We Were Next Chase SUCCESS!! - Home Loan, Loan Modification & Foreclosure Help Forum

metfan08 · #1 (**permalink**) IP: 76.16.14.161 07-21-2008, 06:45 PM

Thanks to everyone involved in this board. I had been lurking for a few days reading the posts and I finally felt I had to post. Our 10.25% ARM is due to reset Oct 08. We have been 30 days late a few times, but have managed to catch back up each time. We faxed in all of our documents last Wed and I couldn't get a verbal confirmation that all the pages were received, so I called a supervisor this morning and left a voicemail message. The rep I sent everything to called back and said my file was sent to underwriting 7/18. She said that unless underwriting needed further documentation, I would hear nothing until I receive a notice in writing of my modification and the new terms, which I should receive in 2 to 3 months. It will be hard to wait patiently knowing so many people's documents were lost. Should I call periodically to check on the status?
Also, when I sent in my hardship letter I demonstrated that I believe I was a victim of predatory lending, that I had an interruption in employment due to my daughter's medical condition, and that with a modification, we should be able to meet our obligations. My expense sheet showed around $280 surplus per month with the existing mortgage. I hope we are approved for a modification. I saw that some people were getting modifications to a 6.5% fixed; that would be great. Thanks again guys!

Frogs are lucky · #2 (**permalink**) IP: 67.207.38.184 07-21-2008, 07:02 PM

Our circumstances are very similar to yours, same reset date too. I will cross my fingers for the both of us that we are successful with Chase mods!! I am glad to hear you were able to find out a little more info after calling today, I am anxious to hear back from them too. GOOD LUCK!!

metfan08 · #3 (**permalink**) IP: 76.16.14.161 07-21-2008, 07:43 PM

Quote:

Originally Posted by Frogs are lucky

Our circumstances are very similar to yours, same reset date too. I will cross my fingers for the both of us that we are successful with Chase mods!! I am glad to hear you were able to find out a little more info after calling today, I am anxious to hear back from them too. GOOD LUCK!!

Sounds good, I will watch for updates from you. Hopefully we'll both get our mods!

RudyJay · #4 (**permalink**) IP: 4.248.1.46 07-21-2008, 09:48 PM

Hi metfan08

I have a 1st with Chase...I am a loan mod success... it took awhile because they were slow.. but worth it in the long run... Keep moving forward... good luck... rj

metfan08 · #5 (**permalink**) IP: 71.239.117.89 09-22-2008, 12:13 PM

UPDATE
After being told we were approved then being told we were being sent back to underwriting, we were again told we were approved and our documents were being printed. Then...Fed Ex delivered loan docs for another customer, who, by the way, got 6.75% for 5 years then 9.50% for the balance of the loan. I hope my mod is lower than that and permanent. But since we're currently at 10.25%, I guess I couldn't complain.
Scary that they sent me the wrong docs, and this just means more delay.
I am so curious about what they will offer, and I can't wait to be done with this whole process.
Thanks for listening!

Cat Damiano · #6 (**permalink**) IP: 67.177.243.104 09-22-2008, 12:41 PM

Good Luck!!

Please let us know when you receive the docs and if you have any questions on them...........

buckeye · 09-22-2008, 11:20 PM

metfan
Hope you didn't receive my docs...been waiting since 9/11, the day the closing rep said they were scheduled to be mailed..and still to receive them!
Good luck, I'm sure you'll receive yours shortly, let us know how it goes!

Buckeye

RudyJay · #8 (**permalink**) IP: 4.248.4.108 09-23-2008, 08:47 PM

OMG wouldn't that be something... fingers crossed for both of you...let us know the results.

metfan08 · #9 (**permalink**) IP: 71.239.117.89 09-25-2008, 08:50 PM

I am pleased to say that I talked with a closing agent today, who found my docs in my file, and was sending them to be Fed Exed right away. He told me that I was approved at 6.75% fixed for the life of the loan. They are requiring a $750 good faith payment that may or may not post as my first payment, or it may be deducted off the principle, that was still to be determined for some reason, so he advised me to also make my new payment of $772 (they only have my escrow payment being $46, which is what it was last June) as soon as possible. Since I was going to make a $1400 payment Oct 1 anyway, this is no problem. The new P&I did not include my updated escrow analysis, but once that kicks in with my shortage extended, my total payments will decrease by $400 per month with no ARM increases in the future to worry about. For comparison purposes, though, my P&I will decrease from $1020 to $725. I am very relieved by that. Let's just hope what I have been told is in the agreement I receive via Fed Ex. I will let you all know as soon as I get the docs.

blynmalyn · #10 (**permalink**) IP: 96.229.50.174 09-25-2008, 10:51 PM

I am so happy for you. Still waiting for ours. I am sure it will be here soon enough.

Quote:

Originally Posted by metfan08

I am pleased to say that I talked with a closing agent today, who found my docs in my file, and was sending them to be Fed Exed right away. He told me that I was approved at 6.75% fixed for the life of the loan. They are requiring a $750 good faith payment that may or may not post as my first payment, or it may be deducted off the principle, that was still to be determined for some reason, so he advised me to also make my new payment of $772 (they only have my escrow payment being $46, which is what it was last June) as soon as possible. Since I was going to make a $1400 payment Oct 1 anyway, this is no problem. The new P&I did not include my updated escrow analysis, but once that kicks in with my shortage extended, my total payments will decrease by $400 per month with no ARM increases in the future to worry about. For comparison purposes, though, my P&I will decrease from $1020 to $725. I am very relieved by that. Let's just hope what I have been told is in the agreement I receive via Fed Ex. I will let you all know as soon as I get the docs.

Zoey24 · 09-26-2008, 07:22 AM

Metfan8,

CONGRATULATIONS! That is really great news, enjoy you're home.

schwefls · #12 (**permalink**) IP: 65.196.59.130 09-26-2008, 11:59 AM

Metfan08 kudos to you, party hardy, you deserve it

RudyJay · #13 (**permalink**) IP: 4.248.1.17 09-26-2008, 02:16 PM

Well a great big CONGRATULATIONS MET ... SLEEP WELL THIS WEEKEND YOU DESERVE IT.......

metfan08 · #14 (**permalink**) IP: 71.239.117.89 09-29-2008, 04:34 PM

I received my documents today. The terms are 6.75% fixed for the life of the loan, and they took my tax shortage portion of my escrow and did what they called a "corporate advance" and put it onto the loan. With that, my payments are now over $500 less per month. I can't even believe it.
Thank you, from the founder of this board, to everyone who posted, that I was able to do a little research and feel confident in applying for a modification. I had already decided to apply, but I feel this website helped me put together a solid application, plus the support of others in the same boat cannot be understated! Thanks Everyone!
Hopefully, there will be lots more "Nexts" just like me!
Good luck to everyone still in the process, hang in there, it's worth the wait.

Cat Damiano · 09-29-2008, 05:38 PM

Congratulations metfan08 That is GR8 News!!!

blynmalyn · #16 (**permalink**) IP: 96.229.50.174 09-29-2008, 06:20 PM

Congrats Metfan08 I Am Glad You Can Now Enjoy Your Home!!!