Chase mod - Story so far

[rollertom]

Got a question...
We had a house built, moved in September 2008 and have a Chase loan at 6.75%. My wifes hours got cut at work down from 34 to 12 and we can still make payments but it is very hard. we have a few credit cards and 2 car payments (1 paid off at end of year) and all current. It is just very hard right now and I dont want to start falling behind.
I called Chase Thursday and they had me start lising all my income and expenses, I did not even tell them everything and they stopped me and said I pre-qualify so they are sending me paperwork for me to fill out and return.
How does all this work? I am reading the forum now and trying to understand everything but is there anything I need to make sure I do correctly?
Thanks for any help on how this process works.

[rollertom]

Sorry, forgot the r in starting

[Dan Bailey]

rollertom,
Glad you found the forum and posted.

The process takes time. When you get your packet, fill it out and send. Keep records of all contact (names, numbers, dates) and copies of all paperwork you send (alot gets "lost" in the process) and receive.

Being proactive was the right thing to do.

Keep us informed on how it goes!

Hang in there an d good luck!

[rollertom]

How long does it take for the initial paperwork to arrive?

[Dan Bailey]

I cannot answer that. If it does not arrive within a week-start calling. Members have had different experiences with timelines.

[rollertom]

Thanks.

This winter we are finding out it is not cheap to heat this house! When the person at Chase asked what we spend for food each month I told him whatever was left from paying all bills. (I don't think he believed me at first) then he asked about clothing... I said zero, no extra for that now. We have 2 daughters and they come first. Over the past few month I am noticing that we run very low then use the credit card for food or things that are needed. so those cards never go down..I make a payment one week then I spend that amount again on it. We canceled 1 of the three cards (kept wamu and chase) I am hoping that if we can get a mod I will be able to pay these off... Like I said one of our car payments are done at end of year and that is $400 extra per month then! That will be a huge help.

[Dan Bailey]

Rollertom,
Undertand the scrimmping, believe me!
Good luck!

[rollertom]

I called Chase last week to see about a mod. (Chase took over my loan from PMC)
Currently:
Paid: $273,500 Built and moved in Sept. 2008
Owe: $269,000 @ 6.75% fixed = P&I, MI Escrow $2270 Per month
Made 4 payments so far.
Total income in per month: $4800 Dropped from $5800 when wife's hours got cut in December.
Our total bills per month including 2 Car loand payments, Credit cards, utilities NOT including food and clothing comes out to be aprox. $4555 per month.

I am able to make payments but we have NOTHING extra and no savings left and I am selling things on eBay to get extra money for extra food etc.

I figured I would call now before we would fall behind so last week I called and did a pre-qualify over the phone and was told that he was sending a workout packet out. I did not receive anything as of yet so I just called tonight and they said that there was no record of him taking my info so he did it again. This time he said there is nothing else I need to do and a analyst will be asigned within 72 hours to the case and I should wait and call back in 45 days to see if they can do a workout and that if the analyst needed any other information they would call me.
Does this sound correct? After reading posts on here I see that people are submitting paperwork and all sorts of account info?

I have SO many numbers I have received from Chase so far:
800-446-8939
866-550-5705
800-848-9380
800-848-9117
800-446-8939 Which is the # to get a update from... I think..

I am not sure what to take of all of this so far... Does it all sound correct or am I missing something?

Thanks for any info.

[whatsinaname]

Keep calling them! They are losing files left, right and center. NACA sent Chase my loan mod and Chase says they didn't get it so they are re-sending. They are WAAYYYYY behind.

[rollertom]

I am also hoping they don't ask for any "good faith" if I do get a mod. I have Nothing extra each month and NO savings currently... Check to check currently.

[whatsinaname]

I am in the very same boat

[roxcar]

rollertom,

I went through the same runaround with Chase....
Gave them my info over the phone twice and was told the same thing.....we will call!
Waited & waited and no call came....
I called one of the #'s that you have above-800-446-8939....
They gave me this # that is a direct # for the Executive Resolution dept or as i found out an anylist.....
The person that i spoke to at this # took my info again and actually emailed me the workout packet and gave me a list of other documents to fax to them....
I was assigned to an analyst during the phone conversation and given a direct # for the analyst working on my mod.

