Chase mod - Story so far

[snapple candy]

rollermom,
Did you figure out the contribution amount? Does your paperwork state it is the Obama plan? Just curious as my Chase person called me yesterday and mentioned something about doing the trial period plan or that person assigned would be evaluating it) and I would have it close to working out in about 1 week (we'll see). I did question her on the terms after 3 mths. She indicated it would convert to what trial period payment was and the 31%. I know mine will have to come down considerably more to get to the 31% so I am wondering in the end what will occur.

[rollertom]

It says nothing about the obama plan and that it was a forbearance period and my normal payments would then be due once it is done. But I think this is a standard letter that they send to people.
My contribution amount is the same as my normal payment so I see it as a 4 month trial.

[snapple candy]

rollermom,
were you trying to get the Obama plan? (forgive me for not going back thru posts). If so, you will then have to start all over after this forbearance and go thru another Obama "trial" period.

[rollertom]

I don't believe the Obama plan works for me. My loan is FHA (GinnieMae)/Chase owned.
I think this is the Chase type plan. After my trial is finished and I have made payments on time it will be perm. with this 5.25 rate for the life of the loan (was 6.75)
But who knows for sure.... It could all change at the blink of any eye....We will see I guess in 3 months.

[rtaibi]

I have been working on my mod since November 2008...haven't made a payment in seven months and am now in default for about 70 days. I have on Option ARM with WAMU...owe $610K, house is worth $450K.

I am told that a negotiator will be assigned soon. Should I wait?
I have just enough saved to reinstate my loan...about $21K.
I want to keep my house but am afraid they will foreclose if I don't reinstate.

I see some people on here that have not made payments for much longer. Any advise?

Customer service reps keep telling me they won't foreclose. I don't think I should trust them.

Sooo frustrated and drained from this process...

[snapple candy]

rtaibi,
i have been working on mine for 1 year (have not made a payment) and it looks like today I was approved and they say packet in mail. I am cautiously optimistic. I turned down one loan mod and demanded review under obama plan. (Did you re-submit mod application under Obama HMP plan?)
They served me foreclosure papers in response to my demands in April and now I am getting trial payment plan. Even if they start foreclosure proceedings, I wouldnt worry. I also wouldnt let them know you have all that money stashed. I have been pushed to the point where I was ready to give up and walk away and still may depending on what terms I get. This process is designed to drain you. Hang in there awhile longer. You may be in the home stretch.

[rollertom]

I received my monthly statement from Chase. The first "trial mod" payment I sent to Chase is sitting in a suspense account?
Any one know what this is?

[Moe Bedard]

Use of Suspense Accounts and Application of Payments:


If permitted by the applicable loan documents, servicers may accept and hold as “unapplied funds” (held in a T&I custodial account) amounts received which do not constitute a full monthly, contractual principal, interest, tax and insurance (PITI) payment. However, when the total of the reduced payments held as “unapplied funds” is equal to a full PITI payment, the servicer is required to apply all full payments to the mortgage loan.

Any unapplied funds remaining at the end of the trial payment period that do not constitute a full monthly, contractual principal, interest, tax and insurance payment should be applied to reduce any amounts that would otherwise be capitalized onto the principal balance.

[rollertom]

So it sounds like when there is enough in there to continue my "org normal payments" (which I was current until trial began) they will make the payment. Then at end of trial if the mod becomes perm. they would roll the difference into the loan balance?

[Moe Bedard]

That is the way it reads...............when you contact the negotiator again or they contact you............ask to be sure.

[rollertom]

Thanks. I have made the first payment. I need to now pay July 1st, Aug 1st and Sept. 1st. Then I am not sure what happens. Do you know if I would have to resubmit all my information again or do they use what is currently on file? She said as long as all payment are made i would roll into perm.

[Moe Bedard]

that too would be a question for Chase..........as I believe that the financials can not be more than 60 days old.

[rollertom]

Well just made my 2nd trial payment (sent over night so they would have it Monday since it was due the first)
I wrote my analyst and just asked to make sure Chase received it on time and just received an email back saying she is no longer assigned to my file since I am on a trail plan!!?? So nice of them to let me know this!
I thought you kept your analyst until Mod gets completed?

[snapple candy]

rollertom,
Yes, you get assigned yet another new person to handle trial mod....hope you dont get one like mine whom I can hardly understand over the phone since it is quite obvious he is foreign and from India. I dont mind dealing with others from other countries but I do not like having do deal with such serious business with someone whom I can hardly understand their english and such a strong accent.

[rollertom]

My analyst wont even reply to emails... I have to bug the crap out of them jsut to get a simple answer. You also cant reply to her emails and expect a reply she NEVER does that. It must be a new email!
Guess I will need to call and find out who my current analyst is since they will not provide anything to me.

