Loan Modification Denied Today! SEVERELY FRUSTRATED! - Loan Modification Forum

JJsFrustration · 10-29-2009, 04:35 PM

I have been trying to get this completed since April.

Wamu/Chase Bank.

Here's a timeline:

April - Found out my wife was going to be layed off from her teaching position in June. Filled out and faxed forms and required documents.

Couple weeks later received a letter saying I was missing some documents. I spoke to someone, and faxed everything they said I was missing the next day. Followed up the following day to confirm that they received it which they did. Was told it could take 4-6 weeks to process. I called once or twice a week and was told it was in the works.

June - On one of my weekly phone calls, spoke to someone who said that it appeared to him that my two stacks of paperwork never got married together. He suggested that I start over. I questioned how could a dozen different people tell me it was in the works and now he's telling me it's not. He says to trust him, he knows what he's talking about and I should start over. He mentions that they put in an automated fax and my documents would now go directly into the system. I start completely over and re-send all documents.

I follow up with him, he has me fax a couple more documents and then tells me everything looks good, it appears we are perfect candidates and he is sending it to processing/underwriting.

July/August I start making my weekly calls. I keep getting told it's in underwriting and they won't have any more information until Underwriting inputs notes into the system. And there is no way to contact Underwriting.

September - During one of my routine calls, I get ahold of someone who says that it appears to her that my file was never sent to underwriting. She said she looked through all of the notes and did not see the code that indicates that it was sent. Of course, I thoroughly explain my frustrations and get told that there's nothing she can do. She'll see's all of the documents are there so she'll send it to underwriting now.

Couple weeks later I get a call from a rep from the Escalation Dept. She says she needs updated bank statements and other documents updated since they are now expired.

I fax all of the required documents and confirm that they've been received.

October - I have a directly line now to the Escalation Rep so I keep checking in. Approx Oct 9th, I get a call from her saying that the modification has been "Conditionally Approved." She says the condition is that we get our property taxes paid up to date. Then she says hold on, the BPO hasn't come back yet, so we have to make sure that comes back ok. Should just take a few days.

I keep checking in twice a week and get told BPO hasn't come back. Yesterday (Oct 28), she calls and says the BPO is back and has been sent to Underwriting for Final Review. Today (Oct 29) she calls and says that unfortunately, it has been declined. She can't provide any details as to why. I say it must have had something to do with the BPO. She says no, it's just with all of the calculations they do, I don't qualify. She had Underwriting management double check everything. I ask to speak to her supervisor. Supervisor calls back this afternoon, says she will review everything and get back to me tomorrow morning. Says if I don't qualify for the Loan Mod, maybe there's something else they can do.

I have a feeling the reason they declined is because I don't owe more than home is worth. However, I do think it's within the guidelines.

My question is: WHAT CAN I DO FROM HERE? I assume the supervisor is going to say there's nothing that can be done. WHAT ARE MY OPTIONS? SHOULD I SEEK AN ATTORNEY TO HELP IN THE MATTER?

Thanks very much for any help.

donnac · 10-29-2009, 04:41 PM

I am so sorry!! How many months are you behind and who is the investor on the loan

JJsFrustration · 10-29-2009, 04:45 PM

Less than 30 days late. Been paying the last week of the month. Been hesitant to let it go past 30 days. We've been getting financial help from my wife's parents to be able to make the payment.

Bank is WAMU/CHASE. I've been told it is an Freddie Mac or Fannie Mae loan.

Sunbeam · 10-29-2009, 04:45 PM

Find out who the investor is. Write to them exactly what you have posted here. Also, write to your elected officials, congress and senator. CC executive branch on your letters.

Question: what percentage of your gross monthly is going toward your mortgage?

BobandArlyn · 10-29-2009, 04:49 PM

Quote:

Originally Posted by JJsFrustration

Bank is WAMU/CHASE. I've been told it is an Freddie Mac or Fannie Mae loan.

You can go on www.freddiemac.com or www.fanniemae.com and find out whether they own your mortgage. We are WAMU/Chase and FreddieMac owns ours. Check it out.

JJsFrustration · 10-29-2009, 04:50 PM

That's part of the problem. I don't know what they're counting as income and they won't tell me. I have a full time job (although when I obtained the loan I was making 120K and now I'm making around 50K). My wife is on unemployment. We're getting help from her parents. I've had a part time/on-call job since August. I made over 1K in August. September a little little less. October only around $250.

