Chase Success!!!!!!!!!!!!!!

[Mercury213]

workinlossmit-

Why is there no one in San Diego I can speak with that has any idea how to help me? I applied for a modification. It took 120 days while interest piled up as well as other charges. I now have a modification agreement that is unworkable with a down payment that I can't handle, yet there is no one who can answer my questions, regarding how these "arrears" were calculated.

I was 4 months behind when I applied for modification, now I'm much further behind, due to Chase's inability to handle the workload.

My income situation was rosy when I applied. Since then, the Writers Guild of America has gone on strike and I had a short illness, resulting in lost wages.

I can work now, around the strike, and my regular job (rosy) will pick up when the strike is over. How do I get Chase to reconsider my situation, lower my rate, and take a down payment that I can handle?

[Cat Damiano]

Hi Mercury,
You have to do that QWR to get all of the info on the fees and interest and payments and how they were applied or not......from Chase....
If it helps you any here is the San Diego Loss Mit number where I speak to a live person from : 1-858-605-3345
although I am assigned to one person to speak with, but if you ask you might as least know who you are assigned to and get to their extension......
Unfortunately applying for a loan modification doesn't stop the foreclosure and collection effort and the fees and payments continue acruing on your account. You also applied for you loan mod before Chase had implemented their streamline process that is a little quicker than it was.....modifications are now taking 45-60 days as of December. If I were you I would take the advise given on the QWR from us and go for the modification again now....

I am so sorry for what you are going through, my heart goes out to you.....
The writers strike sucks for us all..........I miss my shows..

[Mercury213]

Thanks, I am writing the QWR now and will call the number you gave me.
I get live people, but they only read the computer screen to me. My loan rep "isn't here anymore" and "you don't have a rep assigned to you."

It seems that I must apply again for modification (and NOT ACCEPT this one), which has no interest rate cut) with Chase's new "streamlined" process and my new hardship, but I'm afraid they will determine that I can't afford the loan. I CAN afford the loan as soon as the damn WGA strikes a deal, but I'm sure Chase doesn't want to hear that.

[Cat Damiano]

Yes try those things......

The streamline process is alot faster.........I have only had two people to talk directly to that were assigned to my mod.......the first was in Texas and he was the person getting my file together and making sure that I qualify for the modification in the first place and then when I did my file went to San Diego which is the Arms Unit and I have been in touch with the one person who has my file their and I have her extension and I only deal with her...
My process is almost over and it has been 40 days so far....
As I said with the faster time frames you should reapply for the modification...
And I hope for all our sakes the Strike will be over soon.....

[penniandmondo]

Well, I have to deal with Wilshire, back in Sept. 2007, charged me with a Broker Price Opinion of a hundred dollars. They claimed we didn't pay property taxes. On there all their letter head to us, was a fax number to send paid property tax information. We faxed five copies of paid taxes, but they said they never received it.
WATCH THIS COMPANY, on all their letter heads, WRONG FAX NUMBER.
The only way we got our hundred dollars back, was to go to Financial Regulator of the State of Florida.

Furthermore, the brokers price opinion is a drive-by appraisal of your home.
We explained this to Financial Regulator, and ask why companies are allowed to appraise your home this way, when before you purchase your home, you pay over $300.00 for an appraisal and they look through and measure ect.

I would like to know what Florida is doing to prevent this forclosure mess.
It looks like to me, that only a few States are taking legal action againest these companies and their preditory and bad faith practices.

[Mary Salzer]

Thank you for joining the forum and welcome.

As for what the States are doing, well, let me tell you a little story....I reported to a (unnamed) Banking Commission the Alteration and Forgery of documents while I was employed by an (unnamed) Lender. So do you think that they were concerned, Yes they were, do you think that they wanted the particulars, yes they did, did I actually provide the documents that were altered and forged, yes I did.......

So what do you think happened? The state told me that they did not have enough investigators to deal with the abundance of problems, and they were only going after the biggies......

So....the moral to this tale is that yes they are concerned, but they do not have the manpower to manage the depth and breadth of this issue and unless it is in the millions and millions of dollars and makes some significant headlines there is little or no action taken.

The Feds are in the same boat too. Oh Wilshire was issued a Cease and Desist order some years back, but cured the problem and has gone forward.

[searay]

Spoke with our modification rep at Chase yesterday and she told me it is harder to get declined then it is to get approved. This is good news for all of us working with Chase. Our file is still waiting for underwriter assignment, started the process back in December. (This was after a third party dropped the ball on our file started in October, see my previous posts)

I once again asked about the programs and she stated 5% for 2 years and 6.xx for the remainder. I am curious as to what the criteria is for the 5% life of the loan that some homeowners are being offered.

[Mary Salzer]

The rate and terms are primarily driven by the specific investor behind the loan that bought it at the onset of the inception of the loan and the expected and anticipated stream of income from the CDO or Trust that it was sold into at that time.

This is not something that you or I can control, the layers here are like an onion, what one gets another may get better or worse, all driven by that onion and who the onion is. Also the situation gets more complex as these were sold into separate offerings at different times with different anticipated yields....all in all very complex, accounting standards vary from time frame to time frame, entity to entity....so the driving force on the rate and terms is extremely complex and often entirely out of Chase's hands...the folks making that decision have to justify to numerous authorities...SEC, OTC, OTS, and the end user/beneficiary of the income that is being reduced as the rates are not going to be what was initially expected when the Security was sold.

[mauimalia]

Interesting about the chance of declination being lower than being approved! Our loss mitigator presented a scenario that increased our payment, which is going in the wrong direction. We need money to live! I'm learning a lot from Poppy about all this bugabaloo. How I wish these "investors" would just look at what people earn and their situation and just make something work out. Its better to do this in the long run than take a home you cannot sell with all the tax liens etc. Its a waiting process. I'm waiting to see if HOPE NOW does anything with the loss mitigator. Haven't heard a peep from anyone. My husband is going on business travel all next week and by the time I get home from work, around 2pm PST, Chase is closed down. I cannot call from work as you know the drill. This whole debacle makes me ill, but one day at a time. I will be forever grateful for everyone's help (especially Poppy's) even if we end up walking away and find some giving soul who will allow us to rent.

Maria

[searay]

Well, after 6 long months we finally got underwriter approval for our modification. (see previous posts) I know it still needs management approval but we are now 1 step closer. Chase said we may not receive anything for another 30 days. We obviously don't know the terms and conditions yet, but whatever they are, we are blessed to be in a position to save our home. For others that are waiting for approval, I was told by my rep that they should be completing their March files within the next 2 weeks. (Our file was escalated on March 9th)

[Cat Damiano]

searay,

That is great news!! Now keep a close eye out.........that was when my docs just showed up by FedEx at my door............
And I really want to move you to Success soon!!!

[RudyJay]

That said.. Searay it could be any day now.. Fingers crossed ... rj

[searay]

Then it will be time to deal with the 2nd.

[RudyJay]

Yep exactly what I did... rj

[Abbykatesmom]

Good luck to you and I am sure there is light at the end of the tunnel.

I too am working on my 2nd with Litton. I emailed them today only to find out that they never received my paperwork in MAY! UGGGHHHH. At least Chase it done!

Still cant believe it!