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Jp morgan chase home loans -- do they really want to help?

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by lizcabrera, Apr 16, 2010.

  1. lizcabrera

    lizcabrera LoanSafe Member

    I started my journey with the loan modification process with WAMU who became JP Morgan and Chase last May 2009. I was pre qualified to be on a trial period last October-Nov-Dec 2009. I paid 3 months consecutive the trial amount and was following up religiously every week if they needed additional docs perhaps, any status of the permannet modification etc... it became a routine -- to call loss & mitt dept to check in 2x a week.

    Finally, I was approved for permanent modification as per the underwriter who called me on Jan 13, 2010 – he said it’s a coop and numbers had to be re-worked and blah blah – I will get final docs from Fedex once QA is done and whatever… from Jan till yesterday – I was calling every week, once sometimes 2x a week for follow up on the final docs – no word – pending from dept who puts together stuff but each time I call – I hear the word – it’s been approved, many times I make the rep repeat the numbers and I was given amount + term + interest rate, but each one advised – still wait for final docs…. Yesterday I called and there’s a new info – seems like it was denied from the Obama Plan – due to they think it’s a coop but not sure the rep said – however, it seems like it’ll be reviewed for an in house program – so pending again. I tried to call again after 10 min and got someone who completely ruined my day and said from his review it seems like all programs have been considered and there are no other options and I have to pay now for months I was behind… he even said there will be no letter explaining that all programs have been considered – it’ll just be foreclosure notice --- what a complete moron! I was so mad and disgusted with the whole program and how in the world I was deemed eligible – numbers were run and I got the new payment and all that good stuff info – but the final docs never came and instead I was informed over the phone it was denied – and that a letter should come shortly!
    <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /><o:p> </o:p>
    Anyway – today I called the office of Jamie Dimon of JP Morgan and Chase Bank. Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase<o:p></o:p>
    <o:p> </o:p>
    <o:p></o:p>I spoke to someone who works for him and her name is Gloria - she said she will open a case for me so the case can be escalated at its highest level. We’ll see what happens next. I want to sue them if I can and only if I had the money but I know it’s fighting a losing battle.

    I don't understand if they are really willing to help or not? I have informed them that I am going to do everything to be able to keep my home, please just work with me because my financial situation has changed and I am not able to make ends meet but I have the ability to pay! I have a job and for 3 years I have paid on time without fail!!! I need assistance and I have given all docs, numbers, everything they have asked from me to prove that I need my mortgage modified -- even if its only for 5 years! anything can help -- just please help! but the process makes me more stressed and sad because the banks and the whole red tape-behind the scene-fine prints that we all do not know about will be presented to you in the end after a very long time of being hopeful that help is on its way.....

    I want to go to the media and tell my story and perhaps inform people about this whole "help the homeowner's not to lose their home" too good to be true program. anyone care to join me?

    Listen - if I cannot really afford this home, I will not subject myself and my family through this whole humiliation of seeking help this way- almost begging the bank to listen to me.. and also I will not have to go through this stress -- I will just give up the house/coop -- but I know I havethe capability to pay - I just need temporary assistance while working hard to improve our financial situation... what is wrong with that? I pay taxes, I work hard, I just need help!!!!:mad:
  2. Evan Bedard

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

    Welcome and thank you for joining!

    I'm sorry to hear the run around you have went through. They deny people left and right for a permanent modification for this program, did they give you a reason why you were denied? That was a good idea contacting Dimon's office and I hope they can get your case back on track. If you do not know why you were turned down try to find out right away!
  3. lizcabrera

    lizcabrera LoanSafe Member

    Hello -- this is the letter I got in the mail and God knows what this NPV stuff is all about....

    Dear Mortgagor(s):​
    Chase Home Finance LLC ("Chase") is writing in response to your recent request regarding a loan modification on the
    above-referenced account. After researching your account, we have determined that you do not qualify for a modification
    through the Making Home Affordable ("MHA’) modification program at this time; however, we are happy to tell you that
    you may be eligibIe for other modification programs offered by Chase. You will be hearing from us regarding the other
    programs we have availabie for you very soon.
    Federal guidelines require lenders to disclose why you did not qualify for the MHA program. You have been deemed
    ineligible for the MHA program for the following reason(s):
    The Home Affordable Modification Program requires a calculation of the Net Present Value (NPV) of a modification
    using a formula developed by the Deparlment of the Treasury. The NPV calculation requires us to input certain financial
    information about your income and your Loan including the factors listed below. When combined ~vith other dam in the
    Treasury model, these inputs esfimaie the cash flow the investor (owner) of your Loan is likely to receive if the Loan is
    modified and the investor’s cash flow if the Loan is not modified. Based on the NPV results, the owner of yanr Loan has
    not approved a modification.
    If we receive a request from you within thirty (30) calendar days from the date of this letter, we will provide you with the
    date the NPV calculation was completed and the input values noted below. If, within thirty (30) calendar days of receiving
    this information you provide us with evidence that any of these input values are inaccurate, and those inaccuracies are
    material, for example a significant difference in your gross monthly income or an inaccurate zqz code, we will conduct a
    new NPV evaluation. While there is no guurantee that a new NPV evaluation will result in the owner of your Loan
    approving a modificafior~ we want to ensure that the NPV evaluation is based on accurate information.
    Available NPV Inputs:
    A. Unpaid balance on the original Loan as of the date we reviewed your Loan​
    OP303-AA Page 1 of 4​
    B. Interest rate before modification as of the date we reviewed your Loan
    C. Months delinquent as of the date we reviewed your Loan
    D. Next ARM reset date (if applicable)
    E. Next ARM reset rate (if applicable)
    F. Principal and interest’payment before modification
    G. Monthly insurance payment
    H. Monthly real estate taxes
    I. Monthly Homeowner Association fees (if applicable)
    J. Monthly gross income
    K. Borrower’s Total Monthly Obligations
    L. Borrower FICO
    M. Co-borrower FICO (if applicable)
    N. Zip Code
    O. State​
    Loan Number ​

