Home Loans and Support

Chase rental loan modifications - Anybody get one, yet??

Discussion in 'Investment Property Loans' started by laboy, Aug 19, 2010.

  1. laboy

    laboy LoanSafe Member

    I have applied for a rental loan modification since 2008. I applied again Jul 2010 and imminent default declined it because they said it was non owner occupied. Way Forward told me they do rental loans. I asked Chase to open the file again and this time it's with Chase's loss mitigation. Has anyone had any success with getting a rental loan modification with Chase??
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thank you for joining the community.

    We have seen quite a few rental property success stories with Chase over the last year, but with so many threads here they are pretty hard to locate. Here is a good thread with multiple members here pursuing a loan mod on their rental property with Chase and several members who were successful doing so:

    http://www.loansafe.org/forum/chase...y/19035-sticky-up-date-status-chase-mods.html
  3. flippinwacko

    flippinwacko LoanSafe Member

    YES, it is possible with due dilligence and constant sleepless hours...

    Key to it is the type of loans, who is securing them.

    for example if you have a first and a second from same bank...you will have a big time better chance.

    if you have a second that has a higher balance and the first is backed by GSE's, good chance.

    imperative that you have a lease agreement available...do not submit until for sure bank will work with you...

    does some of this help?
  4. laboy

    laboy LoanSafe Member

    Hi Flippin,

    I carry a 1st only and the loan is owned by Chase. When I applied I turned in the lease agreement too. They keep on denying me and moving it to another dept. As of this morning it was with Loss Mitigation. I called later this afternoon they switched it back to imminent default. Chase is really bad... But thanks for your input.
  5. Martae007

    Martae007 LoanSafe Member

    I have a few with Chase and I'm still at it since May, 2009......
  6. laboy

    laboy LoanSafe Member

    Glad to know I'm not alone in this fight! I know for a fact if you're with imminent default they will not do a rental loan. This is where I'm stuck.
    Only loss mitigation will look at it, but you're loan has to be delinquent for more than 2 months for loss mit to look at it.
  7. Martae007

    Martae007 LoanSafe Member

    I've been trying to modify three rentals with Chase since last year. I've been playing the please resubmit document game, sent in over 500 pages of documentation, I've been assigned the the "Special Lending Unit" which was primarily handling rentals, then later told no such unit existed.... First denial last year was because they "could not determine if anyone lived at the house". Second denial was this month, because it is a rental. I submitted a loan workout proposal, the property is still underwater by 60%, and was told the proposal was denied because it is a rental and the investor is not participating in loan mods....... All they are offering is the option to either refi or enter into a repayment plan which would be higher payments than the original payments! How do you refi an underwater property??????
  8. anrapa2001

    anrapa2001 LoanSafe Member

    I have been working with Chase on a refinance for a rental property as well. I have submitted paperwork 3 times, I was just told again that I will not qualify because the property has a positive cash flow. But the new case manager told me I can re-apply and keep on making the trial payment ( which I have been making for a year). The positive cah flow really is negligible. And Chase apply my payments towards a monthly adjustable rate from 2008!!! So basically, They are making money, I doubt that They are interested in modifying my loan because of that.
  9. Keepit*

    Keepit* LoanSafe Member

    Has anyone met with Chase counselors face-to-face?
    I have yet to find one successful loan modification owner-occupied or non-owner. Am I missing something?

    In 2005 I invested in four rental properties now all under water. Last year I stopped paying property taxes
    with bankruptcy in mind. Several months later I received letters from Chase informing me of loan non-compliance.

    I decided to pay the property taxes including penalty with credit cards. Taxes are due Dec. 10 and I am once
    again considering non-payment. The loans are all minimum interest only with some of the payment going to principal. However, in mid-2012 the loans reset to principal and interest at the going rate which will make it impossible to meet loan payments. I see no alternative to walking away. Does anyone else have similar situations and/or suggestions? The investment properties were to supplement my only source of income - social security, yet I know many others are suffering far greater than I - the financial mess is causing so
    many undue hardship.
    Helen
  10. Martae007

    Martae007 LoanSafe Member

    Are these Banksters even doing mods for rental properties???? Has anyone even got a trial mod these days on even primary properties? Is it asking too much for a reasonable permanent mod and close the files so that we can all move on?????????
  11. TomEason

    TomEason LoanSafe Guide Staff Member

    Helen, I have my home with Chase and 3 rental properties with BOA, nee Countrywide. I'm working them all simultaneously - haven't yet gotten a perm mod in writing on any, although I'm told one mod on a rental prop has been approved. Since I've yet to receive the mod docs, so I'm not considering it a done deal.
  12. nbtapia1

    nbtapia1 LoanSafe Member

    TOMEASON
    Please, could you share what steps did you take to modif rental w/ BofA?
  13. Martae007

    Martae007 LoanSafe Member

    TOMEASON,

    I'm in a similar situation, I have three rentals with Chase, could you share what steps did you take to modify your rentals. I can be reached at mavericklady06@yahoo.com.
  14. Keepit*

    Keepit* LoanSafe Member

    Would you kindly keep me posted? Helen
  15. Keepit*

    Keepit* LoanSafe Member

    Hi Martae007,

    Any progress made and passed along is by all means appreciated. Thank you
  16. Martae007

    Martae007 LoanSafe Member

    Hello Keepit,

    After being denied yet again, a couple of weeks later, I get a call from Chase rep to resubmit documents so they can review my loan mod request............. I sent it in (to date, I've sent in 500 pages over a year now and counting). I plan to fight to the end!!!!!!!
  17. fightforit

    fightforit LoanSafe Member

    What would happen if Real Estate Brokers stop selling foreclosure with Mers?

    In your dealings with agents and brokers ask them if they are still taking the chance of a future lawsuit by selling foreclosure with Mers.
    Lets get this out there folks. If no one buys them eventually they will have to deal with the only people that want them- the owners.
  18. laboy

    laboy LoanSafe Member

    I will try again and send my application for the 4th time with Chase. I have a hard time with Chase as compared to other lenders. I have 3 loan modifcations already approved with Citimortgage and Am Trust Bank.
  19. nbtapia1

    nbtapia1 LoanSafe Member

    Hi,
    What did you do to get the modif on rental property, what steps, could you share it. and what terms? please help
  20. Martae007

    Martae007 LoanSafe Member

    Good morning laboy,

    Congratulations on getting 3 rental loan modifcations approved! By posting this, you gave me renewed hope!!!!!!!!

    I'd like to know what steps you took to get these permanent mods, with respect to getting these lenders to work with a "rental property template." For instance, the monies coming in has to be spread throughout multiple properties.....

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy