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

[searay]

We are currently using a 3rd party to negotiate our modification with Chase. So far nothing "bad" has happened, but this has been going on since the end of October. I made one call to Chase last week and was told by their loss mit department that they are offering borrowers that qualify 5% for 2 years and 6.5 % for the remainder of the loan, and the process is taking 60 days. I don't want to delay/stop the process by interferring.

Also, my second is with Select Portfolio and that still needs to be negotiated.

Any suggestions?

[AACPA]

I'm handling my modification with chase myself. You will find all kinds of useful information on this site ranging from the experiences others are having (which are good to learn from) while trying to deal with their mortgage companies such as the "sweet spot" for income left over after expenses to examples of hardship letters ect that you will need when requesting a modification from your loan servicer.

Since I do not know exactly what your situation is, I am in no position to offer my opinion as to whether you should handle the modification yourself or let someone else do it. Is this a service you are paying someone to do or is it through a non-profit? I would think that with 2 loans involved it complicates things.

[Moe]

Chase has been very good about modifying loans for struggling borrowers and I have nothing bad to say about that lender at all. You could have done it yourself and you are not interfering with anyone by checking on your loan modification.

You should start the process with Select Portfolio also. This third party did not offer to handle the second and will you now afford the 2nd now that the first is modified.

[searay]

We don't have anything finalized with Chase yet. It is still being negotiated for us with the third party. We were told that better deals are possible when someone is negotiating on our behalf. Is that true?

We are waiting to negotiate with SPS until we get a definitive answer from Chase. We figured it would be easier to work with SPS, with them knowing that Chase worked something out with us on the first. SPS would end up losing more by not working with us considering the house is now upside down and they are in second position.

I posted another thread regarding property taxes, are any lenders including them in the modifications?

Thanks for your time, it's greatly appreciated.

[searay]

Please see previous reply

[Moe]

No, better deals do not come by having someone negotiate for you. Unless, your skills are not to great in the negotiation department. Usually there is not negotiating, they give you what they give you. The toughest part is just making all the calls, faxes, follow up calls and so forth it takes a lot of time and if you do not have time, then a 3rd party might be wise. However, Chase is very responsive and I fell that no one needs a 3rd party in dealing with them.

SPS should be negotiable and yes, your are right.

Taxes are usually not included unless you have impounds already on your mortgage, which I addressed in the other thread for you.

Good luck and please let us know what happens.

[Brian K.]

Like Moe said you can do it your self, but many people find that this whole process is a very large waste of time. That is, you waste a bunch of time on hold, calling back, being hung up on and explaining your story 71,000,000,000 times. This can be very frustrating (please see all posts on this site).

As a third party negotiator / modification agent for home owners I have found that people fall into two distinct camps. Those who are tenacious, well organized and have a job that allows them to make the daily calls and be on hold for prolonged periods and those who are just to busy to handle the problem effectual. For the former, they can do this! The forum will give most people all the tools that they need to handle the problem themselves. For the second group, paying someone to do the job is the only way to go. As anyone will tell you who is doing this, you need to spend time, a lot of time.

So I guess what I am saying is that you can do it yourself, or pay someone if they will do a good job for a reasonable price. You have to balance the cost of your time against the cost of having someone do it for you.

[searay]

Has anyone had any luck modifying a loan with Wilshire Credit?

Thanks

[QueenofRealEstate]

Yes I have, they take for ever (14-20 minutes) to come to phone, but I had a loan mod approved threw them on yesterday. Are there any specific questions you had?

[Andrew]

You are violating terms of use by posting your info. Dont call that number green30joh

[momof3boys]

So Dee-Dee Thompson,
Why don't you try and help the original poster by giving them tips to working with Wilshire, rather than telling them your success and your contact info??? You might want to read the terms of membership/posting PRIOR to you posting here..

[Cat Damiano]

I was just going to post the same thing...........she is a Realtor and Investor, does Short Sales, and Loan Mods...........
YOU KNOW THAT IT IS NOT DONE FOR FREE!!!!
Dee Dee stop hawking business off of the backs of homeowners trying to help one another with ideas and experiences.......FOR FREE!!!!
We have Moe and Brian paying it forward for us and we are doing the same with our experiences for each of us on here that appreciate the help from those of us going through the exact same thing.
Somehow I don't think you are going through it too
Just a thought........

[searay]

Thanks all....spotted that one. Still tyring to make a buck off people in a bad place.

[QueenofRealEstate]

i Was Banned

[elpjohnson]

I agree with all of you! Dee Dee stop trying to promote your business on this FREE website that is for homeowners and professionals trying to pay it forward not trying to make $$$ off of homeowners in distress. Moe......

[QueenofRealEstate]

i Was Banned