Chase mod/aurora investor?

[chichi123]

I am new to the forum!! I have a ARM that due in May 09.. with chase finance...I know it seems like a while till its due...but with everything thats going on with the forclosures i wanted to be ahead of things so i called chase and was told to call back 4 months before its due...I dont even know what will be due when it goes up......I was one of the millions who was told...oh you can refi no problem....now with the market & no more equity in house....I just want to make sure I have enough time to try to fix this mess...They told me a modification will take about 3 to 4 months right now dont know if thats true...possibility....i just dont want to get to close to due date...Any info and answers will be appreciated...Help!!

[Moe Bedard]

Hi chichi123,

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

With Chase you will need to wait until you are closer to your adjustment.........the modifications do take anywhere from 3-5 months so if they are not going to accept any info from you as of yet............you would need to wait until most likely Jan. or Feb. 09 to get started.........but if I were you I would check back in Sept.

[chichi123]

thanks *** for your reply i will take your advice in getting back with them in sept. considering the abundance of arm's that are out there....I'm in florida would you know the qualifications these banks use for modification!!!

[RudyJay]

Hi.. You should read some of the success stories . Good information in this forum. and visit here often between now and Sept for new updates.. Info updates often rj

[Moe Bedard]

Each of the investors on these loans have different requirements.........what I do know is that Chase does require that you have a surplus and they do require proof of income and bank statements.........and they have allowed anywhere from $100-$300 dollars on their workouts.......some lenders have also started pulling credit to match the expenses with the income......

[chichi123]

thanks for info!!!!

[chichi123]

would somebody know what your income would have to be to get approved for modification on a 250.000 arm!!!!any other infomation that will help out with a modification will be appreciated....and if someone isn't on the mortgage can you include there income as well!!!If you couldn't get approve for that amount what are your chances for chase to work with you on either lowering principle or interest rate my rate right now is 7.8% paid on time but when adjustable kicks in who knows how high it will be..any help please............

[Moe Bedard]

chichi.........

All you can do is send them the proof of the income that you have in Sept if they will take it then............. as they will require it in check stubs and bank statements and in some cases credit reports.............

the income is based on the household and anyone in it that is earning income.........you would need to have the surplus at the end of the month ........and it is up to the investor on your loan as to whether or not they are going to modify it...............you just need to go through the process and give them your information so that they can tell you what options you have.........on your loan..............everyones is different..........

Chase is not lowering principle balances..............and the type of modification that they are able to offer you will be given by the investor.....

[chichi123]

i want to thank everyone who has been helping us!!!!i have a question on surplus that *** has answered!!but read on another site that stated a surplus on a interest rate you can afford....im a little confused is the surplus on existing interest or a lower interest !!i was told if you cant afford current interest you dont qualify for a mod!!!cause im reading alot of success stories on chase mods lowering interest rates...did these customers have a surplus of 100-250 on their higher interest rate or a surplus on a rate that they can afford at this time???thanks

[Moe Bedard]

chichi,

Not all modifications result in lower interest rates.........it is up to the investor on the loan..............and since you would have no way of telling what type of modification if any you will receive..............you won't be able to put a payment in at a new interest rate that you have not received yet.
Therefore you would need to show the surplus on your current interest rate and payment.............

And yes...........I am one of the Chase successes and I did show a surplus on my 11.50% interest rate of $224 before my modification................

Chase like all of the other lenders want to make sure that you can afford the house and not just the mortgage moving forward and that the hardship is now over..........

[RudyJay]

Hi Chichi

I am a Chase loan mod success as well.. I showed a surplus $298. as well. My loan adjusted in Dec. 07 to 8.02% and our hardship was not enough income to meet the 2nd adjustment (July 08) 8.75%. rj

[chichi123]

I have a couple of questions concerning a loan modification that we will be trying to get with chase first of all when i got my loan two years ago i was married but my wife is on the mortgage but not the note...I was told when we apply for a modification that if we combined our net income that she would have to be put on the note/mortgage which is no problem...and both of us dont have a real high credit score at the moment...my question is when they review for modification does your score play a big part and if my wife is put on mortgage will that cost alot of money....and i have a 401k how do they look at these things when applying for mod...any and all responses are appreciated....thanxs

[Moe Bedard]

chichi,


When you had first contacted Chase about the modification last month, they had told you to wait 4 months because you didn't adjust until May 2009......have you contacted them again, and are they going to now let you submit your financials and hardship at this time and get started?

