Loan Modification and Unemployment Compensation

**Bradyw** · 05-06-2012, 12:49 PM

Rather than searching through hundreds of posts, I'd just like to ask the question again: what is the current approximate length of time that Chase is taking to do a modification? They've been stringing me along for over two months, just with document submission (lost docs, etc., etc.). I went through this with them in 2010, was offered a forbearance agreement after (only) three months of the application date, since I was current on my FHA mortgage. I turned that down and just continued making the normal payments. This time, I thought perhaps they would be more streamlined in the process, but of course I was so wrong. Would contacting a HUD counselor really help?

**TomEason** · 05-06-2012, 01:04 PM

Bradyw

Thanks for your post and welcome to Loansafe.

Yes, it's been my understanding that Chase has streamlined their process. You might visit the following thread and post your numbers and situation.

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

If you haven't already, I recommend you stop making payments on your Chase 1st.

**Bradyw** · 05-06-2012, 01:12 PM

I haven't been able to figure out how to post the numbers to see if I qualify.

I did miss April's payment. When I told my CSR that I was going to miss it, she told me they "always tell the customers to keep making ontime payments."!!

I don't want to miss anymore, because I don't want to be in foreclosure in case they don't approve the mod.

**chrissty** · 05-07-2012, 08:18 AM

I got a modification with chase -- have a fannie mae loan and used the loan mod help center's services also along with the rest report. I was approved and started making trial payments in february. got my permanent package from them in may and sent back -- because of an issue with my deceased father in law -- delayed right now but seems that it is going through pretty quickly --

**Cat Damiano** · 05-07-2012, 08:26 AM

Hi Bradyw,

Welcome to the forum and thank you for joining.........

If you go to the last page of the following thread and hit post a reply from the bottom you would be able to post the following figures by copy and pasting them into your post;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

Loan Balance=
Past Due=
Gross Income=
Mortgage Payment=
Taxes=
Insurance=
Home Value=
Investor=

**Bradyw** · 05-07-2012, 04:04 PM

Thanks for your response - you're the only one who did, besides loansafe.

When did you start the process, and what was your experience as far as them losing documents, etc.?

They are making me crazy with their incompetence. It's already been over two months, and I'm not in underwriting yet.

Congratulations on your success with them. I hope all goes well for you from now on.

**donnac** · 05-07-2012, 07:24 PM

I am with chase submitted my paperwork on March8 went to underwriter March 20. Called every week for update and they gave me a courtesy call once a week also. Everytime I heard we will do everything to keep you in your home. Called April 30 and was told they turned me down for mod because I make to much money. I give up completely good luck to you

**debofred** · 05-08-2012, 07:06 AM

What I am noticing about this forum is that people do not give all the information. In order to beat the banks we need to verify results...
Everyone should be honest (we don't know who you are) and give the entire story. Some of the people that claim they received a mod - don't give the final info.
If you do indeed qualify for help - you should not give up. Not unless you'd rather move on with your life and buy a safe and hide your money in it.

Would like to hear your details . Thank you. (names too)

**Cat Damiano** · 05-08-2012, 08:07 AM

debofred,

The names of reps that worked on another members file from potentially another state with a different loan type isn't going to be able to help you. If you click on a members name and view their profile and select "find latest started threads", you will get their entire post history and story. It is a public forum and for that reason alone, not everyone does feel comfortable posting every detail of their situation and process.

You can see successful stories and outcomes posted in the Success forum;

Success Stories - Homeowners Who Fought Back & Won

**Bradyw** · 05-08-2012, 10:41 AM

Strung along for over two months, just getting docs to them. CSA has never called me; I only got to her once on the phone - guess she picked up by mistake. She was downright rude. I called her yesterday after I received a letter saying my file had been cancelled and that they sent me many letters requesting the docs. Trust me, they did not send me anything since early March which is when she sent a letter acknowledging receipt of the RMA.

File has been cancelled twice because they said they didn't get the docs. I've sent everything three times.

Yesterday I called HUD, was on the phone for 1-1/2 hour, and she made a three-way call to Chase. Of course my CSA wasn't available, so we talked with another one.

I know that after I send the docs they requested (again), it'll be the same story.

I posted my numbers here but haven't received a response yet. The HUD rep (very nice) said they should give me the mod, no reason not to that she could see, and she sent her recommendation to Chase by email.

So, who can I call who will really get this going? And why are they still getting away with this behavior?

Please don't say to call Jamie Dimon - two years ago when I tried for a mod, I wrote several letters to his office and only got form letters in return.

You know - people could have heart attacks because of the stresss these banks cause. It's criminal.

Thanks for any info.

**Cat Damiano** · 05-08-2012, 10:54 AM

If you are writing letters to the executive team you may not get any response, but calling directly to them should get you assigned to someone else in their office versus the rep that is non responsive.

