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Chase Modification - Will I Qualify If Refinance Was After 2009?

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by AboveWater, Aug 12, 2011.

  1. AboveWater

    AboveWater LoanSafe Member

    Hello All,

    From May 2009 through May 2010, I was on this board, a lot, trying to keep myself "educated" about loan modifications. I worked hard at trying to get approved for a loan mod during that time, but in the end was denied. A month or so after I was officially denied (it took a year) , I received a call from Chase that I was in a group of people that could refinance their variable rate loan with them for basically nothing.

    Our loan was a Freddie Mac Loan .. originally through WAMU (we received in 2005). Chase took over all WAMU loans in early 2009. We refinanced with CHASE last spring (2010) at a 30 year fixed rate of 5.25%. We were happy at the time to get out of the variable rate, although .. it did not do much for us in regards to making those monthly payments more manageable.

    I recently talked to the local gal that helped us with the last spring refinancing about my current situation and she suggested that we try for a loan modification again. The problem .. when I went to the CHASE sight, and went through the self-eligibility area of their "Help For Homeowners" area, it asked me if we received our loan with Chase before or after 2009? (Well, the previous loan was already with Chase .. ?) Anyway, if I answer that it was before, the automated response says I might qualify for a loan modification. If I say it was after 2009, it says that I do not qualify.

    Anyone else here have any experience with this and know if I should even start this process going (once again)/ Do you know if Chase is pretty stringent with that requirement .. or do you think they will take into account our whole picture?

    Thanks for any feedback you may have.

  2. Cat Damiano

    Cat Damiano Mortgage Wars


    The refinance is what is throwing the eligibility for HAMP off, however you may be able to apply for an inhouse modification with similar terms as HAMP if your payment is more than 31 percent including principal, interest, taxes, insurance and hoa dues if applicable, of your gross income.

    The mortgage loan is a first lien mortgage loan originated on or before
    January 1, 2009
    . This includes mortgages secured by:

    Cooperative shares,
    Condominium units, and
    Manufactured housing (the first lien mortgage loan must be secured
    by the manufactured home and the land, both of which must be
    classified as real property under applicable state law).
  3. AboveWater

    AboveWater LoanSafe Member

    Hi Cat,Thanks for your response! I believe I meet all of tbe rest of the criteria you mention. Our loan is a first, (no other seconds, etc) . We live in our single dwelling home. There is an issue, that may be a stumbling block though, and that is that our home sits on a forty acre parcel of land and that acreage (I believe) is figured into our home value. The last time it was appraised (by internet, I guess) the supposed value was at 388k. Previous to that it was 488k. Not sure what it might be now .. one year later from the refiance "internet" appraisal? I am wondering if you, or anyone here, knows if Chase does many in-house modifications? For those of you here who have, were you successful? Cat .. or anyone who would like to respond .. I have read a bit about Charlie Rose here and wonder if it would be advantageous for me to work through him? Thanks for any feedback that any of you may have.AW
  4. Cat Damiano

    Cat Damiano Mortgage Wars

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