    It’you feel an alternative modification program we offer you is unacceptable and you intend to retain the Property but
    camaot cure a deiinquency, one of the following workout OPti0n~s may be available for you t~.€0nsider:
    Forbearance Plan: A temporary reduction in your current payment to provide time for you to improve your financial
    circumstances.​
    - Repayment ​
    Plan: An agreement structured to cure the delinquency over a period of months while continuing to make
    contractual payments.
    - Refinancing Settlement: Use of an external lender to pay off the Loan, possibly for less than the full amount owed.
    If you do not intend to retain the Property and caunot cure a delinquency, one of the following workout options may be
    available for you under the Home Affordable Foreclosure Alternative ("HAFA") program:
    Short Sale of the Property, where we may accept les~ than the full amount owed.*
    - Deed-in-Lieu of Foreclosure, whereby you deed the Property to your servicer in exchange for forgiveness of all or a
    portion of the Loan.*
    If you are interested in discussing these possible alternatives, please contact us immediately at (888) 708-7105.
    * Forgiveness of debt may have federal tax consequences. Consult with a tax professional.
    As indicated in your trial plan documentation, if your existing Loan did not include escrows, Chase started to review your
    property tax and insurance obligations in order to establish an escrow account. As a result, we may have paid items on
    your behalf. In that case, if any escrow items were paid during the trial period, your mortgage payment will be adjusted to
    include an amount necessary to repay those funds over a sixty (60) mon~th re-payment period. If your account was not
    escrowed prior to the trial period, your account will remain non-escrowed, and you will be responsible for any past due
    tax or insurance obligations and all items going forward. If yun~ account was previously escrowed, your escrow account
    will remain in effect. Chase reserves the right in the future to require an escrow on your account if you fail to pay the tax
    and!or insurance obligations under the terms of your mortgage.
    Our credit decision was based in whole or in part on information compiled t’rom reports obtained from One of the three
    consumer reporting agencies listed below. These reporting agencies played no part in our decision and are unable to
    supply specific reasons we have denied credit to you: You have a right to receive a free copy of y0ur report from these
    reporting agencies, if you request it no later than sixty (60) days after you receive this notice. In addition, ify0u fred that
    any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter
    with the applicable reporting agency by contacting that agency at the number provided below:

    OP303-AA Page 2 of 4​
    Equifax:"
    Experian:​
    TransUnion:​
    PO BOX 740241
    Atlanta, GA 30374-0241
    (800) 685-111t
    PO BOX 9701
    Allen, TX 75013-9701
    (888) 397-3742
    PO BOX 2000
    Chester, PA 19022-2000
    (800) 916-8800​
    FEDERAL ECOA NOTICE​
    The f~teral Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of
    race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a
    binding contract), because all or part of the applicant’s income d~rives from any public assistance program, or because the
    applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that
    administers compliance with this law concerning this creditor is the Office of the Comptroller of the Currency, Customer
    Assistance Group, 1301 McKinney Street, Suite 3450, Honsto~ Texas 77010-9050.
    Chase offers homeownership counseling services to borrowers in some areas. Counseling is also available through a
    variety of nonprofit organizations experienced in homeownership counseling and approved by the Secretary of Housing
    and Urban Development (HUD). A listing of such organizations may be obtained by calling the HOPE Hotline Number:
    (888) 995-HOPE. When you call, palesaKseI o​
    ...r.. ..~..n ep.l "
    If you have any questions, please contact us at the mtmber provided below. At Chase, we value you as a customer and
    want to ensure your continued satisfaction.
    Sincerely,
    Homeowner’s Assistance Department
    Chase Home Finance LLC
    (888) 708-7105
    (800) 582-0542 TDD / Text Telephone

