Home Affordable Modification on 40 yr mortgage and navigating Chase

[Hodgini66]

Sad that technicalities like yours are killing the Golden Geese.

You have my sympathies.

I stopped making payments (can't afford pmts with court-ordered support payments re:divorce) and waited until the Notice of Default came. Automated calls slowed WAY down (collection agents) after the NOD's came.

Today I received a call & got some potentially promising news. Contrary to what the previous Pre-Foreclosure schmoe told me, all of a sudden they're system CAN now include court ordered support payments in their calculations. I started contact in October of 2008. Now in July, only 2.5 months before the scheduled sale date, they are calling me and offering a decent stipulated mod.

Yes, it took them 4 months to get their new systems up and running. The gal I spoke to had to search for everything, she kept on with "Now where'd that go?", "Now how do I do that?", please hold for a moment".

We all sweated it out "trying" to plead our cases BUT on the bright side, it looks like they are now finally capable of handling the incoming requests.

We'll see. And Good Luck!

[gordilox86]

Hey Snapple Candy,

I did in fact receive a "Home Affordable Modification Trial Period Plan" Fannie Mae/Freddie Mac Form 3156, signed by Chase, just like the HMP guidelines state. It was a full time job getting into the Trial Period. What got the ball rolling was the letters I sent to Freddie Mac. Contracts in real estate must be in writing. If you've been told you are on the HMP you may actually be an a forbearance. Make sure you don't let up until you have Chase signed form 3156 in your hand. I think September 30th is the deadline to enter the Trial Period Plan if I'm reading the guidance correctly.

Adzmith,

I have found, the way to get things done at Chase is to go directly to the Investor. Is your Investor Freddie Mac? If so, I have a few addresses to send letters to if you would like them.

Good luck all.

[kimber2222]

Hi,

I have been trying to get a loan mod for months now....not with Chase, but with Indymac/OneWest bank and have been getting nowhere.

My investor is Freddie Mac....would you mind sharing any contact info for Freddie Mac, as I am desperate to contact them, in hopes they can help me get my loan mod?

[gordilox86]

First step is record every conversation. Document every call, every date every person you've spoke with. Second step is send a formal request for a Loan Modification under Home Affordable Modification Plan (“HMP”). Refer to the the following guidance in your request 1) Freddie Mac Home Affordable Modification Program (“the HMP”) (Publication Number 800) issued April 2009 and 2) Commitment to Purchase Financial Instrument and Service Participation Agreement for the Home Affordable Modification Program under the Emergency Economic Stabilization Act of 2008 (executed by David Schneider (SVP - Chase) and Leslie Peeler (VP – FANNIE MAE) April 13, 2009.

Here are the addresses I sent my requests to: 1) Chase HomeFinance, LLC, Attn: HAD Cash & Control, 3415 Vision Drive, Columbus OH, 43219 2) Chase Home Finance, LLC, (Registered Agent), 194 Wood Ave. S Legal Dept. 2^nd Fl. Iselin, NJ 08830, 3)Freddie Mac, Attn: Vice President, Making Home Affordable – Compliance, 8100 Jones Branch Drive, McLean VA 22102, 4) Freddie Mac, Legal Division – HQ – 1 PHO1, 8200 Jones Branch Drive, McLean VA, 22102-3110, 5) OCC Customer Assistance Group, 1301 McKinney Street, Ste 3450, Houston, TX 77010. Hope this helps.

[Lainy09]

Hello Fellow Chasers...I have been awake since 3:30 reading this thread and others. I have been on this forum since last year, but have not posted much here. I have pretty much come full circle--had option ARM with EMC, panicked last year, attempted mod, failed, filed Ch 7, included house, decided to give up, rented new home, but maintained everything on underwater home for entire year, even though paying rent on another. Waited patiently for f/c process to complete, thought was moving on. May of this year (2 yrs after stopping pymts) NOD suddenly cancelled. Called EMC to find out why, was told some things hadn't been done properly in the process, was starting over, and oh, by the way, we are now Chase. They told me about Obama plan, took my info, said lo and behold, you would qualify. Over the moon, shared info w/husband, he called two days later and given same answer. Qualify for the trial mod, payment would be fabulous, told us what we needed to do. We said we needed to think about it, and would it be ok if we waited a while on it, perhaps 'til end of July--said yes, no problem, just be careful and apply before notice of sale. We needed to wait until this whole furlough thing was settled for one, and more importantly, move back into our home so that we would meet the guidelines. Moved back in 2 weeks ago, happiest we've been in a very long time, everything just seemed perfect. Yesterday someone stopped by to take photo. Called Chase to get things started up again, spoke to new person, put our info back in (all the same, other than 2 mos have passed) and was told we don't qualify for the Obama mod, that they have "tweaked" their systems, using new calculator..yada yada yada. Felt like all the air was sucked from the room. Offered us a horrendous "Chase mod" with a monthly pymt in the stratosphere, completely impossible. I cannot believe that in 2 mos, with all we've done/gone thru (like EVERYONE) we are still up a creek. I have no idea where to turn but I just needed to get this all out. Good luck to all of you, and I hope that you all reach success with your mods!

