my sending out the 1st payment of the trial. The papers state you will either get the copys back signed by Chase, or a denial letter. That being said, even since I have the papers signed, I don't have that comfy feeling all is well.

Today I got yet another "statement" from Chase, they paid my property taxes for the half of the year. I already had that set up into my loan long before all this started. However, I see that they are now showing my escrow in a small deficit, so it makes me think they took my payment #3, and put part of it towards the escrow amt, then paid it, leaving a small deficit. Now, WTF? I ask you are they supposed to be doing all this with my trial $$? Or should I perhaps feel more secure in knowing this. I am still waiting to hear from someone, yet to hear. Is the fact that they paid it a good thing? I guess if they were going to foreclose, they would not have paid, let it go delinquent, and let me get the bill.....right? I would like to know what *** thinks of the pmt of the taxes......... or anyone else on that score.

Also, now that Chase and I seem to be incommunicado, what should I be doing come July, regarding payment, since pmt #3 that I paid was actually for July?

[snapple candy]

Calli...Yeah I "should" get the signed contract back but that is a big should considering the guy said those signatures on hold. I got the impression that their issues with the language in the contract. Whether its Chases attorneys figuring out language that is or is not in their favor or TARP people pointing out they are doing something wrong, I dont know.
The language in the contract is clear about how they can use the payments - build up in interest bearing account until 1 whole payment accrued, then apply. Sounds like they used their discretion. You are right, hard to know if paying taxes is ok or not. I think they are liable to pay the taxes or the county assessor can put a lien on the property. WAMU has been paying mine all along.I suppose I would consider it a good thing it is paid. As long as it is going towards something (not towards bs fees), it probably isnt worth making an issue over. They jerk us around so much, it seems no matter what they do we can get pissed....I have found myself flying off the handle with them about everything.
Have you sent in a certified letter asking for an accounting, as well as addressed the misapplied payment? Didnt they take a trial payment and apply towards regular payment with you? I sent in another complaint this week to TARP people (not that they will do anything) about the issue of not sending me a signed contract. If you send letter to Chase, put a cc on the bottom to TARP. I also had a complaint on file at OCC. I try to put all the regulatory agencies, as well as senators in the cc when I write them just to let them know whom I am contacting about their behavior.

You are supposed to have something in writing about permanent mod within 30 days of your last trial payment date.

[snapple candy]

That is NON-interest bearing.(sorry, I can think it, but cant type it)

[Calli09]

No update, just a rant!! My take on all this waiting, letting us fall behind in pmts by the difference of the trial mod vs our regular pmt, only in the end just to DENY! I think this is the plan all along, to let this all go down, then they can foreclose, wash themselves of the "toxic" loans, and start anew. Also, there are investment bankers out there just looking for this to happen, all the banks, not just Chase are helping those people. They will be the ones to buy our homes for pennys on the dollar, then turn around and FLIP them for $$. Its a racket, nothing more, nothing less.......after all this time and reading etc......and waiting.....that is my "take" on this sad scenario we are going thru.

[Calli09]

Question to all who have paid their 3rd trial payment and have not gotten a final modification letter with terms yet........

Do you plan to wait until you hear, or do you plan to continue to pay the trial payment amount for pmts 4, 5, 6, etc until you do?

[amiracleplease]

As a good faith I would pay one more month, maybe two depending what they tell me excuse is this time. after that I will NOT keep making payments.

I know we are told that the banks do not want to forclose on our homes... somewhere I donot fully believe that. Because id so.. the banks would work alot faster and get you out of the miss sooner. They are stalling because they want all the extra fees. frankley they still benefit everyway by stalling and then they may not give you nothing. I do believe they do not care and will take every penny they can and have no problem forclosesing on our homes.

As for the loan mods. I googled modifications and read they did thousands and thousands of mods. I question were they mod. numbers or forb. numbers, were they modifications that were given with accurate monthly payment numbers. Or was the home owner so desparate like me/we they took anything despite extending there loans by 10 years with payments only because of fear of loosing it and they payment are a bit lower then prior.