Out of all of this I don't know what they're coming up with as monthly income.

JJsFrustration · 10-29-2009, 04:53 PM

Quote:

Originally Posted by BobandArlyn

You can go on www.freddiemac.com or www.fanniemae.com and find out whether they own your mortgage. We are WAMU/Chase and FreddieMac owns ours. Check it out.

Thanks, just checked and
Our Records Indicate that Freddie Mac IS the Owner of Your Mortgage

JJsFrustration · 10-29-2009, 04:56 PM

Thanks for the info, just checked and:
Our Records Indicate that Freddie Mac IS the Owner of Your Mortgage

kagee · 10-29-2009, 07:00 PM

My experience with Bank of America is almost identical to yours, only mine began with a three month deferment that was denied on the fourth month. I was struggling to keep up on my mortgage and received a letter in the mail stating that I may qualify for one of their programs. I called and was told that I qualified for the deferment. I sent the necessary paperwork, called to confirm it was received and was told the date my payments resumed. I complied and was relieved and grateful. During the time that I was not making payments, I did not receive any calls, letters, emails, etc. inquiring why I was not making mortgage payments. A month after I resumed making on-time payments, I received a letter in the mail saying I did not qualify. When I called to try an rectify the situation, I received an apology and was told that someone did not 'follow through'. I was then offered a loan modification.
This all began a year ago and after numerous emails, calls, letters, faxes, contacting the AG of my state and state rep, I think I see the light at the end of this tunnel. But experience tells me not to hold my breath.
I'm not sure if this is fact, but I read that the government offered mortgage lenders incentives to modify, but they make more by dragging their feet and charging fees.
Try sending a certified letter through the USPS to the President of their mortgage department. I sent copies of everything to B of A's president last month and although I did not receive a response per the RESPA guidelines, I got a 2 letters today from them. One telling me they were transferring my loan to one of their subsidiaries (with a new account number), the other telling me how pleased they were to inform me that my modification was approved and my first payment is due 04-01-09??? The letter is dated 10/22/09. I checked my account and the fees that were over $6000 at one point are now listed as $20. I'm not giving them the $20.
I held up my end of the deal, they did not. Even though I know this is a victory for me, and tomorrow I may get a call or a letter or an email telling me different, I won't give up. And neither should you. They are taking advantage of already stressed, good people, who do the right thing and are "banking" on us folding. Hang in there.

AZOwner · 10-29-2009, 07:03 PM

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

ptls44 · 10-29-2009, 09:06 PM

hi JJsFrustration and thanks for sharing your story. Mine story is much like yours as i have been dealing with Wamu/Chase sine April as well (they service my loan, BOA owns it?) Doing the fax this fax that dance over and over only to be given run around stories each time i would call them.

In October my frustration led me to the NACA Save the Dream event in Vegas as i decided to work with them to try to get the modification completed. They submitted a proposal that used the Obama 31% formula and the bank told them it was denied. NACA led me to believe that they could work with me to redo my budget and re-submit using a figure around 500 dollars more than the original offer. i agree to this and set up another counseling appointment over the phone scheduled for Nov. 3rd. So i have a thread to hold onto thinking i still might have a chance of getting my loan modified.

Today i open a letter from Chase telling me my request for a modification under the MHA affordable program has been denied. The reason given is that my hardship is not of a permanent nature!!!!! Are you kidding me!!! What part of my Option Arm Interest only loan that will reset next year is not permanent?????? i am current with my payments and i am upside down by almost 100k.

Anyone have advice as to what i should do now? i am so depressed by all of this! Thanks to any of you who can take the time to respond to my post. Good thoughts to everyone on this site. Right now it feels like we are all we really have to fight against these banks.

ptls44

Does being denied mean my case is closed? Can i reapply? Has anyone working with NACA had this happen to them. When i re submit on Nov. 3, does that mean i am starting all over again from scratch?