[gordilox86]

Adzmith,

I wanted to ask you:

After your 3rd Trial Period Payment what documents did Chase request?
How long after you made your 3rd Trial Period Payment, did Chase send you a documentation request?

Your response is much appreciated.

Thank you

[CHANLY]

Lainy,
Is your loan Fannie or Freddie or just Chase?? I have been given some conflicting info when I call too. If you meet the guidelines for the MHA modification I would call back and ask more, tell them you do meet the guidelines, etc. I have spoken to people that do not even know what all of the criteria are, how payments are calculated, etc. and have had to be persistant that I DO qualify according to how the Obama plan is explained online. Don't give up, keep calling and hang in there.

[azdmsmith]

gordilox
My investor is FannieMae, I've written them but have not received a response. I have not begun a trial period. The lastest info I have is that my mod was denied without even entering a trial period.

[Lainy09]

Hi Chanly, our loan is investor owned--I believe the term they used at Chase was a "mortgage backed security"..not sure if I have that right. Were those types of loans excluded from the Obama plan? I don't know what is true anymore! When they originally said we qualified, they didn't bring up the loan origins. What they are saying now is that the equation of the past due amount on the home (1 year of no payments as we had moved out anyway) plus amounts they paid on our behalf (read: property taxes) plus the original balance, and oh yes, let's not forget those fees and costs (LAWYERS!) and our income.....do no longer compute. They keep attributing it to a change in their calculators...they really have no actual explanation. But a couple of times I have heard them say "it is what it is".............**sigh** They are now offering their version of a mod, which from what I've read on here just prolongs the misery and comes with no guarantees, though it does get more of your money to them in the meantime. We are trying to determine in the end if it's really, really worth it. I think that it is because I truly want to keep our home--I mean my gosh--we just moved back into it, for goodness sake, just for this opportunity...but I am terrified it will not work out and we'll be back to exactly where we were a year ago...Yuck.

[Hodgini66]

Lainy: Considering all the damage already done to your credit, what do you have to lose from playing hard ball with 'em at this point? Why "negotiate" with them when they stand to lose more than you?

EVERYTHING depends on your income & expenses AND if the house is upside down, that should help too. They SHOULD be "backing out" the net, all-inclusive payments (property taxes, insurance, P&I) based on your income, I believe @ 31% (of gross wages).

In MY case, I have nothing to lose except my credit score. Chase has $400k to lose if they foreclose. I stopped paying in Feb, received NOD's, all of a sudden THEY started calling agin and talking realistically with me. I'm still in limbo, nothing concrete yet BUT they ARE talking realistic #'s, now they realized either I really can't afford and don't care, or they stand to lose so much based on how far upside down I am.

[Lainy09]

Hi Hodgini,

That's the funny part--a year ago we gave up, stopped paying and filed Ch 7. We didn't speak to their office for an entire year. At that point we didn't care one bit. Fast forward to today and I definitely feel at their mercy, which I HATE. In one of the conversations they mentioned just short-selling, blah blah and how that would help our credit. I had to laugh out loud, literally, and tell them my credit was the least of my worries at this point, seriously! I can't get any real straight answers as to the real WHY we don't qualify for the MHA other than they just keep saying our income isn't high enough compared to what we owe. One gal did say something odd about the all-mighty calculator plugging in our house payment at the fully-amortized amount (she said it wouldn't let them change it) instead of what we were actually paying at the time--an amount which was $2000 more, if that makes sense. I honestly don't get it. I thought the point of the MHA was to make your mortgage payment meet your income, not the other way around. Confused as hell here.

