chase/fannie mae mod

[c150000]

wow after reading these post iam so confused.....hope someone can help..
iam 2 months behind with chase, due to out of work months ago, and chase raised payment for tax surplus 500.00(another chase mess)
payment now 3080.00 loan is 15 yr balloon 6.9
there hace taken all my payments every month i send one...
this month set up fastpay for payment date feb 3rd so it will look 3 months late until payment post

applied for mod in dec accepted and in review on jan 12th
no info so far,,,
questions are...i had a stated income loan, can i get a mod with stated? they of course know about this faxed leases and pay stubs

2) can they refuse payments while in review for mod? after they took payment draft and gave confermation number?

3) i dont know what type of mod this will be they never told me but they said they dont offer fannie maes home saver advance.. i called fannie mae they said chase has to offer it...
iam only really looking to get my 2 past due months taken care of and possible the surplus... not lower rate or anything
its 6.9 now should i tell them what iam looking for? or just wait

also i do not want to stop making payments although "hope" has told me to

and what do i do about the treatment chase reps have put me through?
who would i email for exec offices?
thanks cheryl

[Dan Bailey]

Cheryl,
Glad you found the forum and posted.
I can answer your first question: Yes, if you have the paperwork (pay stubs, tax forms etc) they can work your mod with a stated income.

As to your second question: If you received a confirmation number, wouldnt that mean they accepted your payment and it has been posted?

Your third question: The decision to modify and the type of modification is up to the investor of the loan (Chase is the serviser) Do you know for sure that Fannie is the investor behind the loan?

When you refer to "hope" do you mean the non-profit agency set up to help homeowners, or are you referring to a "modification company" using the name "hope" ?

[c150000]

hi
yes you would think with a confirmation number that would be true
but once i had one, called to make sure it was set, and csr said
i have to cancel this right now. your payment date is in the 3rd month
you cant do that ,,, i said the cs rep said it was fine i have done this for months..... she canceled it and told me i had to make a payment
on or before that last day of the month so it did not go into the 3rd...

when i called to set up this payment being on the 3rd of feb i will show late 3 months until it post cs rep said thats fine...? go figure

yes fannie mae is the investor ,, loan mod id in calif thats were al fannie mae
mods are being done

cheryl

[c150000]

yes hope non prof i called them and someone from auriton solutions
called me.. have you heard of them?

[Dan Bailey]

Cheryl,
I looked up auriton(I had not heard of them before). It seems there IS a nonprofit (.org site) for them, as well as another .com for Auriton.

The reason I asked this was that there are some companies calling themselves variations of "hope" that are scams. It is prety unusual for them to say to withhold payments, from my understanding.

It is true that some mortgage companies will not accept partial payments (behind 2 months and trying to make 1 month payment).

Cat or Moe will be by as soon as they can to give you some insight. Hang in there!

[c150000]

hi
yes i called the hope number on hud website it was 995 hope?
aurition solutions is who i spoke with.. i hope someone here has heard of them...
this makes me nervous...

so far chase has taken my payments.. like i said i have one set up for feb 3rd... so they can stop taking my payments anytime then?
what happens then? if they stop taking them, i just save them and wait?
just say the mod is denied... and no payments made....

one more question modification vs forbearance it is the same process?
or can the offer forbearance before a modif
i want to do something while waiting for mod...so they have to take
my payments
sorry so many questions but i dont want to set muself up for a bigger fall

[Moe Bedard]

Hi Cheryl,


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

If you are in need of a modification, the only one that FannieMae as an investor, is offering at this time is the Streamlined Modification Program (SMP) and at this time, they are only looking at modifying the loans that are 90+ days in default and that is it. So they have been setting up a 90 day forbearance for those that are with FannieMae loans. You would need to check with Chase or HOPE about this program because they will need to set up the forbearance with you first.


This is the eligibility requirements for the program..............


Eligibility

Highlights of the SMP's eligibility requirements communicated to servicers include:

Conforming conventional and jumbo conforming mortgage loans originated on or before January 1, 2008;
Borrowers who are at least three or more payments past due and are not currently in bankruptcy;
Only one-unit, owner-occupied, primary residences; and
Current mark-to-market loan-to-value ratio of 90 percent or more.

[c150000]

well, i quess thats what my loan is.. because the loss mit department said my loan i was pre approved for modif through fannie mae...

now i want to know why not one person chase or hope mentioned the forbearance........??????????

can you tell me what that means the forbearance.. dose this take months to set up too
or can i do that when i call....?

cheryl

[c150000]

sorry, do you have to be 90 days late for forbearance plan too?

cheryl

[Moe Bedard]

No you do not have to be late to set up the forbearance, but you had mentioned in your post that you were already 60 days in default and with it being Feb. 1st, that would have made the 90 days.............so Chase should be able to gather your information for the streamlined mod at this time...........and start the process.


Here is the number to call and ask about this modification program...........

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

[c150000]

the payment i set up to be taken out of my checking account comes on feb 3rd.
once that posts i will again be 60 days late

i will call and ask about the forbearance this week..tell me what iam getting into with a forbearance..........

why is my loan under reveiw for mod if i was never 90 days late in the first place? i told you i am confused..........

what about a home saver advance you do not have to be 90 days late
for that.. fanny mae told me chase has to offer it...(if not they told me to make a formal complaint)
thanks again and again and again
cheryl

[Moe Bedard]

HomeSaver Advance is a program by FannieMae that provides funds to cure arrearages of principal, interest, taxes, and insurance (PITI), as well as other advances and fees. HomeSaver Advance is documented by a borrower-signed promissory note, payable over 15 years at a fixed rate of 5% with no payments or interest accrual for the first six months.
HomeSaver Advance is designed for qualified borrowers who have fallen behind on their mortgage, but are able to resume timely payments once their loan is brought current by the advance.