Sunbeam · 10-29-2009, 09:33 PM

Quote:

Originally Posted by JJsFrustration

Thanks for the info, just checked and:
Our Records Indicate that Freddie Mac IS the Owner of Your Mortgage

You do need to find out what they are considering as your income so you can run the numbers. I also suggest you contact this person at Freddie Mac....he helped me out by shaking some trees. He did not directly provide me information, but he got the people who were supposed to be taking care of me a bit stirred up.

philip_theis@freddiemac.com

JJsFrustration · 10-30-2009, 12:36 PM

Quote:

Originally Posted by Sunbeam

You do need to find out what they are considering as your income so you can run the numbers. I also suggest you contact this person at Freddie Mac....he helped me out by shaking some trees. He did not directly provide me information, but he got the people who were supposed to be taking care of me a bit stirred up.

philip_theis@freddiemac.com

Haven't been able to find this out yet. I spoke to the supervisor this morning. She said they weren't able to anything in her department (Imminent Default) but she was sending my file to a different department (Loss Mitigation) that has slightly different guidelines and may be able to come up with something to help. I asked again what caused it to go from Approved to Declined, noting that it was declined after the BPO was done. She said it was something to do with the value of the home but was very vague on the details. She said she would be able to go over details more after she hears back from Loss Mitigation.

This doesn't make much sense to me that Loss Mitigation might be able to help when Imminent Default can't…

blueberry4 · 10-30-2009, 12:49 PM

This is EXACTLY what we are going through as we speak...I am waiting on a call from the Executive Resolution Group with Chase. We too have SOME equity in our house, but not that much. I emailed the president of Chase and he is the one who is having the ERG contact me. Well see?!?!

JJsFrustration · 10-30-2009, 12:59 PM

Quote:

Originally Posted by blueberry4

This is EXACTLY what we are going through as we speak...I am waiting on a call from the Executive Resolution Group with Chase. We too have SOME equity in our house, but not that much. I emailed the president of Chase and he is the one who is having the ERG contact me. Well see?!?!

Please let me know what you find out. Can you provide me with your contact e-mail addresses?

ill1965 · 10-30-2009, 05:47 PM

It just sound to me that this so called wonderful president of ours is still not seeing the big picture. Keep sending letters to the white house. Not sure anyone reads them. How do you like him now?(obama)

Riley18 · 10-30-2009, 06:04 PM

Quote:

Originally Posted by ill1965

It just sound to me that this so called wonderful president of ours is still not seeing the big picture. Keep sending letters to the white house. Not sure anyone reads them. How do you like him now?(obama)

I don't see where what you have said is relevant. Aside from the fact that banks were deregulated during Bush's presidency, President Obama did create the Making Homes Affordable Program to help homeowners. This whole program is relatively new and there is still hope the banks will be forced to comply. They were given the TARP money with guidelines to follow. Unfortunately, their greed has gotten the best of them. Not really a surprise, just a disappointment. Caldwell has created a petition which will lead to action in Congress. Have you signed it?

Sunbeam · 10-30-2009, 06:17 PM

Quote:

Originally Posted by JJsFrustration

Haven't been able to find this out yet. I spoke to the supervisor this morning. She said they weren't able to anything in her department (Imminent Default) but she was sending my file to a different department (Loss Mitigation) that has slightly different guidelines and may be able to come up with something to help. I asked again what caused it to go from Approved to Declined, noting that it was declined after the BPO was done. She said it was something to do with the value of the home but was very vague on the details. She said she would be able to go over details more after she hears back from Loss Mitigation.

This doesn't make much sense to me that Loss Mitigation might be able to help when Imminent Default can't…

Did you get in contact with the person from Freddie Mac I suggested?

JJsFrustration · 11-02-2009, 11:50 AM

Quote:

Originally Posted by Sunbeam

Did you get in contact with the person from Freddie Mac I suggested?

No, not yet. I'm waiting to hear back from this supervisor at Chase. Last conversation she said that her department (Imminent Default) couldn't do anything but she was sending my file to be looked at by another department (Loss Mitigation). She said they have slightly different guidelines. I was supposed to hear back from her Friday afternoon or today. Waiting to hear today.

MyHAMP · 11-02-2009, 11:58 AM

Quote:

Originally Posted by ill1965

It just sound to me that this so called wonderful president of ours is still not seeing the big picture. Keep sending letters to the white house. Not sure anyone reads them. How do you like him now?(obama)

Although I don't know how this political crap is helpful in any way, I don't recall Bush's "help for homeowners" program - so I still like Obama much more...

worrywart1 · 11-02-2009, 10:52 PM

Quote:

Originally Posted by JJsFrustration

No, not yet. I'm waiting to hear back from this supervisor at Chase. Last conversation she said that her department (Imminent Default) couldn't do anything but she was sending my file to be looked at by another department (Loss Mitigation). She said they have slightly different guidelines. I was supposed to hear back from her Friday afternoon or today. Waiting to hear today.

