CHASE...success! Someone pinch me please

[Abbykatesmom]

I received a letter from Chase on 5-5-08 stating that my loan was scheduled to adjust on 7-1-08. I had no idea that I even had an ARM. I feel like an idiot. We went into our home on a shoestring. I have an 80/20 and the 80 is the one that is not fixed. I called Chase on Tuesday morning after very little sleep and they told me about their modification program and what I needed to give them. My loan is going from $2079 to $2790. I can not afford that and worse it could go even higher 6 months after that. My credit is not great and I cant refinance in this market and with my scores. I am scared that we wont be approved and worse that it will take longer than my July due date. We have never been late on our mortgage and closed 6/2006.

I am so scared we will lose our home and am not sure what to think about all of this.

[schwefls]

Hi Abbykatesmom:

Welcome to our forum, please do not look down upon yourself. We were taken byu these sob's. I wanted to stop in say hello and let you know you are not alone. Shortly someone will be stopping by to get more specific infortmation regarding your mortgage/financials. Based upon that information they should be able to provide you with som esound advice.

I can tell you one thing that may make you feel somewhat better. Chase is modifying many, many loans. Please surf through our success stories. You will see Chase success for yourself. Keep in mind you need to be patient yet persistent and that good things come to those who wait.

[Moe Bedard]

Hi Abbykatesmom,

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

Chase is modifying a good majority of their loans........but it does take a while........you just have to be persistent with them...........
I called three times a week to get updates on my file.........

You can ask questions and update here............

[susie]

If it makes you feel any better, I just submitted our stuff to chase last week (hardship letter, W2's, etc) and they already have it through underwriting and are waiting on the final sign off. They seem to be moving very fast with it. I got lucky, because I called the HOPE line, and Chase called me the very next morning. We should have our mod by the end of the month. Chase is really good about working with people and I have read on here and heard also from our contact at Chase that they are doing some really major mod's. Our interest rate on our 80 was 8.2 and on the 20 was 11.8 and they are hinting it could be 5% across the board. I sure hope so, it would be a tremendous relief.
So don't worry- and they will be able to get a mod done by July for you. I know that *** and Moe have some great tips too, so just read and call and fax and read some more and call ... haha

Susie

[Abbykatesmom]

Thanks everyone for the responses. I am trying to be optimistic but I am scared. What is this HOPE thing I keep reading about?

[Moe Bedard]

It is the Homeownership Preservation Foundation HOPE and if you need someone to help you with the process they can be reached at
1-888-995-HOPE
Homeownership Preservation Foundation

[ForeclosureCoach]

I understand that you may be fearful of what your future holds. You will make it through this storm in your life . Think back at all the other storms you overcame . Be encouraged because this too will come to pass. God will supply your every need and will never leave you are forsake you. Keep the faith and claim your victory today you will be ok...

Foreclosurecoach

[Abbykatesmom]

Ok so I sent everything over to Chase on Friday. I confirmed with them on Monday that they got everything. She told me that the process can take anywhere from 60-90 days and that she will follow up with me in 30 days and let me know what the next steps are or if they need additional info. My ARM is scheduled to adjust on 7/1/08. NOW WHAT?

Contacted HOPE and they are sending a letter on my behalf to Chase.

I cant refinance cause I bought my home on stated income due to an internet business we have. I can only include my salary and that is not enough to refi

[RudyJay]

Hi Abbykatesmom

I am waiting for Chase also. Good luck to you... I call every other day... I don't want to miss a thing...

[evel1999]

I hope you are able to report on this site that you received a modification.
Every one that is approved, is encouragment for the next family facing this situation.

Chase seems to be one of the better ones to work with and I truly wish you the best. Keep us informed on your progress. We are all praying for you.

[Abbykatesmom]

Ok so I called my contact today for an update and she was quite snippy telling me that I just the paperwork in and the she wont be contacting me til Mid-June. My ARM adjusts 7-1-08 and I just dont have time! What do I do? I dont want to tick her off so that she does not help me.

AKM

[Moe Bedard]

They do take a while............but they are good with the follow up.......mid June is really just 4 weeks away........

What is the number you are calling for your contact?

