Chase modification on 80/20 loan SUCCESS!!

[Zoey24]

Buckeye,
I wish the best for you and you're family, hope you get great terms! Maybe you should work at Chase that way we could have a contact on the inside. JK Take care...

[buckeye]

Hey all
Still no news and no docs. I've called a few times this week and was told that my docs weren't mailed, just ready for doc prep. The rep I spoke with today says it doesn't normally take that long..expect documents by early next week.
Anyway, I have my closing agents extension, but of course he is never in, and never returns calls. Did anyone ever contact the closing department directly. They seem a little hesitant to transfer me from specialty lending.
I've only been transferred from there 2x.
Thanks

[buckeye]

OH my gosh. Just got off the phone with the specialty lending department. Have been waiting for my docs for about 3 weeks. Never received them, now my loan is back in underwriting because we are late on our loan and they need to revise the terms! So frustrating, this has happened to us in the month of August and September. We are saving our money for our "good faith payment", but our loan stays at the title company for so long that a new month rolls around and they have to rework our terms. I'm about at the end of our rope.
I was transferred to Lewis, who is supposed to be a supervisor, and he says he is going to walk my file through...I can only hope.
Cat, or anyone, do you have any contacts that I can use to help get my papers to me before the end of October so this does not happen again.
I almost don't even care what my terms are anymore, I just want to get this modification done. Been at it since April!
Buckeye

[buckeye]

ok
here's the deal. I was transferred to a very helpful supervisor today named Lewis. He said he would personally walk my file through all the steps that it needed to be and he would call me back. Well to my surprise, he did! I received a call back from Lewis telling me everything has been signed and that my file is on top to be mailed out on Monday.
He told me I would be very happy with my terms and I did get out of him that both loans will be fixed at 6.75%. (one was 9.2%, and the other 12.5%).
I am just thrilled that this is almost all over! I'll let you all know when I receive my documents, hopefully by Thursday.
Buckeye

[RudyJay]

I am waiting for Thursday to hear how you do ... too... good luck

[buckeye]

Yea!! I received my docs today! Both loans fixed at 6.50% for life of the loan! One was at 9.2% adj. and the other was 12.5% ballon. Of course I would have loved the 2%, 4%, etc. but I'm extremely happy with these terms, as now I'm fixed rate and my payment has gone down almost $300.
We were also 4 months behind, and had back taxes that had been paid by chase. We were a little worried about how much our good faith payment would be, but we were lucky. They rolled all of our fees into our principle, so we owe no good faith payment.
So, new payment is $1247, our old one was almost $2100 with our back taxes and escrow. $1247 does not include our escrow but we estimate our escrow to be about $250.
I'll take it. Thanks to everyone who has given us advice and support. I'll post when we get everything finalized after we make our first actual payment on 11/1.
Buckeye

[Cat Damiano]

Congratulations Buckeye!!
Those are great terms!

[schwefls]

Buckeye:

Kudos to you, party hardy, you deserve it.

[RudyJay]

Congratulations... great affordable terms worth the wait wasn't it ... Good luck to you and your family.....


CAT another one to move...

[blynmalyn]

Congrats with your modification! God bless you and your family and may you enjoy the rest of the year!

[buckeye]

Thanks to all that have been such a huge help and support. We had our papers signed and notorized today and will be FedExing them on Monday.

[TXHomeowner]

Congrats Buckeye!!

-TX

[elpjohnson]

CONGRATULATIONS Buckeye!

Take care, God bless and enjoy your house!