I had 30 days left Chase SUCCESS!!

[Bucklest]

i will try to convey my story without being too long. You guys haven't been here very long, or i would have found you a long time ago!

We have owned our home since 1998. Re-fied in 2004 because i lost my job of 16 years and we needed to pay off some idiot debt. We were quoted by New Century Mortgage on a fixed rate mortgage to re-fi our first mortgage on Nov. 1, 2004. We closed on Nov. 22, 2004 with an ARM and a re-fied 2nd mortgage @10% fixed.

First Mortgage loan was $178,000. Second $ 48,000. Appraisal was $219,000. Husband was only name on mortgage due to my unemployment. His income at the time was approx. $40,000 (which was not overstated on loan app).

Missed the right to rescind by a month when i started looking into this stuff. First re-set of rate happened Dec 2006. Second happened July 2007. Thought i was safe at that point (although the mortgage was VERY uncomfortable) because the payment schedule said:

24 payments @ xxx.xx
6 payments @ xxxx.xx
330 payments @xxxx.xx

So, i thought "okay, i can do this" and we would be okay. WRONG. Rate re-set again in December 2007, and now, after i read my paperwork CAREFULLY, i realize that it will re-set again in July 2008.

We have filed a chapter 7 to discharge all the credit cards that had become overwhelming (because i was using them to help pay the mortgage and other bills hoping that our situation would eventually get better).

Tried in July to contact Chase for a loan modification. I was told to submit all the paperwork by fax with hardship letter, blah blah. Waited. Called back. They lost my stuff can you fax again to a different number? Waited. Called back. Should be contacting you in a week. Waited. Called back. Sorry, you don't qualify for a modification. Why? We don't know, we don't make the decisions, only the investors. UGH.

Tried again to beg for Modification in October 2007. THEY WOULDN'T EVEN TRY. They told me to contact them when i SOLD MY HOUSE!!!
"contact your lender, contact your lender, they don't want the house back"

BULL CRAP.

I have an attorney that I have contacted regarding our situation. He said to contact him when i get the "letter" from an attorney regarding the foreclosure proceedings. I received that letter Friday, so i will be contacting him in the next day or two. He says we might have a case of fraud, but these cases are VERY hard to win. But he seems willing to try.

I took notes regarding your QWR. Is that something i should be doing now? Chase will not even talk to me now, i have to talk to their attorneys.

Any advise would be GREATLY appreciated! I want to FIGHT for my home. I also want to pay a fair mortgage for my home. But i don't want to shell over another PENNY TO THESE THIEVES.

Thanks for reading!

Terri

[Bucklest]

Also, we were "baited and switched". The day of the closing when they were about to give the money, they said "oh by the way, we had to switch this to an introductory rate of blah blah"

I'm like "whooaaaa! I don't want an Adjustable rate!!!" He said,

"don't worry, in two years, you can re-fi for a fixed rate." uh-huh. okay.

Our credit at the time was 780. Now it's in the toilet. nuff said.

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

Yes get the QWR in action, it is imperative that you do, although you are outside the window, as you pointed out in your post, there are other documents that your attorney will find interesting I am sure.

Now the fixed rate to ARM that you actually got.....that was the reason that the TIL had those 3 payments streams reflected. The real nuts and bolts of the adjustments are in the Adjustable Rate Rider to the Note. It appears that you have a 6 month adjusting product...2/28 Libor ARM, weren't they all if they were not Option ARMS or 3/27's.

Any time that you fax or send paper work to the Lender, no matter who the Lender is, every page should have the Loan Number, Property Address, Borrower Name and Last Four of SS# of Primary Borrower, that way you are less likely to be lost, and by the way fax 3 times to as many numbers as you can obtain to fax to.

Fraud is very tough as the Attorney was kind to point out, you are better served to try and Modify, Chase is very willing from what we have seen here to Modify. Question, what was the reason that they did not want to Modify? They must have explained that to you during the processes that you went through to try and get the modification. Additionally if that was a while back they are far more inclined to do so now, as they are having so many problems that they are more "compelled" by the volume of those problems to Modify versus Foreclose.

