Approved Finally for Trial HAMP with EMC Chase

[Stressed_EMC_Customer]

Finally... we received our paperwork (after 11 months of trying with Chase). We were approved for the Trial HAMP. Our first payment of 4 is due October 1st (they included 5 payment stubs though). We will be sending the agreement back to them tomorrow. Hopefully this nightmare is nearing an end and we can get our lives back!!!

[MAXIE19]

Stressed:

HUGE CONGRATULATIONS.

But you can do better than this. Don't tease us with so little information. What are the terms. How much reduction did you get....is it at the 31% ratio. Where you formally approved by the underwriter. Details please. I am so glad for you. Maybe EMC Chase is now coming around. Gives the rest of us hope.

[Stressed_EMC_Customer]

Yes, it is 31% of gross monthly income (but of course they say it can change once permanent). The rate is 2% for 5 years then steps up to 5.25% fixed. We were approved through EMC/Chase and received final approval from Fannie Mae. At the time of submission to Fannie Mae we weren't considered late on our mortgage which is why we received the 4 month trial. We just recently missed our August payment for the first time. We also have a second mortgage with them so we have to try to get that worked on also. Of course, they say they aren't working on second loans but I bwelieve I read a post where someone with Chase had her 2nd modified also. I feel like we made it halfway through the battle

[donnac]

Congratulations sounds great!! Can I ask you how late you were in your payments and what was your interest rate
Thanks

[Do not want to lose it]

I am SO happy for You!!!!
WHAT A RELIEF IT MUST BE !!!!

[nbtapia1]

Congratulations ! ! ! !

[Stressed_EMC_Customer]

Thank you , we're sending the signed paperwork with first payment back to them tomorrow.

[snapple candy]

Congrats Stressed!
I hope this is over for you (at least for now) but aftering having made my last trial payment 30 days ago with no answers from Chase, Im just not breathing easily just yet.

Chase holds my 1st & 2nd. I applied for 2nd trial mod through the loss mitigation dept at Chase. I called customer service and asked for fax number to send in the same paperwork as I did for the first (just changed the account numbers).
WHen they discovered I was on HAMP program, they automatically gave me trial (same terms) 50% lowered my 2nd payment. They said they would match terms of the first when it becomes permanent. It was surprisingly smooth and quick. Good luck.

[Stressed_EMC_Customer]

Thank you Snapple, we aren't breathing easy yet because of the fact that I don't see many permanent mods offered. I also have a 2nd with Chase and they tell me they aren't working on them yet. I think it's a crock of you know what. We actually have EMC which is now owned by Chase. Are your notes held by Chase only?

We haven't been able to make our last 2 payments on our 2nd and they haven't budged yet. I look online at our account and I don't think they're sending statements this month so I don't know what to think anymore. We are really wiped out with this process and wish they had put us on the trial months ago like most other people here. They included 5 payment coupons but require 4 trial payments. I'm sure they're going to sting us along again until at least February/March next year.

[snapple candy]

This business about they arent handling 2nd yet is BS. Dont make anymore payments and that will get their attention. I think about the 3 or 4th missed one, they started reacting but I wasnt pushing them either on it. Which dept is telling you they arent working on 2nds?

My 1st was originally WAMU but is fannie mae backed. My 2nd is with Chase (was WAMU) directly although I have been trying to determine if it is also owned by WAMU/Chase. They wont call me back with that info just yet and just been voicemail.

The thing is, it is just verbal and they wont send anything out in writing yet. I have made 3 trial payments on my 2nd (its only $44 so I figure what the hell?). My statement shows the payments but still shows the account as delinquent and nothing about it being in a trial mod. I suspect they are cooking the books on these in someway to their advantage. I would think by March, they should have all the kinks worked out of the perm mod process. Or have figured out more ways to deny people. There is pros and cons to these delays. Maybe by then, the treasury will have figured out a way to hold these lenders accountable for the use of this TARP money?

[Stressed_EMC_Customer]

All departments that we contact give us the same line about them not being worked on yet. The executive office said she would try to put us on a repayment plan but I don't think I would want that anyway. I think that would make the payments go up if I understand that correctly. We're not going to push with the 2nd either. We just can't pay right now. We haven't had any collection calls which I think is strange. We only had one letter saying that we are past due and that the 2 payments are due plus late fees. The whole thing is such a mess. I guess our perfect credit is now shot too...oh well, I guess it's not the end of the world.

The longer the process takes for us, the worse it is. By then, my husband may get his position back which means a higher salary. Will they tell us that there is no hardship if that's the case (even though our payment would still be above the 31% of gross income). They put us on a 4 month trial instead of the usual 3 month because we weren't technically late yet.

I just don't know how to feel about this anymore. I'm thinking the stress of it just isn't worth it anymore.

[snapple candy]

Yes, stressed I understand. I have many days when I dont think the stress is worth it anymore. There is a certain peace you get when you realize this is not under your control and give it up for the universe, fate , god, whatever to deal the cards to you.

I have been going thru this for well over a year now and I have my days, I want to just give up. But I dont, I keep fighting to hold on somehow. I was late because I really had no choice, I simply didnt have the money. I gave up on my credit score a long time ago. Once you do, things become a little easier. The use the consumers fear over loss in credit score to manipulate them. Its when you have nothing to lose anymore, that you are no longer afraid of what they say and what they do. THis is the worse kind of opponent. Hang in there and keep up the good fight.