[Hodgini66]

Sounds like you're dealing with a level 1 collection agent.

I have the following current mindset:

1. The person you're talking to either doesn't know how to use the "new" system or you haven't fallen into the "Hurry up and salvage this one!" category ("in default" with a pending & scheduled foreclosure date).

Ask your agent if they are in the "Pre-Foreclosure" department; AND if they have already sent out notices of default; AND Have already scheduled a sale date? If no to ANY of the above, sit back, relax enjoy free rent and wait until you fall into the "Hurry up and salvage this one!" category.

That's when you'll finally start dealing with the people able to "tweak" the numbers.


2. If they really want the house and its that far upside down, COME GET IT! Live there rent free in the meantime. The credit ding makes little difference so what do you have to lose by staying there rent free in the meantime?

Lainy, emotionally detach yourself from the house.

Its a bunch of wood, stucco, drywall and carpeting. Keep your peace of mind, resign yourself from having to deal with idiocracy and wait until they start calling you from the "Pre-Foreclosure" department. This is AFTER the NOD's come in the mail.

The ("Pre-Foreclosure") people so far seem to have their head screwed on half way right. In the mean time, stick to your guns, tell them you can't afford the offered payment and say "Thank you for playing!".

In the coming months, maybe they'll have their own systems figured out and learn what's REALLY at stake for playing "Bleed the customers" game (more losses).

[CHANLY]

Lainy,
have you talked to anyone in the bankruptcy department? I was told the same stuff about short sale at one point and I had to remind them that I am bankrupt so I don't care about that end of it!! When I have called they finally transferred me to the bankruptcy department, but I couldn't call directly, and they got my paperwork to me the NEXT day! I agree, just live there rent free, put the money aside and wait for them to make a move for you, it has been a long process for me, no payment since jan 08 until they finally got the trial set up BUT my loan is Fannie Mae so I think there's a difference there in terms of the guidelines and what they have to follow. Don't let them use scare tactics on you about the foreclosure, you have plenty of notice for that.

[Bert C]

Hello all. I have had all my paperwork submitted since April of this year. I have resubmitted just last month in order to keep the info fresh. Yesterday I decided to call a local Chase/WAMU home office nearby (which I never knew was here) and I resubmitted everything through the Chase Loan Officer there. He said when he looked at my online file that although it did say "under review" it hadn't been assigned a negotiator yet. It's been since April!! for goodness sakes. I also found out through this gentleman that my paper is owned by Bank of New York. This person said, that they have been very willing to adjust interest rates and extend the loan period and he even mentioned "splitting" the loan in two if necesarry in order to accomodate the numbers and work something out for us. I left feeling somewhat better, at least feeling I have someone I can speak to about what is going on with the mod. He did say flat out that I shouldn't expect anything until 60 days or so. I said, "listen, I've been at this since April, 60 days is a drop in the bucket at this point".
My question is: has anyone been through a similar experience where they have dealt with someone personally as this person and what was the outcome? Thanks in advance for your input.

BC

[gordilox86]

Azdsmith,

Thank you for your response. For guidance on how to get into a Trial Period Plan, please read my posts.

Thank you,

[azdmsmith]

Thank yo. I have been trying to get the trial plan since March 5. I came close a couple times, started all over a couple times, and was denied a couple times. I have written lettre to everyone imaginable and will just keep calling and wiriting until something happens.

The latest update is that I go a call from a real estate agent on Friday saying he was hired to do a BPO on my house but also needed to take some interior picture. With the number of scams out there I really grilled him (he gave me the name of the co. that hired him that supposedly contracts to do BPOs but couldn't tell me who hired them). I then asked if he was the person my kids saw taking picture of the outside of my house last week, he said no, but they could be looking for a second opinion. When he got here for the appt he first asked if there was any "damage" to the house which seems like a strange question? He then took six pictures of the downstairs only and in less than 2 mins was done. I asked if he needed anything from upstairs and he said he was required to only take 5 pictures and he took 6 so was done. I wonder if the purpose is really only to verify that I actually live in the house still?

[gordilox86]

That is a very encouraging sign. Chase would not hire a BPO agent unless the Chase was considering a modification for of you loan. If you are not on a Trial Period Plan, then it must not be the Freddie/Fannie Home Affordable modification? It must be a Chase modification or refinance? Very strange situation.

[Hodgini66]

OOoooohhhh "DAMAGE"????

The $200,000+ Question!