There is no rule set in stone that you can not attempt to modify while in Foreclosure....it is being done all the time up here. In fact it has had the effect/affect of setting foreclosure off if the modification looks promising.

Also---Chase was not the original lender, yes, New Century was and they are out of business and being investigated by the Feds, but did you go directly to New Century or a Broker for the loan when you did it? The QWR will help in some cases, but you also need to put a further Modification request in as well, that is something that the attorney can facilitate with their attorneys and that needs to be done NOW!!!!

Meanwhile fire up the QWR request....there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, copy of initial loan application and final lender loan application, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

This thread has a really good example:

My Countrywide escapade and Hi!

Yeah Bait and Switch for that YSP premium the bugger got paid on the HUD-1, more money in their pocket...... Nuf said.

[Bucklest]

Man, you type fast. Thanks for the quick response & advise.

When I originally got with New Century Mortgage, I simply "clicked" on one of those offers in my mail box. It was that easy!!

On the Modification Request, do you suggest I contact them in writing? Or should I try to call them?

Oh I say the more the merrier, fax, call, use the attorney, USPS, Fed X, all in the pursuit of getting their attention......

So my rule is call, call, call and fax, fax, fax....to as many as you can, as often as you can and as aggressively as you can but polite, assertiveness.....

Be very aggressive....check out all of Stephanie's thread with her Citi success in Tell Your Story....she got some amazing results in a short period of time....

Oh and put that hardship letter together and then a cover letter and send them to the every elected official you can think of State, Federal and Local, BBB, etc.....then the same letter and cover letter with another one to the head honcho's at Chase....let them know you are assisting in PR for them....

QWR the file and have at it.......

[ManicMangaManiac]

Originally Posted by Bucklest

Also, we were "baited and switched". The day of the closing when they were about to give the money, they said "oh by the way, we had to switch this to an introductory rate of blah blah"

I'm like "whooaaaa! I don't want an Adjustable rate!!!" He said,

"don't worry, in two years, you can re-fi for a fixed rate." uh-huh. okay.

Our credit at the time was 780. Now it's in the toilet. nuff said.

I too was baited and switched; at the time I refinanced my house (which I inherited from my mom in March '06) the broker told me I was getting a fixed-rate loan. BS! When I looked at my loan papers, it clearly said an ARM.

The broker also told me I could refi again in a year or so to get a better rate. Baloney!!! From reading everyone else's stories on this forum, that phrase "You can refi again in one or two years", seems to be to programmed into their devious brainwaves. ARRRRGHHHH!

Sally

[Bucklest]

I know! And to think that all of this should have been illegal! I think i'm more angry at the government for letting all this happen! Sure, i should have read, and sure i shouldn't have signed, but THERE ARE LAWS IN PLACE THAT ARE SUPPOSED TO PROTECT US!!

I even have all the original papers from when New Century quoted me the original fixed rate!! Then 20 days later, BOOM!

The problem is that although initially quoted as a fixed rate, the lender and the borrower can at the time of closing, which I know is the 9th hour, change the terms and the closing is the agreement to the final terms....do I agree with this no, but is it the way the rules work...yes...

We are slowly developing rules and regulations that address the issue of Net Tangible Benefit to the borrower, but as most of them stand presently even they do not address the wholly predatory issues that arise in so many of these transactions. Sad, but true, there are loop holes....

I have a solution, but it isn't one the industry will appreciate, but it would stop this stuff in it's tracks, done, over and no more would hopefully ever occur again.

Bucklest....I read your other post on the Chase Success III, have you reapplied again for modification and been denied or is that just another portion of this event?

How much is left after the Budget is computed, you made reference to the 2200.00 house payment and 4800.00 take home. Please let me know how things are and what your status is as of now.