[pecrober]

My loan with chase is 5/25Arm and not due until 2010, I contacted them and submitted all the required letters and statements. my loan was approved in 30-45 days. they adjusted my rate from 6% to 5% with a savings of at least $300/month.

[CHANLY]

I'm not sure I understand the surplus thing. Does all of this mean that Chase wants to see a surplus on your monthly income/expenses w/ the current mortgage payment or that they will try to adjust your terms to give you a surplus w/ the new payment amount?

[chichi123]

spoke with chase who just services our loan they gave me the investor aurora loan services !! has anyone heard of this company and if so it sounds like they are a servicing company as well...chase loss mit dept said since i am not late on mortgage they would transfer me to the special lending department....has anyone heard of this dept doing loan modifications ....

[Moe Bedard]

Aurora Loan Services is a Lehman Bros. company and under Lehman they also own mortgaged back securities..........so they can be an investor too.

The Specialty Lending Unit is the Early Loss Mitigation dept. for those that are not late...........
here is the number
1-866-665-7629

[chichi123]

thanks ***...ill be starting the process ...one other question do you think we should ask for proof of original mortage??considering we did the refinance through the mail without the title company present...our copies are blank who knowa how many investors own our mortgage???or would this just delay modification...

[Moe Bedard]

if you are saying that the copies are not signed..............that is what you get at closing...........just copies of what you sign..............also most loans are sold..........some before you ever make the first payment.

[chichi123]

thanks ***...has anyone been successful with a modification with aurora loan as i dont see much of any info on them???

[Moe Bedard]

With Chase as a servicer most of their investors are working with them to modify loans as long as you meet the criteria of the investor.........which is all figured out during the modification process.

[chichi123]

Called chase special lending unit they asked these questions only? Do you have any payments on vehicles...not the amount of payments...do you have cable..wanted amount..any monthly medical..wanted an amount..that was it...was told to fax all the rest of W2's,hardship etc...I did ask how they figure their monthly requirements on surplus etc..rep told me they use all ratios...the rep said if you send in all info first time it goes pretty smooth..??we'll see!!!they said they dont separate loans they just pick from the pile... Can i get an imput on hardship letter...

Due to the upcoming adjustment to the mortgage I currently have with your company, we will find it difficult to afford the new payment which is scheduled to adjust in May 2009, and six months thereafter.

Considering our current income, there will be no way we can afford the increased payments come May. Hopefully there is a way to renegioate the terms to avoid any default on my home.

Is it possible to have my current adjustable rate mortgage converted to a fixed rate, considering the downturn of the economy has made it impossible to refinance due to the property value decline of 30% to 40% lower than appraisal 2 years ago. Our mortgage was written by another company than bought out, the terms of the mortgage are terrible but was told it was the only mortgage I was qualified for, our number one goal is to keep our home and would appreciate the opportunity to do that.

I believe this addresses the situation I currently find myself in. Attached are pay stubs, W2's, bank statements, etc showing our current income.

We truly hope that you will consider working with us.


Any and all opinions on letter very much appreciated.....

I have had no problem making my payments for 2 years now

[Moe Bedard]

try to structure your hardship letter using this format............
The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home

[chichi123]

thanks *** i revised our letter and would like an opinion?

I am writing this letter to inform you of our situation, me and my wife have experienced a couple of setbacks in the past two years one being wifes loss of income of a salary deduction with present employer and the birth of my son in dec, 2007 & child care expenses.

due to an adjustable mortgage which is scheduled to adjust May 2009 it will be very difficult to afford the increased payments on out current income. We don't forsee this situation to be permanent as we are budgeting all our expenses to meet all our debt obligations, and my wife has been offered more hours of work.

We feel a modification would benefit us both. We have every intention of perserving home ownership and keeping our home, its our full intention to pay our debt. We have made our payments with no problem for 2 years and want to keep it that way.

Looking to refinance is not an option due to depreciation of at least 30-40% of value from appraisal 2 years ago. We would truly appreciate it if you can work with us to get a fixed rate and lower our payments to a more affordable one, to avoid any possible defaults on our home.

You have our assurance of adhering to the loan modification deal the lender chooses to provide. We hope you will consider working with us....


Any response about hardship letter appreciated.....

[Moe Bedard]

Much better.........