Chase approved Mod- SUCCESS!!

[susie]

Can someone help me here- (WorkInLossMit?)

I called Chase today, the mod department, just to make sure that we are suppose to do payments like usual online. I know some places make you send payments in or do it different if there's something 'new' with the account.

The girl I talked to said.. "It has been approved and it's waiting for the final sign off of a supervisor, which will be about 2 weeks and you'll receive the documents".

I just faxed all this stuff about 8 days ago. Is this true? The last time I talked to "my guy" at Chase that is handling it- he said it was in underwriting. I am just really curious to know if indeed I can trust what she tells me, and just cause something is approved, it doesn't mean the terms got a lot better for us, right?

I am asking because our income is around 110K, but we have a lot of expenses due to having 4 kids, and a lot of medical bills this year. We also have had to do a lot of improvements to the property because of the insurer requiring us to do so to maintain insurance. The folks at HOPE helped us do our budget sheet and I believe the surplus after bills was $136.
We were not late with the payments, and I don't know if it's too good to be true, of if maybe our acting ahead of the rate adjusment is going to be to our benefit and it really is going to be ok.

[Moe Bedard]

Susie,

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

Since you are not behind, and if your rate is adjusting fairly soon, some of the investors on the Chase loans have advised them to do mass modifications very quickly.........this is something that was just implemented and only with certain investors, so your loan could be one of these. Since most modifications with Chase were taking upwards of 3+ months it wouldn't hurt to just see what it is that they are offering you.

Please keep us posted..........

[susie]

Our rate isn't suppose to adjust until October. I did send them a detailed hardship letter.
We had a foreclosure some years ago and I stressed to them that we didn't want to go through that again-that we want to pay them. Maybe knowing that we've been through it made it seem like we weren't kidding? That was an entirely different scenario, that was Ameriquest giving us appraisals that were insanely high- we didn't realize they were doing their own values- and we got terribly upside down in a property. The house we have now, we love and I don't want to lose it, and I will take 3 jobs if I have to so we can keep it. This forum has been a godsend though. I hope our mod is successful and I hope I can help someone with theirs too.

[Moe Bedard]

Susie,


I hope you get the modifcation................

I have posted all of the contact info for Chase in the section of the forum for anyone going through the process with them to help them with their modifications.............

[susie]

I didn't see this number listed on the directory, so it may be for once it's in the process.
I called HOPE and CHASE called me the next day and I had my mod in and in underwriting in 2 days. Maybe this will help someone.

I have been lurking awhile, and if I remember ***, you did get your mod, right?
I'll tell you that right now, Chase has been extremely helpful. I think a lot of the forum person's who've had a bad experience may have had a poor contact number to start with and it took them longer to get up the ladder per se.

[Moe Bedard]

Susie,

That number is not on my contact list because it is not Loss Mitigation which is where someone starting out has to go through first...........it is HOPE's direct number to go to the Loan Modification Dept. which is the number you receive once going through them and it is a totally different department...........so I will have to take that out as I just got off the phone with them and that is not a published number........it is only for use by those going through HOPE.......

And Yes I did recieve my mod and I am in the Success Section........thanks for asking.........

Most of the members regardless of who they are going through for modifications always get put into the Collections Dept.
And we do have most of the contact numbers to Loss Mitigation in most cases posted on the forum........

[susie]

Weird, when I call that number it says "Thank you for calling Chase" and when I talk to someone they only ask me for my Loan number with them. They've never mentioned HOPE to me when calling that line. Or do you mean it is a Chase number, but just not one they want people to have?

[Moe Bedard]

Exactly...............

It is Chase..........but it is the Loan Modification Dept. in Texas.......they are the ones that get the information gathered by HOPE and are handling those modifications........
That number is just for the customers of Chase that are working with HOPE counselors.

The Loss Mitigation numbers that I have posted are for the members doing the modification on their own..........and this is the dept. that gathers the information for them.

They are both Chase in the same building in Texas, but two totally different depts.

[susie]

Whew, I thought I was calling the wrong people!
I just happened onto this site, is Moe posting links to this on other sites or venues?
I can only imagine how many people out there are thinking "what's the point, they won't do anything for me"
I kept reading all these articles about how the changes would only affect "very few borrowers". I think maybe the gov't doesn't realize just how many people are in this boat, or maybe they do now.. a bit late.

We heard the same thing everyone heard... no worries, this will get you in, then you can refi when you get the improvements done, you'll have tons of equity. Yeah, if the housing prices hadn't plummeted I am sure we'd have had equity.

We were at the closing table, halfway through the docs before it was disclosed there was a prepay. I call the broker right there- and he says "oh we won't charge it if you refi with us...." well they sold the loan to Chase, which is great actually, but he had to know they weren't going to own that loan for the refi. They kept delaying the closing until we were living out of Uhaul, so when we finally got to the table, I probably wanted to believe everything they told me. I'll never do that again.
If we get this mod with good terms, we'll never leave Chase!

[Moe Bedard]

Well getting picked up by Chase might turn out to be the best thing that has happened to you........

I am sorry to hear about everything you have been through up until this point......

I hope you get your good news soon.......

Pretty much if you Google anything to do with foreclosure or loan modification questions and such, you will get to this site........