I just read a thread about this Q. Bankruptcy Forum - View Single Post - Stripping 2nd Mortgage in Chapter 7?.

Essentially, the BPO is based on "normal" factors.

IF however, your house has verifiable DAMAGE, this is CATASTOPHIC to the BPO value AND.. The lender becomes LEGALLY OBLIGATED to disclose any known damage/defects to potential buyers.

This means, IF there is any verifiable and substantial damage to the house, the house is WORSE than a potential foreclosure. It's now a flea-ridden dog with Leoprasy!

In this case, the house is likely considered a huge write off because the bank certainly does NOT want to take it back.

I think MaryT posted somewhere here about her house having damage and a pending foreclosure, I need to share this story with her.

So... "Got Damage"?

[azdmsmith]

My mortgage is through FannieMae so it should be the HAMP, the only thing I can think of is that they don't know what to do with it since it's already a 40 year loan. The guidelines don't prohibit a mod on a 40 year loan but don't say how to address it either. Duh, just bring the interest down to make the payment 31% of gross income. I can get there without the interest getting as low as 2%.

Hodgini
I think you are dead on with the "damage" issues. The agent was very specific about DAMAGE. Couldn't care less about my air conditioning problems or pool filter problems (I was really hoping he'd take a picture of the interesting shades of green in my pool), he was interested in DAMAGE and only DAMAGE.

[snapple candy]

AZ,
I was suspicious with the BPO thing too. First someone did outside BPO then another did inside and took just a few pics and left. A separate entity came first just to confirm I lived in the home. It went pretty quickly after that. Maybe a few weeks till I got trial mod contract offer.

[azdmsmith]

Thanks. That sounds promising.

[azdmsmith]

I received TWO calls from Chase in one day!!

The first was my analyst or cust service rep or whatever her title is. She said it looks like they will be able to set me up for a trial preiod but need MORE documents. They want additional bank statements (I think they have about 5 months worth at this point). They are also asking for an HOA statement and proof that the payment has been made. I'm hoping that means that if they are calculating a trial period payment they will include the HOA fees as they should.

The second call was from exec resolutions. I've all but written off the first person I was dealing with and his boss as neither had a clue. However, when they responded to my Better Business Bureau complaint indicating the reason my mod was denied, I responded to the BBB pointing out the reasons for denial were not valid according to HAMP guidelines. I thought that would be the end of it. This person said he was calling in response to my response to the BBB. He left a # and said to call him if I need anything.

Between the two I hope this is finally a sign that my journey to get a trial mod that began on 3/5/09 may finally be getting somewhere, but I wont get my hopes up too much. I've been down this road way to many times.

[Hodgini66]

Hold on there cowboy...

When I received the trial offer, they did NOT include impounds.

The trial payment amount was very close to the supposed permanent payment amount BUT The terms were contrary to what they offered verbally for what MIGHT be offered in the future (total payment was to include impounded taxes & insurance).

One more reason I declined to participate, but my situation is not the same, I'm sure.

[azdmsmith]

In April Chase took my info over the phone and said I was preapproved for a HAMP with the trial period beginning May 1 and I would receive paperwork within 2 weeks. Of course I never got paperwork and the story changed about 47 times after that, but if they would have started the trial period that easily I don't see how they could have gotten the impounds including HOA dues correct as they didn't have all the info necessary. I may be wrong but it seems like I have had to jump through a lot more hoops than others to try to get started on a trial period (BPO including photos of the interior of my home, copies of 2 years of tax returns and 5 months of bank statements, HOA payment info, etc). I can only hope that if I do ever get a trial period started, they will have been through my paperwork enough that it won't end up in a huge disappointing surprise as others are experiencing by being denied a final mod.

In any event, impounds and HOA dues should be including in the final payment that is 31% of gross income under the HAMP guidleines.

[azdmsmith]

I faxed the latest requested docs today and left message with the "modification counselor" (I think that's the new friendly sounding title they are using) to confirm receipt. She called me back, said file looked complete and would be forwarded to underwriting. I was expecting the same ol' two more weeks, 30 more days line...but she said I should hear something tomorrow. Keeping my fingers crossed.

I also got a letter in the mail from Chase today re: my BBB complaint. Gave me the contact name a number for person in exec resolutions who left me a message last week. Said he is investigating my concerns and will work to provide me with a "complete and accurate response". That would be a wlecome change.