Wamu-Chase 2006 predatory refi - have equity - should I call Chase & ask them for forbearance

[debofred]

I have been trying for a loan mod since 2010 - just am sending the same info I sent them in March for a new loan mod. I have never missed a payment.

I live in the caretaker unit - rent the property. The tenants moved out over night and trashed the place. I don't have the extra money to repair the house and lawn AND give Chase another 3900 interest only ? Have around 300K equity - but it might take me 6 months to sell - another 24000 -

Should I call the executive office and ask for a month of forbearance... so I can get the house ready to be re-rented.

LoanSafe is a great forum. I am impressed with the knowledge and empathy the members share. Any info or insite - totally appreciated. Luck to all.

[Cat Damiano]

Hi debofred,


It is very difficult to get a loan modification while remaining current, there have been very few approved. Also a forbearance is usually given when someone is in default on their mortgage and has lost their job and faces a short term hardship that they will recover from in the near future, so Chase may not look at your situation in that way and grant a forbearance, but you can try asking.

Is your payment including principal, interest, taxes, insurance, and HOA dues if applicable, more than 31 percent of your gross income? Having 300k in equity could also be throwing off the values for a modification. Have you thought about getting a small equity line of credit from the lender in the amount that you need for the repairs?

[debofred]

hi - I am new to LoanSafe - but can't seem to figure out how to write my own thread...? I am thinking of not paying my April Chase mortgage. I am in a loan mod now - and am sending out second request info. Should I request a forebearance or just ask for a skipped payment due to a hardship in March? Thanks for help - Loan Safe is great.

[Evan Bedard]

hi - I am new to LoanSafe - but can't seem to figure out how to write my own thread...? I am thinking of not paying my April Chase mortgage. I am in a loan mod now - and am sending out second request info. Should I request a forebearance or just ask for a skipped payment due to a hardship in March? Thanks for help - Loan Safe is great.

If you go to the section of the forum in which you would like to make a thread (example Chase Mortgage) right above all the posts on the left hang side you will see a orange button that says "Post New Thread." There you will be able to make your own post..

What type of modification did you previously receive and how long ago was it finalized?

[Cat Damiano]

debofred,



You had already started your own thread and I had already posted to you yesterday here;
Wamu-Chase 2006 predatory refi - have equity - should I call Chase & ask them for forbearance

[debofred]

Thanks - No I have not received a loan mod - but I am returning additional info today - so it should be with Chase tomorrow. We have equity in our home - but loss of income has made our 4500/month payment (inc piti) very difficult. I have been turned down for a mod in 2010.

I am considering calling executive offices and asking for a forebearance or a chance to miss a couple of payments until we learn whether we receive the loan mod. If we don't we will sell the house - but that might take 6 months or more and we really don't have the cash to pay this interest only mortgage. I am wondering if this National Mortgage Settlement might help us.

Thanks for this blog - and I talked to a great person from HomeSafe on the phone. I will get you his name. Fingers crossed, DJ

[Evan Bedard]

Thanks - No I have not received a loan mod - but I am returning additional info today - so it should be with Chase tomorrow. We have equity in our home - but loss of income has made our 4500/month payment (inc piti) very difficult. I have been turned down for a mod in 2010.

I am considering calling executive offices and asking for a forebearance or a chance to miss a couple of payments until we learn whether we receive the loan mod. If we don't we will sell the house - but that might take 6 months or more and we really don't have the cash to pay this interest only mortgage. I am wondering if this National Mortgage Settlement might help us.

Thanks for this blog - and I talked to a great person from HomeSafe on the phone. I will get you his name. Fingers crossed, DJ

When you apply for the modification your servicer is first going to review your account for the Home Affordable Modification Program (HAMP). I'm not sure if you are aware of this program, but this is the program they are first going to review your account for once you submit for a modification. Below are the basic eligibility requirements for this program:

To qualify for a modification under HAMP, you must:

-Be the owner-occupant of a one- to four-unit home.
-Have an unpaid principal balance that is equal to or less than:
o 1 Unit: $729,750
o 2 Units: $934,200
o 3 Units: $1,129,250
o 4 Units: $1,403,400
-Have a first lien mortgage that was originated on or before January 1, 2009.
-Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income.
-Have a mortgage payment that is not affordable due to a financial hardship that can be documented.

If you do not meet these guidelines it is important you tell them you want to go for a regular in-house modification so you do not waste months of your time. For an in-house modification the requirements above will not apply as almost any type of mortgage or loan amount can qualify, even if your payment is below 31% of your gross monthly income. Please feel free to join in on other threads as most members here are homeowners like yourself pursuing some type of loan workout.

[debofred]

Yes , thanks I am aware of the Hamp - I have been told that if I do not qualify for that then they will consider an inhouse. Because I have equity in my home - do you think I am making a mistake missing a payment. How many payments can you miss and stall a foreclosure. I am thinking I would pay every other month until I hear about the loan mod? Thanks - I am coming up on the 16th and need to make a decision.

DJ

[debofred]

my payment with piti is 4500 / month - and yes it is more than 31%. my hardship is my husband and I just divorced after 31 years. He is going to file for bankruptcy. he is a general contractor and his pay has been 75% less than he made up until 2009. My mother is blind and I would like her to move in to the house with me - however, I do not want to move her until I know I will have a loan mod. My husband is still on the mortgage - but he deeded the house to me.

I have income from apt units and a small pension and other misc. income. I can rent out the caretaker unit and afford to remain in the house with a loan mod. So it sounds to me like I should miss this payment - maybe it would increase my chances of getting a loan mod?

I have never missed ANY payment in my life and I am 62 - so this is a HUGE deal for me. Thanks for your help. DJ

[Evan Bedard]

Yes , thanks I am aware of the Hamp - I have been told that if I do not qualify for that then they will consider an inhouse. Because I have equity in my home - do you think I am making a mistake missing a payment. How many payments can you miss and stall a foreclosure. I am thinking I would pay every other month until I hear about the loan mod? Thanks - I am coming up on the 16th and need to make a decision.

While being behind on your payments can help increase your chances at obtaining a modification, it is definitely possible to achieve a modification while current and we have many members here that were able to do so.. Be aware that generally after 90 days (sometimes 60 days) or non-payment your servicer may refuse a payment from you unless it is for the entire past due amount along with any late fees you have acquired.. If possible you may want to try and keep current when applying for a loan mod, because you have equity if the modification does not go through you may be able to sell your home and have extra money in your packet to relocate..