It Is Official Chase SUCCESS!!

[RudyJay]

Today must be one of the "confusing" days.. Update of sorts with CHASE. I have a new worker.. but I talked to whomever answered the phone... Todd I think.. Anyway.. moved out of underwriting 5/9/08 and is sitting waiting for sup/manag approval. According to Todd... only the mng/sup approval was needed for this loan mod ??? Whatever this means... Said if sup/mang approve then to title then docs for signature.. ? Does this mean another few weeks? I have reset june1. rj

[RudyJay]

This might sound off but If I have an ARM and the feds have dropped their rates and the interest index is lower.. how come my reset rate that is due in June is the same?

[RudyJay]

Did my usual status update.. lately going from every other day to daily (sometimes twice) once on mngmt desk...ANYWAY I WAS JUST INFORMED IT HAS BEEN APPROVED.. YEH... Accordingly I will be getting a letter in the mail to let me know the terms but as of June 2008 my payment went from 1820.73to 1180.29 (starting 4.25%) I verified the payment amount by calling the mortgage loan...Yeh.... I will let you know when my letter gets here..............YEAH RJ

[Moe Bedard]

This is GREAT news RJ!!!

Please let us know when you receive the docs......if you have an questions on them and what your exact terms are...........

[RudyJay]

Thanx .. oh I think it was a Ms.Baily (not my worker)said there will not be any docs but rather a letter in the mail to explain terms.. I plan to call later.. I would like more info she said she couldn't give terms ... But I called the automated system and verified the new payment... FYI when I called yesterday... the loss mit rep said that I probably wouldn't see the approval for another week or so plan for July what.. a great gift..

[lighthouse]

congrats RJ on your loan mod. it has been a long journey keep us posted on your letter cause we are on the same situation got approved last april 20 but no loan docs.to signed and still waiting for the letter the only thing that I got is the monthly mortgage statement that say 4.25 % fixed rate ,etc,etc.

[RudyJay]

I know lighthouse. Ms. Baily(?)said she could only tell me it was approved and my rate. She said to be sure to open any mail from Chase and it should tell me the terms..so I guess we will wait.. I will be sure to post when I get it...Thanx...

[Bucklest]

Rudy, checkin on you.. did you get your papers?

I was doing the calling daily or at least every other day. I never got someone to tell me i had been "approved" only that it "looked good, call back in another week" over and over and over again.

I was simply surprised two weeks ago when i got home from work. There was a DHL overnight envelope on my porch. It was the loan mod papers. I was to get the good faith estimate (cashiers check only. they didn't "say" that, but it's required) and sign the papers in front of a notary, and overnight back to them by friday of that week. They provided a DHL envelope and airbill. I got these papers in "triplicate" and we were to sign and return two of them and keep one. Again, this was not stipulated, i had to call to find out.

It all happened very fast. I don't think anyone at Chase really knows where any given account is and any given time. You might call today, and they say, "call us next week, it's still in review" and get the papers the VERY SAME DAY!!!

Hang in there!!

Oh, and when it came to making payments, i had quit. The way i looked at it, they were ripping me off by making me pay for this interest rate, and if they were'nt going to approve a loan mod, i'm not giving them another penny of my money. Besides, if not approved, i would need that money to find another place to live!! Worked out fine for me. My credit was already shot, so not making my payments didn't hurt me any more. I'm not condoning my behavior, just telling you what i did.

Good luck!

[RudyJay]

Hey.. congratulations to you too. I do understand "doing what you gotta do" Yes my credit rating is gone as well but I still have my house and my kids have a place to stay. The automated mortgage information thing has my new modified or reset loan amount already in the system which says due June 2008. The loss mit rep.. says I will not be recieving documents to sign only a letter to detail the terms. We were current so we didn't have to put good faith $. So who knows.. I am looking forward to new mortgage payment and to play catch up with my other bills.. Have a good weekend.. and thanx for the support.rj

[RudyJay]

WOW.. I got a letter from Chase in the mail today... and it says:

4.250% until 2013 and fixed 6.250% THANX FOR ALL YOUR SUPPORT.. AND THIS FORUM... I plan on staying around to support otherrs in their effort.. yyyyyyyyyyyyeeeeeeeeeehhhhhhhhh//////Yippee

[Moe Bedard]

RJ..........what no docs..........just a letter

[RudyJay]

Nope no docs just a letter .. The letter says:

We are writing to inform you that your Loan Modification request has been received and accepted, with the following changes:

The interest rate has been adjusted from 8.625% to 4.250%, effective 6/1/2008 through 5/1/2013. This results in your monthly principal and interest payment changing from $1820.73 to $ 1180.29 effective 6/1/2008 through 5/1/2013.

The interest rate has been adjusted from 4.250% to 6.250%, effective 61/20013 through the matuity date of the loan. This results in your monthly principal and interest payment changing from $ 1180.29 to $ 1415.69, effective 6/1/2013 through the maturity date of the loan.

The rest is escrow info.. I pay mine separate. I need to exhale or should I still be holding my breath? rj

[schwefls]

Congratulations RudyJay, so happpy for you, you deserve it. Party Hardy

[Moe Bedard]

RJ,

Just do me one itty bitty favor and make sure that they did the maintenance on your account and updated everything to reflect the mod................

They are notorious for not doing it and if you check to late they have been renegging on the mod.............I have seen it done 3 times already and it is total BS..........so hound them to death...........you know the deal.........and make sure that maintenance is done.......

[RudyJay]

Where do I check that "maintenance". I called the 1-800-548-7972 # to check the amount I need to pay. The new rate was in the system.. Is there another # I should call?

[Moe Bedard]

There should be a contact number on the letter I would hope.......

[RudyJay]

Yes says loss mitigation 1-877-838-1882 ext 52195.. I will call tomorrow.rj

[RudyJay]

I called the phone number on the letter and asked if my loan had been updated as I was going to make a payment in the new rate. "Mary" checked and everything looks in order... SOUNDS LIKE A PLAN..Thanx to all for sticking with me on this...rj

[Abbykatesmom]

RJ,


How long did it to take to receive your paperwork? Did it come US Mail? I am trying to be patient but I keep feeling like something will go wrong.

AKM

[RudyJay]

AKM

I answered you in your thread rj

[Abbykatesmom]

Thanks! You rock.......

[RudyJay]

Recieved my docs from Homecomings today. I thought it was 6.5% but it is 6% down from 8.75%. Notary will be here tomorrow as docs were late so had to reschedule by tomorrow it should be official.. With the $300. down payment by June 30th (which I will Mail 6/25)it will be official...first full payment due September 1st. rj

[Abbykatesmom]

RJ,

Is Homecomings your 2nd Mortgage? That is great news. I am contacting Litton Loans on Monday to start on my Second.

[schwefls]

Congratulations RudyJay

[RudyJay]

Thank you Lynn ....

AKM

Yes...Homecomings is my 2nd.. The pressure after the 1st mort completed the 2nd was easier to do it seems...Best of Luck ....rj