    An important reminder for all our customers: As stated in the "Questions and Answers for Borrowers about the
    Homeowner Affordability and Stability Plan" distributed by the Obama Administration, "Borrowers should
    beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent
    loan, espec.i.a..lly ~fthey reqmre a fee m advanc,e,. Chase offers loan mo¯thfica"t laosnsistance free of charge (i.e, no
    modification fee required). Please call us immediately at (888) 708~7105 to discuss your options. The longer you
    delay, the fewer options you may have.
    Chase Home Finance LLC is attempting to collect a debt, and any information obtained will be used for that
    purpose.​
    We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on
    your account may be ~efle~ted in your credit report.​
    OP303-AA
    Page 3 of 4​
    If you are represented by an attorney, please refer this lctter to your attorney and provide us with the attorney’s name,
    address, and telephone number.​
    To the extent your original obligation was discharged, or is subject to an automatic stay of bankruptcy under Title
    11 of the United States Code, this notice is for compliance and]or informational purposes only and does not
    constitute an attempt to collect a debt or to impose personal liability for such obligation .............​
    FOR CALIFORNIA CUSTOMERS ONLY:​
    ¯ The state Rosenthal Fair Debt Collection Practices Act and the federal Fair Debt Collection Practices Act require
    that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may
    not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or
    misleading statements or call you at work if they know or have reason to know that you may not receive personal
    calls at work. For the most part, collectors may not tell another person, other thun your attorney or spouse, about
    your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more
    information about debt collection activities, you may contact the Federal Trade Commission at (877) FTC-HELP
    or Federal Trade Commission.​
    OP303-
  4. kmdane

    kmdane LoanSafe Member

    When this first modification hell started - it was not based on your credit - just gross income - insurance/taxes/homeowners - search newspapers online - you should be able to locate one probably back in May/June 2009 -
    How do you like that the banks new mod programs only being offered to responsible homeowners - responsible in never missing a payment - not people like us who were misled into this hell - so my prediction - only mods offered will be to what they now feel are responsible people - THANKS CHASE - loss of income does not make a person irresponsible - in fact - sticking around so long and being dragged thru this mess proves that -
    OH WELL -
  5. whatsinaname

    whatsinaname Guest

    Do they really want to help? No!
  6. snapple candy

    snapple candy LoanSafe Member

    "If we receive a request from you within thirty (30) calendar days from the date of this letter, we will provide you with the date the NPV calculation was completed and the input values noted below. If, within thirty (30) calendar days of receiving this information you provide us with evidence that any of these input values are inaccurate, and those inaccuracies are material, for example a significant difference in your gross monthly income or an inaccurate zqz code, we will conduct a new NPV evaluation."

    Ok, well I would be asking for the date of the NPV and what values were input. Send it registered mail.
  7. Jackie Oh

    Jackie Oh LoanSafe Member

    Hi I too went through the hoop jumping and did everything required. Today my house was sold, clearly in error. I want to find a pro bono attorney but I am not sure how much fight I have left. I was a legal sec for many years, do you think any of my former bosses could help or guide me to the right direction - HELL NO. They are rich and they do not want to hear of the "ugly" things. I was so mislead by Chase Bank.
  8. daneam

    daneam Senior Member

    Lizca get not only the information they use the run the test, but also how the test is run, in other words the exact formula, if you need to sue them to disclose that otherwise you don't know how you got denied.

    Jackie what is the reason Chase denied your loan mod?
  9. calilady

    calilady LoanSafe Member

    Our house was underwater too, and they adjusted the ARM just about the time I was having a serious job issue with my employer. The loan went from $1460 per month to over $1800 a month, and we were struggling to keep up. I emptied out my 401K to pay it over the next couple of months while we sorted things out and tried to get caught up. We paid a double payment at one point when they demanded it, and the next month they said we were STILL two months behind - which was BS. But they still wanted it, and we were over a barrel. We had enough to make ONE payment, and they said they would accept that. I was on the phone with this guy at Chase about to give him the authorization to take it out of my joint account with my daughter, when he put me on hold. My daughter was on the other line with THE SAME GUY, unbeknownst to me. He thought he had put her on hold too. He was trying to get HER to agree to pay a single payment as well. She overheard him speaking to a co-worker at the bank, and laughing, "I've got both of them on the phone here... I'm gonna get 2 payments out of them." If he had hit the hold button, she wouldn't have heard that scum bag. When he got back on the phone with her, she totally let him have it!!

    After months of filling out paperwork and going through all the hoops to get the modification done, we were approved for the mod. They sent out the paperwork for it, and I looked it over. It was very thin on help. The payments would reduce to $1490 for 6 months, then they would be adjusted back up to $1800-$1900 by the end of a year. And they tacked another $2400 on to the end of the loan as well. It was NO help at all. I told my family to pack up. We aren't staying here anymore. If they want it that bad, they can have this house. We walked away. Chase is one of the biggest crooks on the block.

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