[Bert C]

I dont understand. I have seen everyone here talk about their analyst this and their analyst that and I have been at this since mid April of this year and have not even been assigned an analyst. I have contacted the ERT for Chase and was assigned a person from their department (ERT) but that's it! She has done absolutely "nada" for me in two weeks now. Today i called her and again asked about the analyst and she says: "well, all i can see is your docs are being reviewed and in underwriting. On top of that she says: " the process can take 120 days or so". Is anyone at Chase "helping" anyone here???? I don't see how judging by my experience! Please comment and give me some advice. I can't seem to get anywhere and am avoiding calling her supervisor for fear of making her angry at me and really get even "worse" service than I'm getting now!. I feel I'm walking on eggshells here with these people. Sheeeeeesh!

BC

[deecee]

Originally Posted by Bert C

I dont understand. I have seen everyone here talk about their analyst this and their analyst that and I have been at this since mid April of this year and have not even been assigned an analyst. I have contacted the ERT for Chase and was assigned a person from their department (ERT) but that's it! She has done absolutely "nada" for me in two weeks now. Today i called her and again asked about the analyst and she says: "well, all i can see is your docs are being reviewed and in underwriting. On top of that she says: " the process can take 120 days or so". Is anyone at Chase "helping" anyone here???? I don't see how judging by my experience! Please comment and give me some advice. I can't seem to get anywhere and am avoiding calling her supervisor for fear of making her angry at me and really get even "worse" service than I'm getting now!. I feel I'm walking on eggshells here with these people. Sheeeeeesh!

BC

I'm in the same boat - except I've been at it since the first week of March. I don't believe Chase is going to work with me as long as I am still current. So much for the Obama plan

[Jillian118]

I still have not been assigned to a negotiator and have been at this since january. I just got naca involved and hope that they can help me, because I have gotten no where on my own. I also have a person at the exec offices "assigned to me", faxed her all my stuff again and still nothing. I have left her three messages now and she will not call me back.

[AACPA]

I'm in the same boat - except I've been at it since the first week of March. I don't believe Chase is going to work with me as long as I am still current. So much for the Obama plan

I've been current and forced my loan to be 30+ days late in June just to see if it would move things along and it didn't.

[Jillian118]

I guess that is why its called "hope for homeowners" instead of "help for homeowners"

[MAXIE19]

AACPA

Thanks for sharing.....I have been tempted to go late as well......maybe I will just keep waiting now that I know it will not change things much.

[briknope]

Originally Posted by rtaibi

I have been working on my mod since November 2008...haven't made a payment in seven months and am now in default for about 70 days. I have on Option ARM with WAMU...owe $610K, house is worth $450K.

I am told that a negotiator will be assigned soon. Should I wait?
I have just enough saved to reinstate my loan...about $21K.
I want to keep my house but am afraid they will foreclose if I don't reinstate.

I see some people on here that have not made payments for much longer. Any advise?

Customer service reps keep telling me they won't foreclose. I don't think I should trust them.

Sooo frustrated and drained from this process...

Cash is king!

[classicgk]

Where is the home? Is it in a state that has nonrecourse homestead loans?
What are the chances for recovery of home prices in your area?
Are there rentals in your area that are available?
Are you prepared to move if they don't offer a feasible loan mod?

It may help you a lot to have a plan B if they don't come through with a good loan mod for you. In the meanwhile I would personally keep living in your home and saving up the money from not making payments.

My experience so far with Chase has been that they are like the others overwhelmed. Supposedly they have a better rep than the other servicers though.

[snapple candy]

rtaibi,
I wouldnt make a payment either. It is the only thing that will keep a fire under their arses to get mod completed. If you are served a notice of sale (depending on what state you are in), you can always cure the default amount if you want to if you get nervous about this. You are wise not to trust customer service on anything cuz 1 hand doesnt know what the other hand is doing. I have not made a payment in 1 year, was served foreclosure papers in April and was just offered MHA trial program the end of May and made my first trial payment on the 15th. Dont let them see you sweat. You are in a good negotiation position the longer you go without paying.

As far as recovery of home prices, I have heard from attorney and 2 brokers historically you can count on 7-9% a year. I dont think we have seen the bottom yet in many parts of the country to even begin to entertain this possible growth figure. The more underwater you are, the more you have to think twice about a modification and whether it makes financial sense. I am waiting to see the final terms of a perm loan mod before I make my decision.

[azdmsmith]

Based on my experience, you may be denied a mod if you have more than 3 months worth of mortgage payments available in your bank accounts so I would be very cautious about saving cash and not making payments.