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Another drama unfolds!!!..... loan to transfer to another servicer!

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by calihom, Jul 21, 2010.

  1. calihom

    calihom LoanSafe Member

    Hello me again...So, another drama unfolds today....A letter from CHASE saying that the loan will be assigned to IBM Lender Business Process Services starting Aug. 1st

    My Story:

    Jan. 2010 applied for Hamp
    April 2010 1st missed payment
    June 30th 2010 Denied HAMP (too much income) and In house mod (debt to income ratio too high)
    and thanks to the advise of Loansafe.org called the executive team and resubmitted docs July 14th, 2010
    July 16, 2010 file sent to QA
    July 21 file is out of QA waiting to be assigned to an underwriter.... was escalated

    This loan is backed by Fannie Mae and dont know what to expect since I am in a middle of the modification process. Anyone have any ideas? Anyone have any experiences with the new lender regarding mods? Am i just screwed at this point? Should i start packing up?
  2. litehouse01

    litehouse01 LoanSafe Member

    You are not screwed yet.................the same thing happened to me in December of 2009 after being told I was approved for a loan mod (inhouse) in November of 2009...when I found out I freaked of coarse but I worked with a nice guy on the chase executive team (Andy) and was able to get the loan recalled so it would not be transferred...thank god because I had not received the official loan modification documents at that point......But I put my faith in this guy on the executive team and all worked out well, the loan was recalled the modification was completed and Chase still holds my loan. But I would stress stay on top of the situation with your point of contact on the executive team call at lease once or twice a week get updates ask and document what is the latest.
  3. rcamiller

    rcamiller LoanSafe Member

    I asked if there was anything I could do since I was in the middle of my trial period and was shot down. Chase did this to a ton of loans. I hate Chase at this point. They have dragged this on for 15 months and now that I'm close to the end they probably just sent me back to start!
  4. paul98

    paul98 LoanSafe Member

    I too received a letter from Chase that my loan is now being serviced by IBM. Maybe they will be better with mods? I already am finalized. Good luck with yours. Maybe a fresh company to deal with is a good thing. Stay postive, (if you can).
  5. rcamiller

    rcamiller LoanSafe Member

    Congratulations on having completed your mod. You think they would have to hold on to active trial modifications and only be able to those who haven't gotten that far, or were already processed and approved or denied. Just when I was a month frm completing the trial and after 15 months I'm screwed by chase once again.
  6. calihom

    calihom LoanSafe Member

    thank you paul and congrats on the loan mod :)

    I am praying that IBM will be better. I've gone crazy with this whole process! I've done some researh regarding IBM lbps and i feel pretty good about them..Each time i call them, i can clearly hear them typing in notes. In fact, they were great! I mean, im not approved yet, but im glad that each of the reps i spoke with knew exactly what was previously explained to my husband and myself regarding the modifcation.(i was testing them) Its a breath of fresh air since we all know that CHASE never could stick to one answer! I will be resubmitting my loan mod paperwork myself to IBM because i cant really rely on CHASE transfering over my information. I suggest for anyone who is applying for a modification who does not have trial payments to do the same...(by the way, chase just sat on my mod paperwork since they knew i was being transferred..i already made it all the way to QA on my second time around, just waiting for underwriting)
  7. rcamiller

    rcamiller LoanSafe Member

    Calihom- when were you transfered?
  8. aznightmare5

    aznightmare5 LoanSafe Member

    I'm transferred too after 15 plus months on the rat wheel with Chase. I'm still in trial mod and when I called the Inew servicer they couldn't tell me anything until "I get in the system" which will be on the 20th of this month. So what am I paying, who am I paying and where am I?

    You are not alone.:confused:
  9. calihom

    calihom LoanSafe Member

    just wondering...when did you receive the letter??? a lot of the individuals in another thread received theirs last month to start making payments to ibm lbps this month. We started Aug. 1st with them and are already in the system..
    In any case, on another thread, individuals had called on Aug. 1st and made their reduced payment over the phone. I myself are in default and not made a payment for 5 months.. I had to resubmit mod docs to them again. Its a pain in the butt, but i think they may acually be better

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