HomeSaver Advance Highlights

Loan amount up to the lesser of $15,000 or 15% of the original UPB

Loan Proceeds can be applied to delinquent PITI, escrow advances, and advances, and foreclosure and bankruptcy fees and costs that would otherwise be reimbursed by Fannie Mae. In addition, the HomeSaver Advance can also include funds to pay up to 6 months of unpaid HOA fees (12 months, where the HOA fee is paid once per year)

Advances may not include late charges or other ancillary fees and costs

The full loan amount is applied directly to arrearage (borrower never receives funds in hand)

Truth in Lending Statement and unsecured promissory note are executed at time of agreement with borrower
Note rate at a fixed rate of 5% with 6-month no-interest/no-payment period

Amortization period of 14.5 years after the conclusion of the 6-month no-interest/no-payment period
Workout fee paid to servicer is $200 at close plus $500 following three consecutive timely scheduled payments

Fannie Mae will contract with a third party to service HomeSaver Advance promissory notes




When you contact Chase you can ask about the streamlined modification program because you may not even need to do the forbearance.

[c150000]

hi
so let me get this straight

iam already under review for modif they told me as of 1-12-09
but i dont fall into help there cause iam not 90 days late, so why did they put me under review for the mod if iam only 60 days late?

also asked you about forbearence so they cant refuse my payments when ever they feel like it... i can make payments just cant catch up

home saver seems to be the best option but chase never mentioned it.... and never mentioned a forbearence either i will call about both this week

also with forbearance if denied for mod or home savers they can demand all due up front after forbearance time is up right
so then your in the same boat ??????????????? this is crazy
cheryl

[Moe Bedard]

Cheryl............because you were already 60 days in default............this could be why you didn't have to first do a forbearance...............they normally will set one up on someone that is current and has FannieMae or FreddieMac as an investor................

If the HomeSaver Advance is a good fit for you..............then ask if that is an option and tell Chase that FannieMae told you that it was.

[deniseb]

I'm confused about the fannie mae programs. I applied for a modification in November, was assigned to an analyst 1-13-09 and have not had an update since. I continue to call weekly but nothing!

I have not paid my Jan 09 payment and today is Feb 2. So am I 30 days late? I've been one month behind since December (what I consider one month behind), but Chase keeps sending me a letter around the 10th of the month saying that I'm 2 months past due. They include the current month's payment even though It's not late until the 16th.

So for homesaver advance you have to be 90 days late or three months right? That would be missed two payments and not yet made the current month's payment.

What about a regular old modificiation. I don't want to borrow money at 5% interest to bring me current. I am in a terrible interest only adjustable loan. Are there any new conditions for mods? 30, 60, 90 days late to be considered?

Cat, can you update us on what seems to be going on over at Chase. My investor is also Fannie Mae. Thanks much.

[Moe Bedard]

Denise,

The program that you want to ask Chase to put you in for is the Streamlined Modification.............HomeSaver Advance is a personal loan for the default amount payable over 15yrs. at 5%..........so your right.......not a really good option unless you were in default at least 5-12 months....then it would be a better option to catch up the default.................

Call Chase and tell them you want to be considered for the Streamlined Modification.

[c150000]

hi
i called fannoe mae today they said if you are only 2 months late
you could quaify for the early work out plan,,,,? i thought that was for
noew and recent loans from what i read ..2009 only
he said no
they will put all loans no matter what your late status is
smp for 30 days late and earlie work out plan for anything under

anyone else recived an earlie work out plan yet.....???????????

cheryl

[c150000]

sorry wrote that wrong thats streamline mod program for 90 days and over...
early work out plan for anything under 90 days

[Moe Bedard]

We have already known about the Early Workout Program...........this additional feature was announced by FannieMae on Dec. 8th..........and it has yet to be implemented by Chase.............they keep saying they are going to offer it.................and yet they have not........you should definately press them on it.................

http://www.fanniemae.com/newsrelease...=News+Releases

[grullagirl]

Does FreddieMac offer an Early Workout Program???? I am in the mod process w/ Chase as my Servicer and was told the investor on the loan is FreddieMac. Have been told that the investor is reviewing my file. Am anxiously waiting to hear something.

[Moe Bedard]

Not as of yet..............but here is the link to all the ins and outs of the program outlined through FreddieMac
Freddie Mac - Streamlined Modification Program

[c150000]

hi
i called chase yesterday, they are asking what is could give as a good faith payment,,,, i just today paid 3078.00 as a payment can i asked if they can use that.. do you think it could be used?

also i was asked for 2006-2007 income tax for 2006 my ex collected all rents..so he claimed them on his indv. taxes.. so i dont have that..
and my employment for 2006 i never filled yet was going to do amended for 2006 and 2007 along with this year 2008....how the heck do i explaine that?

[Moe Bedard]

just be honest and explain it...........they will let you know if there is something else that you can send.

A good faith payment is usually one month at the new modified payment amount and is required with the modification documents.....this is why they would be asking if you have it.

[deniseb]

Thanks for the explination of the various programs everyone. I guess it's just a waiting game from here. My situation is a bit sticky. I also had unpaid taxes. My taxes were being sent to the wrong parcel number and the payments were short. The assessor here returns any partial payments, so my taxes had not been paid in the two years I've owned the house. I owed over $12,000 in property taxes. These were paid in Nov. 08. The escrow shortage and analysis may be holding up my modification.

[c150000]

hi
i have a question if someone can help
went for a mod in dec 08, still currently 2 months behind
still sending a payment a month
faxed and faxed and refaxed!!
went to "under review"
then to an a "analyst" for 2 weeks
now in "underwritting" as of yesterday
question is : am i past the "denied" stage??
and what happens from here?

cheryl