I'm soo very sorry to hear of the crap that they are putting you through!

I would go to HUD's website, click on the state that you reside in and contact an approved agency quickly so you can get some advice pronto.
We've been fighting for our home since May and used NACA however they are inundated with homeowner's I would hate for you to get involved in that mess.

I don't have a loan with Chase however, I thought that Lenders required the homeowner fill out a financial worksheet itemizing income and expenses. Did Chase have you fill one out?

I don't know how much you've scoured this site but there was some excellent info that one of the members posted..something from the FDIC indicating how an NPV should be filled out in order to determine if a homeowner needed to have a loan modified...

I'll try digging it up for you.

By the way, have you signed the petition yet???

davephx · 11-02-2009, 10:58 PM

Quote:

Originally Posted by JJsFrustration

Last conversation she said that her department (Imminent Default) couldn't do anything but she was sending my file to be looked at by another department (Loss Mitigation). She said they have slightly different guidelines.

Once you are 2 payments behind the requirements you get to loss mitigation and they have a bit easier requirements than when you are "just" in imminent danger.

While it hurts your FICO being 2 payments + behind seems to make it quite a bit easier to qualify for HAMP.

worrywart1 · 11-02-2009, 11:31 PM

Quote:

Originally Posted by worrywart1

I'm soo very sorry to hear of the crap that they are putting you through!

I would go to HUD's website, click on the state that you reside in and contact an approved agency quickly so you can get some advice pronto.
We've been fighting for our home since May and used NACA however they are inundated with homeowner's I would hate for you to get involved in that mess.

I don't have a loan with Chase however, I thought that Lenders required the homeowner fill out a financial worksheet itemizing income and expenses. Did Chase have you fill one out?

I don't know how much you've scoured this site but there was some excellent info that one of the members posted..something from the FDIC indicating how an NPV should be filled out in order to determine if a homeowner needed to have a loan modified...

I'll try digging it up for you.

By the way, have you signed the petition yet???

Actually jj, it was a thread that davephx posted on why mods are being denied...

Modify My House Payment - Loan Modifications

Please know that you shouldn't have to pay someone to modify your loan or pay a fee to have them submit the paperwork for you. The site referenced was more so for informational purposes.

I hope this helps.

JJsFrustration · 11-03-2009, 12:50 PM

Quote:

Originally Posted by Sunbeam

Did you get in contact with the person from Freddie Mac I suggested?

Still haven't heard from the Supervisor. I contacted the person from Freddie Mac. He e-mailed back right away with this reply:

Unfortunately I'm not in a position to escalate this within our firm, but I do know where to send it and I've already forwarded it to the appropriate place asking them to escalate this on your behalf.

Phil Theis
Freddie Mac

I thanked him for the prompt response. Haven't heard back from anyone else though. How long did it take before you received a call?

JJsFrustration · 11-03-2009, 12:54 PM

Quote:

Originally Posted by davephx

Once you are 2 payments behind the requirements you get to loss mitigation and they have a bit easier requirements than when you are "just" in imminent danger.

While it hurts your FICO being 2 payments + behind seems to make it quite a bit easier to qualify for HAMP.

It sure seems like I may have to go this route and stop making payments. I'm hoping that since this person said she was sending it to Loss Mit, that I'll get some positive news on my next call, but I'm sure not counting on it. I made the October payment on 10/30 so I have the rest of this month to figure out if I should stop making payments. My problem is that if we are unable to modify the loan, we are going to have to sell the house and there's a little bit of equity. I'd hate to have to get involved in the whole foreclosure mess.

