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fha success

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by hockey, May 28, 2010.

  1. hockey

    hockey LoanSafe Member

    This is my first time posting, but I have been lurking for quite a while. Thank you for all the great information. My Story, We have a FHA loan and started this process in Oct '09, got a 3 month forbearance starting Jan '10 which was roughly 31% of our income. We made 4 payments then was offered a trial mod 3 days ago which we were going to take, Then yesterday we got a phone call telling us to disregard the trial and that they were going to give us a perm mod! They reset our interest rate to 5% from 6%, our payments are about the same as our forearance saving us about 300$ per month. We are so happy to put this behind us! Thank you for all the great advise!
  2. Evan Bedard

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

    Welcome and thank you for sharing your success story with everyone! It is very good to see that you were able to successfully achieve a permanent FHA HAMP modification. Many people here have not been so lucky with the FHA HAMP program..
  3. Barney96

    Barney96 LoanSafe Member

    Good for you Chase has not been kind to me in the FHA Hamp department. Did they give you the same perm payment as your trial???
    They are supposed to. We just had a mod approved and it was only a 20 dollar diff. I am so mad. Said they did not ever run us through hamp.
    We are turning down this poor offer and seeing if we can be considered for hamp.
    Good for you. :cool:
  4. hockey

    hockey LoanSafe Member

    I am not sure if this is a HAMP or an in house. I have not received the paperwork yet. My payment is about 30.00 more than forbearance, I never went thru a trial. I guess I won't believe it until the papers arrive!
  5. Barney96

    Barney96 LoanSafe Member

    That is good. If it is hamp they are not supposed to raise the payment on the perm mod.
    My trial was 300.00 lower than the one the want to give perm.
    It is an insult.
  6. hockey

    hockey LoanSafe Member

    We are still waiting for our permanent mod paperwork to come. Was told it would be here in 3-4 days. Now we were told it is definitly approved in the system, but he couldn't tell if had been sent out. We were told that they would call us tomorrow to let us know when or if it had been sent out. Anyone else have this happen?
  7. paul98

    paul98 LoanSafe Member

    Not sure if the rules change for FHA, but they can change the perm payment from the trial up or down. It states in all the paperwork that they will try to get it as close as possible, but no guarantee. Maybe the new June 1st rules change all this, but that is how is was with my trial. My trial payment was $992 and perm mod $1627. Big difference but that is another whole story (I expected the increase), it is pretty easy to calculate 31% of your income, unless your are self-employed, so I knew exactly what the payments would be. Good luck.

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