Chase & NACA? Need Advice Soon, Please - Mortgage Forum

brasscupcakes · 12-11-2009, 09:08 PM

Hi all, I was turned down by Chase for Hamp after 7 mos. trial payments, so in light of the Dec. 31 deadline, I made plans to reapply at Save the Dream Monday in New York.

But now I am flummoxed. I just turned on C-Span and watched the Congressional Hearings on foreclosure that took place earlier this in their entirety.

When Bruce Marks spoke, he said the absolute worst of the worst lenders is Chase.

He said they flat out refuse to do on-the-spot mods. And Molly something or other, the person there from Chase, said, well, yes, we do have our own process and our own rules and we don't mod on command.

Ouch! Do we know of anybody at all who has received a successful Chase/HAMP restructure via NACA? I haven't read every single post but I've read many and have only seen temporary forbearances.

I've also read that once you are with NACA the executive team at Chase cuts you off (although Pam, my contact there, says she won't do that.)

But who knows? Bruce Marks also said that Bank of America was the GOOD bank -- absolute best of the lot. Yet BOA mortgage-holders here say once NACA steps in, BOA steps out.

Are the folks at NACA really such poor communicators?

Because whatever chance I have of success hinges on getting Chase to use accurate values instead of inaccurate ones and re-running NPV. I'm a close call -- no room for error at all. And my case is complicated by being self employed.

I do want to go Monday -- even if I wasn't personally in foreclosure, I am by nature a protest rally, people-power, activist type of person, and would likely volunteer.

But with Chase as my servicer and Fannie Mae my investor, it sounds like my chances of success there are zilch.

I am still being considered for an in-house mod at Chase and would prefer not to be stigmatized for nothing.

Yeesh, I am so befuddled -- I would be grateful for any guidance you can provide.

own. I thought NACA could help.

franklyspeaking · 12-11-2009, 09:13 PM

Brass,I was just approved by Chase via NACA for a restructure of my FHA loan at a lower rate/payment. It took six months but NACA continually held off all foreclosue proceedings. Chase has alot of inhouse programs that are easier to follow/process than the HAMP so they may not do alot of on the spot approvals at the events but they do do some. Its worth any process,time,effort,expense,and multiple efforts to save your home, if you want it saved. There's no way to know what would happen if you go to the event but you wont know if you don't try. Worst case you'll gain some insight into whats going on, speak with someone and get some movement either on your inhouse mod or the NACA one. I was pursuing both at the same time but stuck with NACA. NACA WORKS! They just arent over night magicians! Hope this helps.

brasscupcakes · 12-11-2009, 09:48 PM

Wow Frankly -- you say they aren't overnight magicians but you got your mod fast. Even if there's only a 5 percent chance it would help, I would go -- I'm just afraid of being dropped by NACA like a hot potato, then having Chase refuse to deal with me.

Huge, huge, huge congratulations to you - you are honestly the first person I've seen with NACA and Chase -- Great job and God Bless!

franklyspeaking · 12-11-2009, 09:53 PM

Keep in mind I dont' have documents yet,just notes from chase and a proposal but its something. I worked both ends. I sent everything I sent to NACA always by fax to chase referenceing my NACA ID# so they couldn't say they were getting it. In the end who knows will I REALLY get it, time will tell but its something. My past experience with Chase has been good. Prior to the "crisis" they modifiied me twice in the past 5 years to help with two occasions when I got way behind. You'll hear alot of negative on here but there's alot of good too. Have you started the NACA process on their website? It helps if you do, you just fill in everything and if you do that it makes things go better at the save the dream event or even if you just go through them. Every situation is different, you may be the lucky one who gets an on the spot approval and maybe you wont'. I just can't imagine that long wait in line but its worth anything to save your home I think. NACA isnt perfect,they make mistakes but their heart is in the right place. After you've been in the process awhile there are a few people you can email/call directly that will help the process. Works both ends,Chase will help you ,I dont care what anyone says. By the way is that your real picture? I had to ask !

priscilla · 12-11-2009, 10:12 PM

frank,
This is off the subject but I am responding to your request for contact for BOA for your friend. lol to the pic comment. The pic is nice though. Good luck to you Brass, I would still persue Naca despite the neg stuff being said here. Every case is diff.

Please ask your friend to email Barbara. That is the magic email that is saving us all. She should briefly explain her situation and add her contact number. Someone will call her right back and help her out. This is the contact for the OOP. She is the prez of home loans for BOFA.Hope it helps.
barbara.j.desoer@bankofamerica.com

franklyspeaking · 12-11-2009, 10:18 PM

I've already copied and pasted the info to her. She Fedex'ed the last set of paystubs and documents the other day so now would be the time to email her I would think and get this done. Thanks SO MUCH!

brasscupcakes · 12-12-2009, 07:30 AM

Frankly, thank you -- I had started the process at the NACA website, but then I stopped after the State of Connecticut mediator (there's court-ordered mediation here) told me absolutely, positively don't use NACA -- yet refusing to tell me why.

But maybe I'll re-enter everything at the website tomorrow.

I think it's a great idea to keep faxing the bank everything NACA submits for you. And I am glad to hear your earlier experiences with Chase have been so positive. Are you upside-down, by the way -- I'm not, which seems to be a problem.

And yes, that is my real picture, however that is not my real beach -- I was actually standing in my living room sweating over huge piles of laundry mixed with stuff I hoped to sell on eBay to raise money.

My first picture ever with a smile that didn't look forced, so I switched the messy background for a beach. (at full-size, you can tell if you're looking).

Are we not supposed to use our real picture, for privacy reasons? Not one soul in my town that I know of knows my situation -- but I figured in here, it was finally safe to come out.