10-29-2009, 04:35 PM	#1 (permalink)
JJsFrustration Senior Member Join Date: Oct 2009 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan Modification Denied Today! SEVERELY FRUSTRATED! I have been trying to get this completed since April. Wamu/Chase Bank. Here's a timeline: April - Found out my wife was going to be layed off from her teaching position in June. Filled out and faxed forms and required documents. Couple weeks later received a letter saying I was missing some documents. I spoke to someone, and faxed everything they said I was missing the next day. Followed up the following day to confirm that they received it which they did. Was told it could take 4-6 weeks to process. I called once or twice a week and was told it was in the works. June - On one of my weekly phone calls, spoke to someone who said that it appeared to him that my two stacks of paperwork never got married together. He suggested that I start over. I questioned how could a dozen different people tell me it was in the works and now he's telling me it's not. He says to trust him, he knows what he's talking about and I should start over. He mentions that they put in an automated fax and my documents would now go directly into the system. I start completely over and re-send all documents. I follow up with him, he has me fax a couple more documents and then tells me everything looks good, it appears we are perfect candidates and he is sending it to processing/underwriting. July/August I start making my weekly calls. I keep getting told it's in underwriting and they won't have any more information until Underwriting inputs notes into the system. And there is no way to contact Underwriting. September - During one of my routine calls, I get ahold of someone who says that it appears to her that my file was never sent to underwriting. She said she looked through all of the notes and did not see the code that indicates that it was sent. Of course, I thoroughly explain my frustrations and get told that there's nothing she can do. She'll see's all of the documents are there so she'll send it to underwriting now. Couple weeks later I get a call from a rep from the Escalation Dept. She says she needs updated bank statements and other documents updated since they are now expired. I fax all of the required documents and confirm that they've been received. October - I have a directly line now to the Escalation Rep so I keep checking in. Approx Oct 9th, I get a call from her saying that the modification has been "Conditionally Approved." She says the condition is that we get our property taxes paid up to date. Then she says hold on, the BPO hasn't come back yet, so we have to make sure that comes back ok. Should just take a few days. I keep checking in twice a week and get told BPO hasn't come back. Yesterday (Oct 28), she calls and says the BPO is back and has been sent to Underwriting for Final Review. Today (Oct 29) she calls and says that unfortunately, it has been declined. She can't provide any details as to why. I say it must have had something to do with the BPO. She says no, it's just with all of the calculations they do, I don't qualify. She had Underwriting management double check everything. I ask to speak to her supervisor. Supervisor calls back this afternoon, says she will review everything and get back to me tomorrow morning. Says if I don't qualify for the Loan Mod, maybe there's something else they can do. I have a feeling the reason they declined is because I don't owe more than home is worth. However, I do think it's within the guidelines. My question is: WHAT CAN I DO FROM HERE? I assume the supervisor is going to say there's nothing that can be done. WHAT ARE MY OPTIONS? SHOULD I SEEK AN ATTORNEY TO HELP IN THE MATTER? Thanks very much for any help.

10-29-2009, 04:41 PM	#2 (permalink)
donnac Senior Member Join Date: Mar 2009 Posts: 44 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! I am so sorry!! How many months are you behind and who is the investor on the loan

10-29-2009, 04:45 PM	#3 (permalink)
JJsFrustration Senior Member Join Date: Oct 2009 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! Less than 30 days late. Been paying the last week of the month. Been hesitant to let it go past 30 days. We've been getting financial help from my wife's parents to be able to make the payment. Bank is WAMU/CHASE. I've been told it is an Freddie Mac or Fannie Mae loan.

10-29-2009, 04:45 PM	#4 (permalink)
Sunbeam Senior Member Join Date: Feb 2009 Location: N. California Posts: 294 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! Find out who the investor is. Write to them exactly what you have posted here. Also, write to your elected officials, congress and senator. CC executive branch on your letters. Question: what percentage of your gross monthly is going toward your mortgage?

10-29-2009, 04:50 PM	#6 (permalink)
JJsFrustration Senior Member Join Date: Oct 2009 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! That's part of the problem. I don't know what they're counting as income and they won't tell me. I have a full time job (although when I obtained the loan I was making 120K and now I'm making around 50K). My wife is on unemployment. We're getting help from her parents. I've had a part time/on-call job since August. I made over 1K in August. September a little little less. October only around $250. Out of all of this I don't know what they're coming up with as monthly income.

