 My Chase SUCCESS!!
I tried to refinance my ARM that was set to adjust on January 1, 2008. I started the refi process in October, 2007. Needless to say I could not get a refi because FHA limits were not high enough for my area and my credit score was in the mid to low 600's because of too much debt; no late payments for more than 3 years. I was current on my mortgage at this point.
So, by December, 2007, the lender I was working with said sorry cant help you and I had to prepare to pay the additional $404! I applied for a loan modification the day President announced his first initiative to help homeowners facing an imminent adjustment. I called Chase and was told someone would call me within 48 hours.
Within 48 hours I did get a call and I was told to send in my 2005-2006 tax returns, 2 mos. bank statements, 2 most recent paystubs, a budget, and a hardship letter. My income is stable, my budget was not too tight and I can easily make the payment before the adjustment. I did all of that on December 12, 2007.
I waited and heard nothing. I called on January 6, 2006, and was told my information had not been received by the department that processes the loan modifications. Luckily, I saved the initial contact person's info. and he said he would walk it over to the person it needed to go to.
I followed up and was told my doc got the proper department on Feb. 6, 2008! I have been calling every week ever since.
I had managed to remain current on my mortgage but started to fall behind on other bills. I have always paid my mortgage over the phone at the end of the month. For some reason, I couldnt pay over the phone in Feb. and I had to pay directly to loss mitigation. No other department would accept my payment. Customer service initially took it over the phone but when she saw that my case was in loss mitigation, she cancelled the payment!
I panicked because this would make me late on my payment. I totally felt sick because the month of February has only 29 days and because the payment was received on the 1st of March, I got my first 30 day late in 3 years! I cried because I have sacrificed everything to pay them ontime!
Someone called me last week wanting to know if I was living in the property and if I had any rent in Ga. (Georgia is where my bill is sent because I do closings in GA and I needed a business address in that state). I provided the necessary info and the person told be to call back in about 2 weeks.
I called to day and was told that my file and been sent to a supervisor or whomever decides whether to approve the loan. I was told to check back in about a week.
Does this mean I am close, and will that late payment ruin my chances of getting approved? I am set for another reset in July, 2008.
Will this late payment ruin my chances to get my loan modified? WHat eo you think my chances are of getting my loan modified? I also owe taxes, will Chase pay then and include them in my loan and open an escrow account or will I have to be prepared to pay then myself? Is there a cost for the modification?
Thank you so much for the information and for the support provided by this site.
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