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Chase FHA In House Loan Modification

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by Hillwood, Mar 27, 2012.

  1. Hillwood

    Hillwood LoanSafe Member

    We are 8 months past due on our mortgage. Chase has offered us an 'FHA Trial Payment Plan' for a period of three months with a monthly payment of $2515. Our original monthly mortgage payment is $2919. We accepted the trial payment plan but realized after the fact that our financial worksheet was missing around $500 in monthly expenses so the trial monthly payment if made permanent wont help us to much and will most likely put us back in the position we are in now. What should we do? The trial payment plan dates are on April 1, May 1, June 1.
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Hillwood,


    The payments are based on gross monthly income and should be within 31 percent of that including principal, interest, taxes, and insurance. Is that payment at just about 31 percent of the gross income?

    The back end debt ratio should not exceed 55 percent of the gross monthly income.
  3. Hillwood

    Hillwood LoanSafe Member

    Gross Monthly income = $5348
    Net Monthly Income = $3999
    Monthly Expenses (stated for consideration of loan mod) $4367
    Monthly Expenses (with adjustment adding $500) $4867
    Original Monthly Mortgage Payment (PITI) = $2919
    Trial Payment Plan = $2515

    If my calculation is correct, with the new monthly paymen on the trial payment plan, the new front end dti is 47% and the back end dti is 73%
  4. Cat Damiano

    Cat Damiano Mortgage Wars

    What did they say was the reason why you were not able to get into the FHA HAMP program?

    http://www.hud.gov/offices/hsg/sfh/nsc/rep/hampfact.pdf
  5. Hillwood

    Hillwood LoanSafe Member

    They didnt state why. Based on my calculations we dont qualify for the FHA-HAMP, unfortunately.
  6. Cat Damiano

    Cat Damiano Mortgage Wars

    Yes, but the inhouse mod is pretty high, if you have a certain timeframe to accept it in, you may want to speak with a HUD counselor first to see if they can look over your information and provide help for something more affordable. They can go over your budget as well.

    U.S. Department of Housing and Urban Development (HUD)
  7. Hillwood

    Hillwood LoanSafe Member

    Thats the problem. We already accepted it. Is it possible that Chase will modify the permanent loan modification to get our front end DTI lower than the 47% we would have with the trial payment plan monthly payment?
  8. Cat Damiano

    Cat Damiano Mortgage Wars

    If it were me, I would contact HUD at this point anyway and let them know that the trial payments are too high and could they work with you and Chase to re-evaluate your information.
  9. Hillwood

    Hillwood LoanSafe Member

    Thanks for the advice. I will do just that.
  10. Cat Damiano

    Cat Damiano Mortgage Wars

    Please keep us posted on how it goes, I hope that they can get it worked out to a more affordable payment for you.
  11. LostRM

    LostRM LoanSafe Member

    How did you already accept the trial plan? The rules for accepting is that you made your first payment that's it. Have you? If you havent you still have time. The CAS assigned to your file should have access to why the HAMP was declined.
  12. Hillwood

    Hillwood LoanSafe Member

    Yes we have made our first payment. We are hoping they will adjust the final loan modification to take into consideration our updated financials. If they dont then we will eventually re-default. Our customer rep told us that if we dont make the payments that we will not (that I know is incorrect) be eligible for any other programs in the future. Today however she said that she hopes something can be worked out by the time final modification is generated. I assume HAMP was not even considered because following the HUD loss mitigation waterfall in order is Loan Modification, then Partial Payment then FHA-HAMP.
  13. LostRM

    LostRM LoanSafe Member

    When you get approved for a trial mod, the final figures are already drawn up but not available to you or the CAS. Upon completion of the trial then it goes back to UW for like 1 day, they confirm their work, and the final is sent about a week and a half after the 3rd trial payment posts. If your financials change, that doesn't effect the final, since the term/rate/payment was already figured. You would have to opt out of the final after getting it mailed to you, then state a new hardship, but getting it the 2nd time again isn't guaranteed. I would clearly advise to the CAS your problem, have them contact the UW. But my understanding is that the UW will advise you have to reapply. Very rarely do they re-due the numbers, unless you are applying again. Good luck keep us posted.
  14. Hillwood

    Hillwood LoanSafe Member

    Below is a letter we received in the mail back in December of 2011. We stopped paying our mortgage back in August 2011. Question. Does this mean Chase is now the investor instead of Ginnie Mae ?


    SUBJECT: Required Notice ofNew Creditor

    Federal law requires that we tell you when we sell or transfer your loan even if it's an internal transfer to another Chase entity. As a result, we're writing to let you know JPMorgan Chase Bank, N .A. is now the creditor of your loan.

    You can find more infonnation on the back of this letter. Here are some highlights:

    • The servicer of your mortgage loan is not changing, so you should make your payments
    in the same way, on the same due date, IIsing the address on your monthly statement.

    • We are not changing your enrollment or participation in any other Chase services or programs.

    We appreciate your business. If you have any questions about this notice, please contact us at 800-848-9136, between 8:00 a.tn. and 12:00 a.m., Monday through Thursday, 8:00 a.m. to 10:00 p.m., Friday, Eastern Time or between 8:00 a.m. and 5:00 p.m., Saturday, Eastern Time. TIus is a toll-free number.
  15. LostRM

    LostRM LoanSafe Member

    Well the phone number listed is customer service, to confirm I would call and ask who your investor is. But your CAS rep can tell you who your investor is as well. The only example i can think of was your investor use to be WAMU or EMC and they finally changed it over to Chase. Good luck.
  16. Cat Damiano

    Cat Damiano Mortgage Wars

    Ginnie Mae is not an investor. Ginnie Mae does not buy or sell home mortgages, nor is it the investor or owner of the securities it guarantees. What may have happened is that, under FHA-HAMP loans may be bought out of a pool if the borrower is approved for a trial modification and the loan is in a continuous period of default for more than 90 days. At least a 30-day delinquency period must exist before the 90-day default period begins.

    For purposes of FHA-HAMP, the 90-day default is deemed to include ongoing delinquencies resulting from trial modification payments received from a borrower during the trial modification period, where the payments are less than those required under the original loan. The time period as to when the loan can be bought out of the Ginnie Mae pool varies depending on whether the borrower is delinquent or current when they apply for the trial modification.

    Here is a Q&A that can help;

    http://www.ginniemae.gov/issuers/FAQ's_loan_modifications.pdf
  17. Hillwood

    Hillwood LoanSafe Member


    Thanks. There is just so much stuff with mortgages and the programs. I was hoping Chase now serviced & owned the mortgage so we could possibly be eligible for the national mortgage settlement.
  18. Cat Damiano

    Cat Damiano Mortgage Wars

    Hillwood,


    Based on the new information that you received, this may have been exactly what did happen, although I am not sure if you would now be eligible to be a part of the settlement as a result of Chase now being the investor on the loan as well as servicing it.

    They do have a package that can be filled out and a contact number to find out if you are eligible here;

    https://www.chase.com/online/servic...ent.htm?jp_aid=hf/hlphomeowner/int/na/kyhtile
  19. Hillwood

    Hillwood LoanSafe Member


    Confirmed with Chase today three times today via phone that they are now the owner & servicer of the mortgage and we are eligible to participate in the national mortgage settlement program. This should be an interesting ride. We are underwater around 100K.
  20. Cat Damiano

    Cat Damiano Mortgage Wars

    That is good news, maybe now you will be able to get a workout that is affordable. Please keep us posted.

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