10-29-2009, 04:56 PM	#8 (permalink)
JJsFrustration Senior Member Join Date: Oct 2009 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! Thanks for the info, just checked and: Our Records Indicate that Freddie Mac IS the Owner of Your Mortgage

10-29-2009, 07:00 PM	#9 (permalink)
kagee Member Join Date: Oct 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! My experience with Bank of America is almost identical to yours, only mine began with a three month deferment that was denied on the fourth month. I was struggling to keep up on my mortgage and received a letter in the mail stating that I may qualify for one of their programs. I called and was told that I qualified for the deferment. I sent the necessary paperwork, called to confirm it was received and was told the date my payments resumed. I complied and was relieved and grateful. During the time that I was not making payments, I did not receive any calls, letters, emails, etc. inquiring why I was not making mortgage payments. A month after I resumed making on-time payments, I received a letter in the mail saying I did not qualify. When I called to try an rectify the situation, I received an apology and was told that someone did not 'follow through'. I was then offered a loan modification. This all began a year ago and after numerous emails, calls, letters, faxes, contacting the AG of my state and state rep, I think I see the light at the end of this tunnel. But experience tells me not to hold my breath. I'm not sure if this is fact, but I read that the government offered mortgage lenders incentives to modify, but they make more by dragging their feet and charging fees. Try sending a certified letter through the USPS to the President of their mortgage department. I sent copies of everything to B of A's president last month and although I did not receive a response per the RESPA guidelines, I got a 2 letters today from them. One telling me they were transferring my loan to one of their subsidiaries (with a new account number), the other telling me how pleased they were to inform me that my modification was approved and my first payment is due 04-01-09??? The letter is dated 10/22/09. I checked my account and the fees that were over $6000 at one point are now listed as $20. I'm not giving them the $20. I held up my end of the deal, they did not. Even though I know this is a victory for me, and tomorrow I may get a call or a letter or an email telling me different, I won't give up. And neither should you. They are taking advantage of already stressed, good people, who do the right thing and are "banking" on us folding. Hang in there.

10-29-2009, 07:03 PM	#10 (permalink)
AZOwner Senior Member Join Date: Jul 2009 Location: Phoenix, AZ area Posts: 323 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS \| Petition2Congress \| __________________ PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS \| Petition2Congress \| Our Huffington Post Article: (leave a comment) http://www.huffingtonpost.com/richar..._b_342665.html

10-29-2009, 09:06 PM	#11 (permalink)
ptls44 Member Join Date: Oct 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! hi JJsFrustration and thanks for sharing your story. Mine story is much like yours as i have been dealing with Wamu/Chase sine April as well (they service my loan, BOA owns it?) Doing the fax this fax that dance over and over only to be given run around stories each time i would call them. In October my frustration led me to the NACA Save the Dream event in Vegas as i decided to work with them to try to get the modification completed. They submitted a proposal that used the Obama 31% formula and the bank told them it was denied. NACA led me to believe that they could work with me to redo my budget and re-submit using a figure around 500 dollars more than the original offer. i agree to this and set up another counseling appointment over the phone scheduled for Nov. 3rd. So i have a thread to hold onto thinking i still might have a chance of getting my loan modified. Today i open a letter from Chase telling me my request for a modification under the MHA affordable program has been denied. The reason given is that my hardship is not of a permanent nature!!!!! Are you kidding me!!! What part of my Option Arm Interest only loan that will reset next year is not permanent?????? i am current with my payments and i am upside down by almost 100k. Anyone have advice as to what i should do now? i am so depressed by all of this! Thanks to any of you who can take the time to respond to my post. Good thoughts to everyone on this site. Right now it feels like we are all we really have to fight against these banks. ptls44 Does being denied mean my case is closed? Can i reapply? Has anyone working with NACA had this happen to them. When i re submit on Nov. 3, does that mean i am starting all over again from scratch?

10-30-2009, 12:49 PM	#14 (permalink)
blueberry4 Member Join Date: Oct 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! This is EXACTLY what we are going through as we speak...I am waiting on a call from the Executive Resolution Group with Chase. We too have SOME equity in our house, but not that much. I emailed the president of Chase and he is the one who is having the ERG contact me. Well see?!?!

10-30-2009, 05:47 PM	#16 (permalink)
ill1965 Member Join Date: Sep 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification Denied Today! SEVERELY FRUSTRATED! It just sound to me that this so called wonderful president of ours is still not seeing the big picture. Keep sending letters to the white house. Not sure anyone reads them. How do you like him now?(obama)

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