Somewhere I think the Lord is very angre, knowing that these FAT CATS are getting FATTER and the little is struggling somewhere. OBAMA was put in plave in our lives for a reason. "note I did not vote for him" BUT there is a message here for all. Greed is a terible thing, and selfish ness is ugly.. and right now THE FAT *** BANKS are terribley ugly, selfish and greedy. SHAME ON CHASE!
stop the greed! and lets move forward in this time and make life a cleaner place with less stress and lets spend all this aggrevated time on our love ones being more positive. INSTEAD WE STRESS..WAITING FOR THE BANK Chase to get us threw this process. come on 10 mnths and still stressing...

[Calli09]

Those mods in that story they claimed to have done were not permanent mods, just the "trial" mods we all have been put on........that is the SHAM of that story. It did not explain the part about the people not actually getting the final mod.

[amiracleplease]

Are we surprised? "no". they are miss leading the public and federal goverment. They are looking like they did something but in reality they are causing more pain on top of the pain we are currently trying to fix.

regards to lower principle I have not heard anyone have there principle lowered have you? I am told instead chase is extending years to 40. For me this means I will be well into my 80's "age" paying mortgage. What a life.
and mind you.. I am usually a very positive person. This just knocks the life out of ya.

[snapple candy]

Yes, they are all numbers of those in trial mods, NOT completed ones.
I think they dont want to lock in to the current interest rate and waiting for it to go go up before they lock all these thousands of people in on their mortgages.
ON the other hand, they were so incompetent to get the ball rolling on the MHA program and didnt have staff that knew how to implement it. I can imagine they are all scratching their heads trying to train people how to finalize modifications. I make my 2nd trial payment in a few days. I try to stay positive too and have fought hard to get this but my instincts tell me it will not work out in the end.
I spoke with my attorney about the possibility of negotiating with my lender in the event I dont like perm mod terms to stay in the home and "rent back" for a period of time at a low monthly payment. He hasnt heard of that but I know it has happened in some states. You could think of it this way while continuing to make the payments, if of course the payment is equal to renting a home in your area: that you are simply paying rent and avoiding a move for the time being.
At the end of trial mod, I would advise those to keep careful track of interest rates and if it take 60, 90 or whatever number of days to make permanent, that people demand to lock in the going interest rate. Thats of course if it is in your favor to do so.
My fannie mae negotiator states that you will only get lowered rate (to 2% or 31%) floor for up to 5 years, then it goes to the interest rate cap (determined at time of perm. mod) for the lifetime of the loan. I have not heard of any lowered principals (I think this a pipe dream) and my HELOC at chase people dont appear to be open to extinguishing the 2nd. Only matching the final terms for the MHA mod.

I was watching the news the other night, and credit cards defaults are at a all time high. People are dropping like flies.

[Calli09]

---

Question to all who have paid their 3rd trial payment and have not gotten a final modification letter with terms yet........

Do you plan to wait until you hear, or do you plan to continue to pay the trial payment amount for pmts 4, 5, 6, etc until you do?

[amiracleplease]

hello I think you are right about its forb. not completed mods. I also thing all of our forb. payments are going to some how get lost and told that it covered the fees, like late fees. so on.
I was told that the MHA is a permanent either change your rate to 2% and keep your mortgage at the years left on loan. or if you are so far out there they will change 30 year loans to a 40 year fixed term.


as for the credit cards... WAY OUT OF CONTROLL, "for me to" once they start charging you late fees, and over limit fees, they raised
my interested and I could not keep up.. it was is a domino of hell.
then the other cc all started dropping there limits to me and raising there interest due to other cc reportings. and I am washed out!!!!!

I am thinking once my mortgage are modified . I may have no choice but to file bankruptcy. not proud of.