[susie]

OK, an update of sorts-
I just spoke to CHASE to get an update. The gentleman told me that they are trying to work things out so that they close loans there at the TX office instead of forwarding them to San Diego first. He said mine will be 'closed' in TX and that the transition process could take a couple weeks since they just started it, but this should make things go faster going forward he said. I think that some of the folks here have contacts to the depts and can verify this.
If so, this is good news hopefully!

[RudyJay]

Thank you Susie. I will be following up with Chase today also and my loan mod is in TX. I'll let you know if I find out anything new. RJ

[susie]

***, hoping for some advice here. My rep, Duane, who in the beginning was very nice and helpful, is obviously annoyed when I call. I don't call every other day because he sounds so irritated, but I have tried to call every week or so. What do you do when they basically say "I don't know anything, and when I hear something, I'll let you know", and more or less to stop calling.
Is there another approach or way I can make this move? The last time I talked to him and got any update was the beginning of May and he said that it was through underwriting and waiting for final approval. When I asked today if i's still waiting on final approval?? He said, "I don't know what they are doing with it, but I know they have it and as soon as I hear something, I'll let you know".

What else can I do to get my file back in the 'queue' to move?
Susie

[Moe Bedard]

susie,

When it is with the underwriter, there isn't anything you can do to move it faster..........they take their time.......and they will not speak to borrowers or to the loss mit reps either.......that is why your rep doesn't know anything........


All that I did was speak to anyone that answered the phone and asked them to check and see if there were any new notes on my file......

According the day you sent all your information in ..........you aren't anywhere near the time that mine took..........when I was sent to underwriiting it had already been 3 months and it was with the underwriter for an additional 7 weeks........and that was on an escalated file.......
so really yours isn't taking that long........it is moving to the timeframe they had been saying the process takes........which is 45-65 days.

Hang in there........

[RudyJay]

Susie

I actually only talked to the rep assigned to me about twice during the whole

process. It was easier to just talk to anyone then to leave messages. When

I called I just asked for a status update or how it has been progressing..

What I know is the reps are answering phones all day and looking on the

computers.. Especially my case was in underwriting a couple of months.. I

had a variety of responses. I asked stuff like... does it look like its moving?

Sometimes I got a rep who was fresh for the day and was very assuring and

there were times I got reps who were at the end of the day...I always

explained my anxiety and understood their work levels..One of the reps were

funny.. I said that this process was like "watching grass grow" response was

grass grows faster... haha.. I don't know if this helps.

BUT STAY WITH IT...rj

[RudyJay]

I am not sure if it was coincidence but my calls were normally after 12 noon Pacific standard time. But seems when I called earlier the wait was longer and the reps were less helpful..Keep on Keep on

[susie]

Yeah I called today and didn't put in his extension, I just got a regular rep, and then she said, I'll transfer you to your rep, and so I thought maybe they had an update.
I don't know if I called and said.... I talked to him and he says nothing has changed, but is there anything moving? I mean today, honestly I didn't even get the impression he looked anything up, he didn't do the normal, let me verify your info, I have to do this.. which he had always done in the past.

[Moe Bedard]

In all honesty suzie...............your modification has only taken 5 weeks at this point...........look at RJ........battling since Nov.07 and mine took 5 months total...........

You are further along in the process at this point then either one of us were..........this is a good thing for you.......

but the underwriting process could take and additional 4-6 weeks.......so just prepare for if that happens.......

[susie]

Just an update. I called today and the guy didn't even try to look anything up or even ask me my loan number or anything. He asked who my rep was, I told him, and he said he's out of the office today.
They keep telling me that I should know something anyday and to call back and now this guy says they have no way to know if it's approved or not approved. I don't believe that, or they would have huge amounts of "pending" files open forever...

We had to finally buy propane.. it's tripled since last year.. and now we're actually behind on the house payment, first time ever... is there anything I should do different?

[Moe Bedard]

With Chase you are doing everything that you can.................
the process does take a while and unfortunately there isn't any way to hurry them along..............

Hang in there........

[RudyJay]

Hi Susie

I saw on line this weekend that Chase is updating their files from July 1-10th (or 7th something like that) and information is only available through June 30th. I couldn't find the notice again to paste to this forum...rj

[susie]

Ok, I may finally see something going on with the account.
I signed into my chase account today, which I've been checking online every few days, in case it shows an update there before I receive the letter by mail.
Today when I logged in, it's only showing our smaller loan, and the larger loan isn't on there anymore. Could this mean they are finally doing something with it?
The info on the smaller loan hasn't changed, the rate is still a disgusting 11.8 fixed balloon (we didn't know this was a balloon... but I guess it is?).
Does anyone else recall if their online account was whacky once they got the mod finished?
The other day I got a very helpful rep in collections (we are running 30 days behind now thanks to propane...) and he asked if I had talked to a specific person. Gave me her name and everything. I said, no, this is the first I've heard that name. He was going to try to contact her for me. I thought that was at least more help than I'd gotten in the past.

Anyway, has anyone else noticed their accounts disappearing online when the mod is completed?

[RudyJay]

Hi Susie.. Sorry can't help.. but when I was waiting I used the phone automated system to check.. One of the other members said that is how he found out... but who knows.. Maybe the missing information is an issue you can bring up with the loss mit reps..gives you a reason to call... when you call again. ...rj

[susie]

That's what I was thinking too! Well I'm hoping maybe something will come of it this week. I'll keep you posted.

[Abbykatesmom]

Susie,

That happened to me sort of........ toward the last week of the process all of my mortgage statements disappeared and then low an behold the new payment was there.

I hope you are in the final stretch