[Bucklest]

Poppy, I posted that because of similarities in the situation. Your advise was to contact Chase again. That's what i did last night as soon as i got home. As i said in the other post, "tom" informed me that i was in foreclosure and the only thing he could tell me was my cost and attorneys fees. And he informed me that my auction date was April 9th. When i asked for re-consideration for the modify, he told me what my file said. That we didn't qualify because we weren't in a hardship. UGH.
He said that i had to talk directly to my rep who is Yadira Flores. I called her extension and left her a voice mail.

As far as my budget goes, utilities, car loan, gas to get to work etc equals $2128. This brings total to $4328 out with 4833 coming in.

Oh, these expense totals DO NOT INCLUDE groceries, garbage bags, toilet paper, shampoo, cough medicine, feminine products and other such things that i guess the people at CHASE do not need to live.

I'm jaded, Poppy.

[Bucklest]

Now my husband and i are fighting. Will this nightmare end?

He talked to our attorney, and he suggested that we get in front of the judge immediately. re-open our bankruptcy and file a chapter 13. he also suggested that we pay our monthly payment (that we CAN'T afford) to the judge.(????). EVERY MONTH!

Seems like any solution is going to require large amounts of money!!

We even went to a local bank two weeks ago that is an FHA dealer and they said that we didn't qualify for the FHA secure because we had filed a chapter 7.
Why do we keep getting the run around? There are so many FHA predators out there that i don't know who to contact!

**sigh**

You need to call Chase again, that does not appear to be an accurate response from Chase there was recently an agreement that Chase entered into to hold off Foreclosure and re-examine Modification to try and work these loans out. That agreement was signed last week in conjunction with the Feds.

The information that you received last night does not sound like a Loss Mitigator, it sounds like collections....please call Chase and we have some great numbers up here to get through to their Loss Mitigation Department and speak directly to a Loss Mitigator on this issue.

Again they are trying to do work out on these issues and forestall foreclosure on as many of these properties to re-look at the Modification process as agreed to last week with other lenders.

[Bucklest]

Okay, i got to talk to Yadira at Chase on my lunch hour. She was reluctant at first, but when i mentioned the fact that "isn't chase participating in that Project Lifeline?" she loosened up a bit.

I explained to her that how can they see that if HALF of my income is going toward the mortgage does not qualify for a hardship. She said that she could TRY and re-submit the loan modification. She asked me some questions about our income and she asked me what my car payment was (that's all) she put me on hold (for a long time) and came back and said "it doesn't look like you are going to qualify"

I'm like "why? i don't understand? this mortgage has re-set 3 times already and it's going to re-set again in July!" I told her that i know chase didn't want this house back, and she told me that chase was not in the re-possession business.

Long story short, i have to re-submit all the papers to her and she will again try to get us approved. I said thank you to her and all i can do is pray at this point.

Thanks for your help Poppy. You've given me a little courage where it had all left me!

Now you need to without a doubt sit down and go through that Budget....really hard and reflect that they family/household after all is said and done with Consumer Debt, Gas for the Auto, Insurance Medical and Auto, Groceries, Utilities, Everything that goes into making a household are fairly and honestly represented......

You need to check, is the income subject to fluctuation....in other words is it stable, if there are parts of the income that are not stable, i.e. OT that is not received on a regular or only seasonal basis, show that.

Short Hours due to cut backs at the job......everything that can affect/effect the income issues and show what will happen when the payment adjusts again and yet again......

Make sure this is real and you can back it up with bills and receipts
if you have to....this is real down and dirty finance at its worst and best...what can the household expect to receive in and what has to go out to make it work on a monthly basis......

You need to be legitimately at about 200.00 or 250.00 left over at the end of the month, not upside down like you will be when it adjusts again, but legitimately NOW at that figure I would imagine....any one else with this lender that has been successful please chime in....

[Bucklest]

Okay, the $200 $250 left over thing makes perfect sense. As a matter of fact, my husbands income does fluctuate, i have to estimate every month. He is a truck driver and gets paid depending on how many miles he drives.

Do i need to show that i can afford where the mortgage is right now? (10%) because i really can't.

Thank you for your help. Seriously.

