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Chase Modification SUCCESS #2!!

Discussion in 'Success Stories - Homeowners Who Fought Back & Won' started by letma, Mar 20, 2009.

  1. letma

    letma LoanSafe Member

    Okay here's my story. I first put my modification application in December 2008. I was told my app was received and to wait 30-45 days. This is what happened....I called the collections department about 30 days after I sent my modification app just to let them know I was working with the homeowner's assistance department so they know I was not ignoring their calls. Well the guy who answered ended setting me up on a repayment plan for thousands of dollars due within a span of one month. I received the repayment documents in the mail and freaked out. I called the homeowner's assistance department and she told me the name of the guy that set me up on that repayment plan and said since "I AGREED" to it, I was no longer in the assistance department. She took my financials again and said I don't qualify! The only guess I have, is that maybe the collections department reps get some kinda kudos or incentive for repayments and that's why he did that. Anyway discouraged and upset, I decided to go to Chase website and put another app in. I also did an assistance online session on Homeownership Preservation Foundation. Well the Hope folks got back to me and gave me a direct Chase fax number that they partner with. I faxed everything they asked which was just hardship letter and last 2 check stubs. I decided to call Chase again and alert them that I had resubmitted everything. The girl apologized for the other rep telling me I didn't qualify and did more research to find my file and expedited it. I was then assigned to my analyst a couple of days later. This was Feb 4th. Every since then, I had been calling her and leaving messages but she never called me back. In the interim, I recieved a letter from the Chase Homeowner's Preservation department (this was based on the 995hope fax). The request from the Preservation department specifically asks what your analyst name, phone, and date you sent in your request. My analyst still was not returning my calls so I decided to do what I needed to do. I faxed in my hardship letter, last 2 check stubs, financial statement, and info on my analyst to the preservation department BUT I also faxed a copy of everything to my analyst so that she knew I was going over her head! I swear less than 48 hours later I recieved a call from my analyst that the modification was approved and she had the terms.

    So if you haven't heard the status, try what I did...it can't hurt! Contact 995 hope and do the session. Get your analyst fax number since they never return calls and communicate by fax!

    I kept record of every call I made to her and everyone else and sent that over to the preservation department. Now I am just waiting on the mod docs to be fedex'd to me. They lowered by interest rate almost 2 points. So if your analyst is taking a long time, look at it as a blessing because you are able to save more money so you can get back on your feet!
  2. LetsMakeADeal

    LetsMakeADeal LoanSafe Member

    This is VERY helpful...thanks! BTW...nuts and bolts...what was your mortgage payment, what is it? Did they offer to go 40 with you? What were you shooting for?

    Lastly...on the the debt to income level...I assume you come in with positive income per month, how much are they looking for to work with you?

    Congrats and thanks in advance!
  3. letma

    letma LoanSafe Member

    I just received my modification docs today by fedex and I gotta say things are very different now than my previous mod a couple years ago. Before this mod, my interest rate was 6.25 and my payment including escrow was $1,208. I asked them to bring my payment back down to $1,088 which was what it was when I first bought the house. My interest rate is now 4.8 (FIXED) and payment is $1,087, including escrow. But they have extended the loan to a 30 year note. I bought the house in 05 and now I'm back in a 30 year note :( So that's a bummer but then again they have rolled 6 months into the loan. The one huge difference in this modification from my last was that they do not correct your credit on the months you were in default! They state this very clearly in the mod docs. Also I have a $1,500 good faith payment due in 12 days. Yes I had a positive income after debts of about $500.

    I am very thankful this will all soon be over and look forward to taking another shot at keeping my home. With persistance, good record keeping, and of course FAITH you too will have the same results!;)
  4. Blackcandt

    Blackcandt LoanSafe Member

    We currently owe 220,000 on our home and have a 30 year ARM and payments are $2230.00 a month. We received a modification back in October and were told that our investor would not lower our interest rate so pretty much all it did was get us current and lock in our current rate for five years. This payment is 47% of our income. I called Chase a few weeks ago inquiring about the new Hope For Homeowners Plan and was directed to the website and told to fax everything to the number on the forms. I faxed everything right away as requested. I called this week to verify they received the info and they could not confirm for me. I did get a call back from a Rep. that told me that I do not qualify for any other Modification at this time because of the Modification in October. She said that I could qualify for the new Obama Plan. I did fax all info to Chase again. Is there anything else I need to do at this point? She also told me that they are reviewing everyone for the plan but she is unsure if there have been any modification done for the Obama Plan yet. So can anyone else tell me if there is anything else that I can do or how long they are saying it will take to implement the program?

    Thanks
    Tami<!-- google_ad_section_end -->
  5. letma

    letma LoanSafe Member

    Okay the mod docs were FedEx'd back to Chase along with the good faith payment. Modification complete! ;)
  6. letma

    letma LoanSafe Member

    Well I have made my first mortgage payment after my modification completion...so far so good. Let me know if you have questions :)
  7. salvega530

    salvega530 LoanSafe Member

    congratulations!! How long did the mod process take? Did you qualify under the Obama plan?
  8. letma

    letma LoanSafe Member

    ~~~~~~~~~~~
  9. Martae007

    Martae007 LoanSafe Member

    letma,

    CONGRATULATIONS!!! THANK YOU FOR SHARING, THIS GIVES ME HOPE!!!
  10. Hard Times

    Hard Times LoanSafe Member

    Note to everyone-----it appears that LETMA just got a standard bank modification, not a HAMP modification, which tries to get the payment down to 31-40% of income.

    LETMA.....any reason why you did not apply for the home affordable modification?

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