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Chase modification on 80/20 loan SUCCESS!!

Discussion in 'Success Stories - Homeowners Who Fought Back & Won' started by buckeye, Aug 14, 2008.

  1. buckeye

    buckeye LoanSafe Member

    Hi all
    What a great forum! I'll start off by describing our situation.
    We did a refi in July 05 and then Chase bought our loan. We came under hard times and were unable to pay our taxes, which were not escrowed into our loan. Chase paid our taxes for us and added an escrow to our account. In turn our loan went up $575. We also have an adjustable rate loan. I sent in our paperwork in April for a modification, still waiting to hear (not unusual from what I've read!). I'm worried that they will just fix our rate, when we really need something to help us since our escrow added so much to our loan. We cannot afford the new payment, and we are now 30 days behind, soon to be 60. Our "80" loan is $1642 with an 8.4% and our "20" loan in $374 with a 12.5% rate. Our loan is only roughly $174,000. We are paying a $2000 mortgage on a loan of only $174k.
    We talked with Hope Now, and hopefully this will move things along. I'm wondering if I should re-explain the situation to make sure our modification is not just a rate freeze, but an actual modification of our rates. Also, does anyone know if Chase EVER offers a forbearance or deferment of some sort. That would help us tremendously to catch up and stay current until our modification does go through.
    One more question....will this new housing rescue bill that takes affect Oct. 1 help us at all?
    Thanks so much, it is encouraging to read the success stories
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: modification on 80/20 loan?

    Hi buckeye,

    Welcome to the forum and thank you for joining...............

    Chase is going to tak a while..........but the modifications are up to the investors on the loans and most of the investors that work with Chase have already given them the parameters of what the workouts will be.........
    Chase doesn't offer a deferment...............and all a forbearance will do is to raise your payment similar to the taxes because the missed payments will be divided over a certain number of months and added back on top of the current payment.........therefore raising it..........
    Right now you are in the waiting period...........you really need to stay on top of Chase for updates on your file going through this process.........

    As far as the FHA program goes............the short payoff is voluntary......so the lender would have to participate and I am not sure that Chase will be a part of that...............we shall see.........I will be curious to see what lenders will.........

    FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS
  3. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Thank you for your quick response. I've been on the phone MANY times with Chase, usually the loan modification department, and they can tell me absolutely nothing. I did speak with someone in loss mitigation today, and unfortunately, not much help as well. Basically told me to wait it out, it is with the underwriter. And told me to try and make a payment to stay current...although easier said than done.
    My question, should I ask for a supervisor or manager when I call tomorrow. I have spoken with a counselor at Hope Now, and she said that after a few tries, if I get no response to call her and we can do a 3-way call. Will this help?
    I know that they are overwhelmed, just going on 4 months now, and kind of waiting for an answer.
    I'm also worried that since my escrow account was added to my mortgage after we sent in our modification papers that they won't have the accurate information on our loan. Should I send in new papers?
    Thanks again
  4. RudyJay

    RudyJay LoanSafe Member

    Re: modification on 80/20 loan?

    Hi Buckeye

    Chase is so slow... we all know about waiting for our loan mods... The reps always say to pay your monthly amount if you can... When calling loss mit... they can see all the info and what's going on with the mod... I sat in underwriting for 45 working days which is about average... The amount of time some of us have waited for our mods are from 2 months - 9 + months... Talking to a manager or supe... you can try it... but it will only go as fast as it can go.. I checked every other day and sometimes daily for updates on my mod... The update on loan mod status gets documented in the computer as a contact... so... the frequency of update is up to you.... again...CHASE takes awhile.. good luck...rj
  5. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: modification on 80/20 loan?

    If I were you, with Chase I would definately go for the three way call........because HOPE has a specific number that they are able to call to get through..........when you are talking with your HOPE counselor, bring up the tax info and tell them that you would need to send in revised financials........that should be o.k.

    Please keep us posted on your progress..........
  6. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Thanks for all of your advice everyone. It really does make us feel better. Keeping our fingers crossed. I will call again on my own, and then ask my Hope Now counselor to help.
    Now lets just hope re-submitting docs won't delay me another 4-5 months...I will keep everyone posted. Hopefully to be on the success board one day!
  7. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Another quick question...if anyone can reply and give me their opinion, it would be appreciated.
    My mod is with the underwriter as of 8/12 (although when I called on 7/18 that is what they said as well, but who knows!) Anyway, we are now 30 days behind, and as of the end of August, I will be 60 days behind. I will be able to make a payment at the beginning of September, but I know it will cut us short.
    My question is...I know that a good faith payment is usually required when your loan is modified, they have quoted me a MINIMUM of 30-45 as of 8/12, I'm wondering if I should make a payment in September, or save our money for the good faith payment. Was anyone else in this situation or have any advice. OH, and keep praying for us please that the modification will be enough to help us.....thanks so much

    Buckeye
  8. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Just an update for everyone...I called today and they told me it was in closing!
    It is so good to hear something different than it is in underwriting. OK, finger crossing time for some good terms. I'll let everyone know.
  9. Frogs are lucky

    Frogs are lucky LoanSafe Member

    Re: modification on 80/20 loan?