(p.s. should i tell chase that the septic tank needs to be replaced? the lid collapsed into the hole, and we have a temporary shelter on it right now. Also, we have a plumbing leak upstairs that has ruined the living room ceiling. Not going to invest to get them fixed if we might lose the house, yah know? They would take a HUUUGEEE loss).

Nix on the septic and plumbing.....that is stuff that has inherent problems that you really can only address when this gets done.

Yes you do need to show that the payment today is a hardship....in other words that the payment where it is to day is not giving you any relief at all. But you do need to have some money left over at the end of the month to show that there is viable cash flow in the household. Make sure, doubly sure that you can support everything that you submit to them so that if there is a problem going forward you can fax them the paper......

Make sure when you fax to them that every page has your loan #, name, property address and last 4 of primary borrower' SS# so that it gets to your file. Also mail the package return receipt requested the same way....the land of the lost is pretty common these days

[Bucklest]

Beautiful!

Say a prayer for me folks!

Many are....myself included

[Bucklest]

Poppy, how does this look? Your opinion is very valuable to me!

Here is a list of our monthly expenses. Some of them are averaged because they fluctuate from season to season or month to month.

Food: $650.00

Utilities $350.00
Telephone $295.00

Medical $100.00

Gas $280.00

Car Insurance $185.00

Cable $74.00

Life Insurance $120.00

Car Payment $300.00

Kubota Credit $219.00

Chase Home Finance $1826.00

Chase Home Finance $410.00 income husband $3033.00
income wife $1994.00
------------ ---------------

Total $4809.00 Total $5027.00

Make sure that you can support this on both sides, income and outgo...you will have to if they get stupid again provide very pointed documentation to support the expenses and income.

If it were me I would write a letter to clarify the income averaging issues so that they understand clearly that he has some months that are good and some that are short and that you have averaged the income. The income has to be net, after taxes to.....

Also does he have any out of pocket expenses that are not reimbursed?

Take this and think about it over night and post tomorrow as I am going to too.

[Bucklest]

I can prove all of these expenses no problem. I have more expenses if need be. Tell me this: How do you think they will figure his income? they have asked for w2's from 2005 & 2006, and also 2 most recent pay stubs. His two most recent pay stubs (he gets paid weekly) were from the last two weeks of January. He was off for two weeks after that for emergency gall bladder surgery so we haven't seen a check since. (but will this weekend).
Do you think they will take two stubs and average? and work in the w-2's from the last two years?

I really don't want to mess this up. I want to give them EXACTLY what they want to see. I'm so afraid since we were turned down before.

They want 05 & 06...do you have 07? As for the paystubs, get the one prior to the surgery and the one this weekend....then a letter and a hospital discharge attached to all of it and voila.....reasonable issues are addressed he had to take time of for health reasons. Also get a letter from the doctor or employer that he is back full time to work...this is how we do it on the front end and frankly this is how they should do it in this area.

Question why not 07.....you should have it by now....how is 07 comparatively to 06 and 05? Reason...support and I can not imagine they have not figured out we all have our damn 07 W-2's yet, we on the front end have.

[Bucklest]

i have '07 for all "legitimate" employers.

The guy he drove for from January to May is bankrupt. He owes us money. He hasn't sent a W2 (and i'm not surprised). 2007 income will be less than what he is making now. UGH-- i'm confused as to how they will figure out his income!!!

I have already made a copy of his "return to work" note from the doctor and made a note of the reason on the last stub.

So you think i should wait until this weekend to send all this stuff? It seems so urgent.

Presently they have asked for 06 and 05, how did you figure income for your budget? 06 & 05....? Get the new paycheck stub for the return to work issue, can they issue an early stub?

[Bucklest]

i don't know if we can get an early stub. we are in Ark, his company is in Ok, & it's a third party payroll company.

I would simply average paystubs. back then, i would used $600-$650 a week on average as income for my budget. Sometimes he made more, sometimes less.

these last two stubs of his are good checks-avg. $892.00-but his "average" has been $700-$750.

Oh, i don't know what to do.