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Chase refi under the National Mortgage Settlement... maximum income?

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by patsweetpat, Jun 18, 2012.

  1. patsweetpat

    patsweetpat LoanSafe Member

    [Reposted in the Refi Forum]

    Hey all. I've got a mortgage with Chase at a rate of 6.5% for a $529,000 loan on a home that I purchased for $675,000 but which is currently valued at about $450,000. So, yeah, I'm underwater with an interest rate that's well above the 5.25% minimum required for a refi under the National Mortgage Settlement. And I seem to adhere to all of the other posted criteria for refi eligibility under the National Mortgage Settlement, as the CA AG describes said criteria: current on the mortgage, no delinquencies in my past, no bankruptcies or foreclosures. And so I'd like to get me one of them fancy refi's I've been hearing about.

    Unfortunately my "problem" (and, in the broad spectrum, it's a nice problem to have) is that I make a good income and am in no immediate danger of foreclosure. And so, when I called the Chase Hotline last week to begin the application process for this refi, I was consistently referred to Chase's "HAMP Team", who repeatedly told me that, yup, I make too much money to qualify for a refi under HAMP. Which *wasn't* what I was trying to do (I don't think)! I was trying to qualify for a refi under the National Mortgage Settlement! In any event, given my income, Chase's "HAMP Team" would refer me to Chase's "Refi Team", who would hear my LTV and inform me that, no, I couldn't possibly get a refi from that office because of my underwater status, but perhaps I could get some assistance from Chase's "HAMP Team". Rinse and repeat. Again and again. Three hours I'll never get back.

    So here's my question to some of you better-informed-than-me folks here: is there, in fact, some sort of maximum income (or maximum percentage-of-income-per-mortgage-payment, or similar metric) above which homeowners are ineligible for a refi under the terms of the National Mortgage Settlement? I, myself, sure can't find any such mention in any of the online FAQs, but am I missing something? And if there *isn't* any such maximum income for a refi under the National Mortgage Settlement, what should be my next step, given the big tail-chase I've thusfar gotten from, er, Chase.

    Any info/suggestions/ you can offer would be soooooo eagerly accepted, I can't even tell you.

    Patrick Meighan
    Culver City, CA
    Last edited by a moderator: Jun 19, 2012
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi Patrick,

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

    This link was previously posted about this particular refi

    The refi that keeps on taking | Bankrate.com

    There is also a thread for members that are now getting notified of their eligibility here;

    National Mortgage Settlement

    You can also try contacting Erik Sandstrom who has been helping members of the forum with their refi questions to see if he knows the answer to the income question.

    He can be reached here;

    Erik Sandstrom
    (619) 379-8999
    Office: (858) 217-5756
    Fax: (866) 545-1214

  3. Annie Mac

    Annie Mac LoanSafe Member

    Have any Chase homeowners received notification from Chase in the mail of the National Mortgage Settlement mods? It appears that there is a lot of activity with BofA homeowners on other threads, but barely a peep from Chase folks. It sounds as if the original poster of this thread, patsweetpat, contacted Chase himself.
  4. Cat Damiano

    Cat Damiano Mortgage Wars

  5. Annie Mac

    Annie Mac LoanSafe Member

    Thanks Cat. I am trying to strategize, since Chase did not approve any loan mod during four years of applications, ignored the Rest Report, not even assigning me a Relationship Manager, denials not put in writing, ignored two QWR, and then sent me a letter saying I do not qualify for ANY loan modifications. Not sure if the National Mortgage Settlement would have been included in that, but it is odd to be told over and over again to reapply and then four and a half years later hear I do not qualify for anything. They filed a NOD and nonjudicial sale date. It does appear from the other loansafe threads that other banks are moving faster with this than Chase is. Does Chase own my loan? There is the ultimate question. They are trying to foreclose under the name of Washington Mutual Bank, not Chase, so at the moment they are behaving as a servicer. I am trying to get a pulse of the situation with other homeowners before embarking on contacting Chase. I had arrived at the point of no more, no more applications. I did read the entire Chase agreement, so perhaps the National Mortgage Settlement agreement changes the picture some. How convenient to change one's name whenever it is desirable to reap the treasures and disregard that name when there is responsibility involved.
  6. Annie Mac

    Annie Mac LoanSafe Member

    OK, the letter including offers to possibly qualify for the National Mortgage Settlement Program arrived,three weeks after the foreclosure sale date notice. A month after Chase sent a written letter stating I qualify for NO modifications at all. Hmmm, and filling out yet another( either #12 or 13) application will not delay the sale date. The language which concerns me is" If you successfully complete the trial modification agreement, we'll offer you a permanent modification." Another carrot dangling out there. We have read so many stories here where people paid the trial period and then got stung. Right now, I am 41 months of no payment, the Heloc statute of limitations ends in 17 months, and I am feeling strong about the material I have for litigation. Hesitant to spend even another hour filling out those same forms I have memorized, hesitant to send my bank statements yet again, the 4506T yet again...the terms of the National Mortgage Settlement Program sound good, but I am just not trusting it at all. I no longer trust Chase to be ethical with the information I give them, especially now with a non-judicial sale date scheduled. Too many times of being lied to and having it blow up in my face. Timing is everything. I would rather spend my energy doing something else besides taking on Chase in litigation, but then another part of me thinks someone has to do it. This way of treating people who are doing their best to try to keep their homes has got to stop. It is a definite fork in the road. I am hoping to hear from more Chase homeowners how this new process is going, or is it more of the same? Not desperate, but getting more and more determined.

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