    Hopefully we will all be doing the *happy dance* in the next couple of weeks when we hear the word APPROVED! Good luck Buckeye :D
  10. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Hi All
    Just a quick question for anyone who knows. We are in the closing department of our modification (yea...finally!). Today I received a call, of course from collections. I owe July and August payments. He told me if I do not make a payment by today, that my account will be transferred from collections over to the foreclosure department, and that will hurt my chances of getting a mod. He said that they want to see that I am making an effort to make a monthly payment.
    I was told by specialty lending that I would receive an intent to foreclose, but that I might be better of saving my payment for the "good faith" payment if my mod goes through.
    I think that this is collections way of getting there money, but of course my mind starts to work, and I get worried that all my hard work and waiting will be negated because I haven't made a payment this month.
    Any advice would be appreciated.
    Thanks
    Buckeye
  11. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: modification on 80/20 loan?

    buckeye,


    Collections will try to scare you..............but I would call on Tuesday to the Loss Mitigation dept. and ask them if you are in danger of being transferred to the forecosure dept. before the modification is approved. I would think they would hold off for now........
  12. RudyJay

    RudyJay LoanSafe Member

    Re: modification on 80/20 loan?

    I know exactly what you mean ... when collections would call I would just explain my circumstance and hang up... because I didn't want to get paranoid...
  13. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Has anyone else been behind 60 days or more when their mod has gone through?
  14. diana0806

    diana0806 LoanSafe Member

    Re: modification on 80/20 loan?

    I Am 10 Months Behind With Chase Still Fighting For My Mod. My Rep. Put The Foreclosure On Hold Until The Mod . Is Complete. If You Do Not Know Who Is Your Rep. Call Lost Mit. And Whoever You Talk To You Can Tell Who Your Rep. Is And Get There Ext. I Am So Behind Because Of Misinformation, Lost Paperwork. I Finally Got Logged In June 27th. That Is My Experience To Put Forclosure On Hold.
  15. RudyJay

    RudyJay LoanSafe Member

    Re: modification on 80/20 loan?

    Buckeye

    Read the Chase success stories... there are several members that were behind.. a recent success susie wrote something in her threads I believe... the weekend is the longest cause you can't call.. and I know how your mind goes nutss.... read the successess it always helped me...rj
  16. RudyJay

    RudyJay LoanSafe Member

    Re: modification on 80/20 loan?

    You are doing fine.. hang in there...
  17. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Ok, after a slight sigh of relief on Friday when specialty lending told me my mod was in the closing department, I came back down today after they told me the closing department sent it back for corrections, AGAIN!
    Although, this time the rep I talked to gave me my closing agents name and extension. I will try and call her on Friday, and maybe I can get some more info then. Did anyone ever talk with their closing agent, or did I luck out getting that info?

    Buckeye
  18. Frogs are lucky

    Frogs are lucky LoanSafe Member

    Re: modification on 80/20 loan?

    Hey Buckeye, I talked to the closing agent handling my mod today. Very nice guy, he is going to fix the mixup on my mod papers. I tried once to call his extension but didn't get through so I called back, spoke to whoever answered and they transferred me right to him. Maybe try first thing in the morning, it seems to be easier to catch them then. Good luck!!
  19. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    Thanks frogs...and congrats on your mod. Hopefully I'll closely follow.
  20. buckeye

    buckeye LoanSafe Member

    Re: modification on 80/20 loan?

    HI all
    I had an appoitment today w/Columbus Housing Partnership, and I was able to get some more info. It seems my mod has been delayed and keeps going back for corrections because I am late on my loan. We were not late when we filed our mod papers in April. We were never late until July of this year, when our payment went up. We are now behind, July, August, and September. We are still holding out, and saving our money for a good faith estimate rather than pay our mortgage, and then be out our good faith.
    We did find out our investor is Wells Fargo. Our counselor didn't seem very encouraged by that news. Cat or anyone else, do you know any info on that subject. Are they not as likely to modify, or give good terms?
    Just praying for some great terms like I've been seeing this week, or at least an approval!
    Thanks all
    Buckeye

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