I hope you are able to get through to someone at this #....other than that # i have all the same #'s you have....

Roxane
You might try calling that #

[roxcar]

sorry....forgot the #....
Executive Resolution Dept.-# 888-310-7995

[rollertom]

Ok, here is a update/question.

I called a person in Phoenix/AZ. He gave me another number but he called it for me tring to get someone and they were already out of the office. (he was very nice and helpful)
He said I have a FHA Investment loan that is Freddie mac or Fannie mae and I need to talk to that department.

I did not know FHA loans were Freddie or Fannie loans.. (really don't understand all of this)
Is this a good thing ghat it is?

[Moe Bedard]

Your loan is either FHA, FNMA (FannieMae) or FHLMC (FreddieMac)

Three separate entities.............

If your insurance is PMI that would mean conventional and could be Freddie or Fannie.

If you insurance is MI that would mean FHA.

At the top of your Truth in Lending statement and your HUD statement, it would indicate if your loan is FHA or Conventional.

[rollertom]

Now I think chase has no idea what they are doing. I do have a FHA loan (as my hud states) and I pay MI.
So now I have NO IDEA why he said I have a Fannie or Freddie investment loan.... Now I have no idea who to call.
I org. called 877-472-9844 and they told me I have a FHA Fannie or Freddie Investment Loan and to call 866-566-3765 and tell them I have an investment loan... Now I have no idea what I have any more. They were gone for the day so I need to call back tomorrow.

[Moe Bedard]

Try calling the executive office and see if they can help you.......explain what you have been told so far and that you are having a hard time getting any answers from Chase...............
1-800-242-7399

[rollertom]

Thanks ***, I called that number after I tried the one I had a few days ago and could not understand their speech.
The person I then talked to said they are sending it to a analyst and I will get a call 3-5 days. He even gave me his number and extension in case they do not call me. He said when they call they will give me their direct number and extension and that is who I will work with.
So I guess I will see if I get a call.

[rollertom]

Just a quick question. When they figure out your ratio is it on your total payment or just P/I? My P/I is $1720 but with taxes and MI it is $2270.

[Moe Bedard]

I think they do PITI..........but you can ask

[rollertom]

It has now been 7 days and no call... Imagine that! So I guess I call the executive office number again and see what is going on. I am still making all payments on time but I am selling things just to do this and not paying my full utility bills now so I have enough for credit cards and mortgage payments.

Anybody know what mods they do for people with just a FHA loan since Obama's plan does nothing I believe?

[rollertom]

Just called Executive Office number to get an update.
I am told this as been assigned to an analyst and he gave me her name and said he was going to email her to give me a call.
Hopefully I will here something so I know what to do from here. I am sure they will want more information and would like to start as soon as possible.

[Dan Bailey]

Hang in there Rollertom!!

[rollertom]

Finally got a call. Someone in Columbus Ohio. I got her number and she wants a List of expenses, hardship letter, 2 paystubs, 2 bank statements 2007/2008.
Guess this is a good direction so far.

[rollertom]

I need to send a letter tomorrow. This is what I just wrote up, please tell me how it sounds.
Thanks


To whom it may concern:

We are writing this letter to explain the need for a modification on the terms of our loan. Our home was purchased last year in September for $273,500 at 6.75% that is currently at $268,426 and our first payment began in November 2008. We have made all payments to date but this is difficult and I am afraid we are going to start falling behind as this is starting to happen on utilities.

I believe the main reason for this is my wife’s hours were cut back from 37 hours to 12 hours as they downsized at her company. Along with this she has been taking medication for depression and has a heart condition that causes irregular heartbeats. We are hoping this is temporary but there is no sign of change as of yet. We are also finding out that utilities are more then we originally estimated.

I have cut back on our expenses by switching to the basic cable package, staying in at night to save gas, turning the heat down and just turning off lights. The 2000 Durango we currently have will be paid off at the end of the year. This will help with income, but I am not sure it will be enough as I am already selling items on the side to help with income. And eventually I will need to purchase a replacement vehicle.

Thank you in advance for your time and consideration in this matter. We are looking forward to working with Chase with this situation. If you have any questions please contact us at xxx-xxx-xxxx

Sincerely,