CHASE...success! Someone pinch me please

[Abbykatesmom]

An update of sorts.....

I called to check on my mod and discovered that it is not approved. It appears that when he told me that I was approved he meant that I was a good candidate for a modification and that they were moving it on from underwriting to the next phase which is an investor.

He said that are telling everyone 90 days but it should be sooner than that.

He told me to call him back next week for a status and that if he needs anything more from me then he will call me. I have to say that he was a really nice guy. He was patient, thorough and answered all my questions.

I realize now that you cant expect too much to fast and that in the end I hope that they can help me stay in my home.

[RudyJay]

Abby
This is good news.. at least it has moved from underwriting.. to next phase... I think you are doing well also..hang tough..it sounds good...rj

[Abbykatesmom]

Well an update of sorts and something totally unexpected..............

I received a letter from Chase and my mortage is NOT adjusting in August. My payments are staying the same. I called just to make sure that I was not reading it wrong or hallucinating or something like that.

I am still going to pursue the modification but at least I can breath for the next 6 months.

[RudyJay]

There was another member in the forum that recieved a letter that said the same thing. You are right to continue to pursue the mod.. hopefully by the time the 6 months is over you will have your mod completed.. Have a great weekend... you can now...rj

[Abbykatesmom]

Another update!

Today I was told that it has been approved and that they are resetting it. It has been approved by an investor and I should have the terms in a week or so. They resetting it to an undetermined amount at this point and my mortgage should go down.

I asked him twice as I had been given erroneous info before and he said that he was confident that we were nearing the home stretch. I told him that I was surprised that it was moving so fast and he said that I was in a better situation then most people since my loan was never late and I am a good candidate for a mod.

Well I am just happy it is moving forward and even if it takes a little longer~ that is ok! The earliest my rate could go up at this point is January. I received a letter last week telling me that the rate was not going up in August 2008 as I had been told.

Keep fighting everyone!

[Moe Bedard]

That is great news..........it sounds like you will have docs coming soon......

Keep us posted.......

[RudyJay]

Abby..good news.. if they are resetting one of the things I tried was calling the phone number to check the automated system...if it was reset there. I was current also so I just got a letter in the mail.. In my case the time I was approved and the scheduled reset was only about 5 days..so maybe that's why I got a letter...and was told on the phone the change in payment but not the complete terms... good job... Congratulations... you did it...rj

[Abbykatesmom]

RJ- thanks~

What number were you calling? What was your rate and what is the new one....... if you don't mind me asking.

[RudyJay]

Abby

I used the regular Texas loss mitigation # that *** gave me 866-316-9218. But I am not sure it mattered because although I was assigned a representative I was never able to get a hold of them.. so I would just not put an extention and talk to whomever answered the phone.

I went from 8.625% to 4.25% for 5 years and then 6.25% for the life of the loan. There were no docs just a letter a week or so later..stating the terms. I asked one of the reps if my docs were going to be mailed...she said no docs because it is a reset and I was current... Then I checked the automated system by phone and it gave me the new payment...the wait was long but well worth it..rj

[Abbykatesmom]

ITS DONE!!!!!!!!!!!!!!!!

I should have my paperwork any day. It was sent 6-16-08.

My payment was $2079.00 and was scheduled to go to $2790.00 on 8/1/2008.

Here are the NEW Terms:

2.25% for 5 years with a payment of $1006.66.
4.25% for 1 year with a payment of $1233.50
6.25 for the remainder of the loan with a payment of $1476.45

The NEW payment has already been updated on the automated system and on my on-line banking.

I swear I can not breath right now.

[1tufmom]

WOW, that's AWESOME!! again, KUDOS TO CHASE. I used to feel so negative towards chase and now, I am seeing them in a whole new light. It seems like the people that are know enough to try to get help, come out on top. That is why I am happy this website exists. People need to think positive and fight for our homes. GOOD JOB!

[RudyJay]

Good Job... Way to go... Now breathe...for awhile you will walk around and think isn't there something I should do?...Then you get all excited until payment time comes around.. You run and start planning your next month budget.. Inhale..exhale ....Congratulations..rj

[Abbykatesmom]

This is so awesome. I keep feeling like it is too good to be true.

I made my June payment on the 14th via phone and they have decided to retro the June payment and the lower rate so the payment I gave them at the old rate will cover June and July and a tiny bit of August. It could not have come at a better time too since my hubby's job is seasonal and he does not go back to work until AUG 19th and our business is also slow this time of year.