1-888-310-7995

Have you tried looking to see if there is a Chase homeownership center near you? It does help to be able to meet with someone face to face. Or perhaps a local HUD office where you can do the same.

https://www.chase.com/chf/mortgage/hrm_centers

U.S. Department of Housing and Urban Development (HUD)

**TomEason** · 05-08-2012, 10:58 AM

Bradyw

Thanks for your post. Sorry to hear of your frustrations with Chase; I can relate.

You might consider contacting the folks at Loan Mod Help Center (click on the banner ads on this site) to inquire about a Rest Report. They can also do the complete mod for you, should you so desire. They report experiencing excellent (and fast) results with Chase mods.

**chrissty** · 05-08-2012, 11:15 AM

I would definetly try the rest report and the loan mod help center -- I used them after getting denied from chase directly over a year ago -- It got my mortgage down by almost 1500 monthly -- and that is worth it -- if it keeps you in the house and lowers your payment to where you can afford it. -- its worth a call to them -- they will let you know instantly if you qualify for their plan -- I was at my last resort when I called them and really started thinking that I had no options. But then all the sudden I did and I was approved -- going to the chase in house homeowner center is a good idea too -- you would do all the work, but they will guide you as to what you need == I 've seen good things with them too

**Bradyw** · 05-09-2012, 11:08 AM

My application for modification has been at Chase since the first week of March. I've gone around and around with them, resending docs, updating docs, etc. Only talked to my rep one time, and she was rude.

I've been told by a few people that unemployment comp isn't even counted. Other places I've read that it's counted if you've been on it for a certain period of time. I also have a part-time job that pays fairly well, so the unemployment comp doesn't add up to anything at this point, since they deduct any amount you're paid over a certain percentage.

Today I called the executive office to request a different rep, since mine is just worthless. They said that would be OK, and I should expect a call from the new one. A few minutes later the phone rang and lo and behold, it was my original rep. She was very nice this time. She was calling to tell me that they just sent my file to the unemployment department, and they will make a decision within a week as to whether or not to give me a forbearance.

The good part is that on May 7th they told me they need my Financial Determination, which I told them I sent to them in March. Of course they also have bank statements showing direct deposit of the UC.

So, you never know if you're getting the correct info. I talked with a HUD counselor on May 7th, and she did not include the unemployment comp in my income when she ran the numbers.

**Cat Damiano** · 05-09-2012, 11:19 AM

Here is a Q&A on the FHA forbearance program;

http://portal.hud.gov/hudportal/docu...q_07202011.pdf

Please keep us posted on how it turns out. Also please keep new questions and updates here in your original thread as it will help others going through something similar to see everything in one place.

**Bradyw** · 05-09-2012, 11:37 AM

Well, I just miraculously managed to get my rep to answer her phone. I pointed out that these q&a's say you need to be a minimum of three payments behind to get the FHA forbearance. She said that is incorrect.

I pointed out to her that I do have a job, and collect VERY LITTLE unemployment (sometimes it's $7). At this point the UC is based on my part-time job income that I get right now. She said it doesn't matter, so long as you're getting UC, you have to go to the forbearance plan. If I don't want to count that income, I have to send in a whole new application, and then explain why I don't want to include it!!!!!

So I guess I'll just wait to see what their determination is. I don't like forbearance agreements, because then you are automatically behind on your payments.

Any comments from anyone who is familiar with this? It just gets deeper and deeper.

**Bradyw** · 05-20-2012, 11:29 AM

I read on another forum that lenders like to see that you have a surplus of cash after everything has been paid, including your present mortgage payment, before they'll give you a modification. Does anyone know anything about this?

**Cat Damiano** · 05-20-2012, 11:37 AM

Yes, it is good to have a little surplus left over, however, we have seen modifications that were approved without a surplus. If you need help on your budget, you can contact HUD since you have an FHA loan and they can go over that with you.

**Bradyw** · 05-20-2012, 11:43 AM

First, I didn't post this under the unemployment comp thread - I just went to Loan Modification and posted there. So it's going to show up again. I did talk with HUD, went over everything, and she sent the Budget Analysis to Chase that showed me being about $350 short after paying everything. It does make sense that they'd like to see some extra money. After sending my file to the Unemployment Dept. because my rep (who has now been replaced) said it doesn't matter how little UC you're getting, the file has to be reviewed for a forbearance plan - this week the file came back from there and is now being reviewed for modification. But I'll bet they'll say that I need extra cash.

**Cat Damiano** · 05-20-2012, 11:49 AM

Yes, this I know, that your post was moved here, but it is much easier on those that are trying to answer your new questions about the process and for those that are in similar situations if you add them to your original thread here rather than open up a new thread with each new question which makes it more difficult to answer without having to search for your original thread to read through it. You can give a new title to each new question that you post here in your original thread and an email alert will be sent to everyone who has previously responded as well as it coming up in new posts for everyone to read.