[RudyJay]

Hi. I am waiting too.. my reset is June 1. For me I have to say that because I update every other day it depends on who answers the call and how I ask things... I have had some " not so happy ones" and some "helpful" ones... But waiting is waiting when we call we want to hear progress and sometimes it is like "watching grass grow".. Keep up with the cause...

[Abbykatesmom]

I called to get a status and spoke to a nice woman. She told me that my ARM resets in July 08 which means I dont make the higher payment until 8/08. I hope she is right. She told me that she thought that I would have an answer before then but could not guarantee it. She mentioned that since I was just trying to get my ARM re-set and I am in good standing, it looked good.

I feel like I should be doing more. Am I missing anything?

[Moe Bedard]

You are doing great..........just keep on top of them and call like you are to get status 2-3 times per week.........

This week being a holiday weekend you won't be able to until Tuesday.........so take a well deserved break....

[Aquarian29]

Hang in there! You will get through this! It is true, that if your rate adjusts on July 1st, your first new payment won't be until August 1st (mine was August 1st, but new payment wouldn't have been until September 1st)So...you have a little breathing room. It is great that you are taking action before it modifies and you get behind. That is what I did, and it seemed to go much faster then for others who waited until they were in serious trouble. From what I have read, Chase seems to actually be one of the companies that are doing modifications pretty quickly, so just remain positive! Good luck and keep us updated!

[RudyJay]

Hi.. Must be different for all ... my mortgage resets June 2008. My June 2008 statement shows reset amount to be paid. I called today for status and the rep said "real close" but will not make June 1st... but an approval should be in June. You know though I thought I wouldn't have to pay the reset rate until July 2008.

[RudyJay]

Abbykatesmom..I posted yesterday in the above post. I called today and was informed that as of June 1st I have a new payment...It happened just that fast.. The wait is horrible and everyone here is correct... it is worth the wait...hang in there... it will happen for you.. whenever I called I made sure I was in a "good place" .. it was hard and the bills are piling.. but a home for us is very important...we are here for you...CHASE reps are very professional and I have talked to several very understanding ones RJ

[mreedlaw]

Right, Chase takes awhile, but persistence and politeness seem to be the key...combined with a little luck and timing, and you'll get a hold of the people you are trying to contact. I have had long waits, but good dealings with the short sale and loan mod folks at Chase, so stay positive, okay?

[Abbykatesmom]

I just called and spoke to a Rep named Brian. He asked me "what can I do for you today?" I told him that I was calling for a status on my Modification. He responded with a "Congratulations it has been send on to a Supervisor for final approval." WHAT???????????? He told me to call back in a week and get a status. He said he could not give me any of the details since the file had not been updated yet. He says that it may be next week.

Is this too good be true? I am scared to be optomistic!!!

[susie]

I was told that a week after we sent in our paper work, that was a month ago, and I'm still waiting. I wouldn't 'bank' on it being updated next week.
I think this means underwriting thought they had everything they need, and the file looked qualified for some kind of mod, but honestly, it ain't over until the fat lady sings, or approves

[RudyJay]

Keep on.. with the calls... and updates...

[RudyJay]

By the way.. the supervisor/manager is the final approval..(it was for me anyway). so good luck... you could hear at anytime or recieve docs in the mail... who knows.. could be soon... Keep the faith..rj

[faith]

I am scared to death too. I just received an email from my agent stating that CW has approved my short sale. I've read in this site that after the homeowner signed the escrow, the balance owed was sold to Collection Agencies. So I emailed my Negotiator and agent telling them that I rather have this house foreclosed than to do short sale if they will pursue me and take me to collection agencies for the balance owed. My agent, the buyer's agent panicked and wants to know if it's true that I am cancelling the short sale so CW Negotiator stopped all the approval of short sale.

I emailed back and said all I am asking is an assurance that CW will put it in writing that the approved short sale is the full satisfaction of
CW 1st and Old Republic 2nd and the missed payments. Is that too much to ask. I lost a lot of money too, we lost our life savings and our retirement money and it took them 10 months to approve the short sale and they wont commit to what I am asking for. Forget it, let this house be foreclosed.

Thanks,
Faith

[Abbykatesmom]

I have decided to be reservedly optomistic. I guess that it is better than a decline letter or something like that.