Sitting on cloud 9 is great! I still can not believe it. I will feel better when the paperwork arrives but for now the fact that my online account shows the new payment gives me some peace.

Keep the faith! I want everyone to know that Miracles do happen. I send my stuff in on 5/16/2008 and it was approved exactly 1 month later.

Thank you all who have helped, answered all my questions and most of all gave me a little faith in the system.

Abbykatesmom ~ A Chase customer for life!

[Moe Bedard]

This is great news!! I am so happy for you!!
Please let us know when you receive the docs and if you have any questions on them....

[Abbykatesmom]

***,

Thanks. According to Chase I will only receive a letter and that there are not "REAL" documents since they are doing a step re-set. I will let you know when I receive the letter.

[RudyJay]

AKM

I am answering you post on your thread.. Your question was about when did I recieve my letter from Chase and how..

I talked to CHASE on May 28th and was told I was approved for the loan mod.. My letter came in the US Mail on June 4th.. I know what you mean though.. I was looking in the mail until I got it too... It is like having it in writing.. But after a couple of days. I decided that the automated mortgage statement knew what it was talking about..

Oh yeh... *** says to complete the step she suggests you call loss mitigation to make sure the account maintenance/update had been completed. So I would give the letter 5-10 working days... rj

[Abbykatesmom]

Still no letter! I guess I am impatient. I am also a little concerned that they still have not applied my June Payment to my account. I called today and they said that they will apply it once they are done with all the paperwork and red tape etc. I am worried because if they do not post it by the end of the month it will appear it was past due and will report it to the bureaus. They assure me that they will remove the late fee and contact the bureaus if it is needed. I guess I should not complain as my Modifications (fingers still crossed) went pretty darn fast. It took exactly 30 days to know I was approved and the new loan amount.

Patience has never been my strong suit. It does show the new payment online already and when I click on the statement it shows it there too! I must have checked it a 1/2 dozen times today. I cant help but feel it is too good to be true.

[Abbykatesmom]

RJ,

Thanks so much~ I am sure that all is right in the world but perhaps I am a little skeptical and maybe a little paranoid too!

[RudyJay]

I can understand your concern.. When i made my payment this month.. I checked until it was posted... OCD me... I have learned patience through all this... Guess what I called frequently to hear the new rate...crazy eh... It sounds like they are doing "maintenance" on your account if they are completing their paperwork.. And since you made the larger payment..I would be anxious that it will be posted the way it was suppose to be.. Just check when you feel like it... The weekend is the worst you can't check.. at least you can check on line.. For some reason i am having a hard time trying to register... Anyway... I would think you would get your letter soon like Monday or Tuesday..rj

[Abbykatesmom]

I was told that they will put the overage in a Miscellaneous account and that I can use them for next month. I am hoping the letter comes soon! I will be the same way when I am making my next payment.............checking, checking again and rechecking. I never in a million years thought that my payment would go down so much. It will be less than 1/2 of what it was before. I have paid the $2079.00 for 2 years and it is interest only. Our loan was so bad.

As soon as this is done, I will attempt a Modification on my 2nd with Litton! I have an 80/20 loan. The interest on my 2nd is 11.99%........YIKES~ but it is fixed!

Thanks again for all your guidance. I really appreciate it.

[RudyJay]

Tomorrow I will be signing a mod on my 2nd with Homecomings.hopefully tomorrow.. It was fixed at 8.75% and was lowered to 6.5%. Good Luck to you and your family..and no problem .rj

[Abbykatesmom]

Strange update of sorts. I checked my online account and now all of my mortgage statements are gone. What the heck does that mean. It still shows my new rate and payments but the statements are gone.

AKM

[Abbykatesmom]

I GOT THE PAPERS.....................WHOOOOOOOOOOOOOOOOOOOOO HOOOOOOOOOOOOOOO!

My modification is done and so much better than I could have ever dreamed. The terms are as follows:


2.25% for 5 years with a payment of $1006.66.
4.25% for 1 year with a payment of $1233.50
6.25 for the remainder of the loan with a payment of $1476.45

I am so happy and want to thank all of you for your advice, help and support.

[Moe Bedard]

WOWWWWWWWWWWWWW!!! 2.25%, That again shows that lenders are doing what it takes to work with people to keep them in their homes for the most part and this must be such a huge relief for you.

Congratulations and I wish you the best!

[elpjohnson]

AKM

That is a wonderful mod!!! Great going!