Miss Payments?

[Warren]

Hello,

I've been attempting to work with Chase on a loan modification for over two months now. Finally I was able to speak to someone today, only to have her tell me that because my FHA loan was a Ginny Mae loan, they are unable to approve my modification at this time. They said that another department takes care of those types of loans and I was told that it could take another 30-90 days for an answer. The lady from Chase was relatively nice. She basically hinted to me that because my loan is current (I've been making sure that I'm not behind on our mortgage), it's not that high of a priority. She emphasized that she is obligated to tell me to stay current as much as possible, but that if problems arose and I missed payments or was only able to make partial payments, then Ginny Mae (or Chase's dept that handles Ginny Mae Loans) would have to look at a loan modification. This was a very "wink wink" type of conversation and I wanted to make sure I was reading between the lines correctly, but the person I was speaking to repeated what she said about 4 times until I finally got it. Of course, she always had to say "again, I can't tell you to miss payments and I have to tell you to do your best to stay current, but...." I've worked hard to keep my mortgage current, bypassing credit card bills, etc.

My other option is to do an FHA Streamline Refinanace, which requires closing costs and only saves me about $200 dollars a month. Not sure if it's worth doing or not.

Thoughts anyone?

[aubie37]

I am not advocating skipping payments. I skipped them out of necessity as I made about $600 monthly in November and December last year. Then, after going on the "special forbearance" plan with Citi I got further behind. Not many have had luck so far getting FHA loans modified but pursue your options and check out naca as they are proposing over a $400 payment drop for me.

Good luck,

[Evan Bedard]

Hi Warren welcome and thank you for joining the forum.

She emphasized that she is obligated to tell me to stay current as much as possible, but that if problems arose and I missed payments or was only able to make partial payments, then Ginny Mae (or Chase's dept that handles Ginny Mae Loans) would have to look at a loan modification. This was a very "wink wink" type of conversation and I wanted to make sure I was reading between the lines correctly, but the person I was speaking to repeated what she said about 4 times until I finally got it. Of course, she always had to say "again, I can't tell you to miss payments and I have to tell you to do your best to stay current, but...." I've worked hard to keep my mortgage current, bypassing credit card bills, etc.

I would continue working on a modification through chase. It is true that is will be much harder to achieve while current but it is not impossible. We have some homeowners here that did not have to miss a single payment and still achieved a modification. Just keep calling and talking to as many reps as needed be, you will notice that almost every rep will have something different to say...