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Trial Payment Plan-- When does Permanent Modification paperwork arrive?

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by studioboss, Nov 2, 2010.

  1. studioboss

    studioboss LoanSafe Member

    Hello all,

    I was given a 3-month Trial Payment Plan by Chase and had to send the new trial payment amount on October 1, November 1 and December 1. I've made the first 2 payments and have one more left (the December payment).

    What happens after the last trial payment? Is the permanent modification then finalized? Do I get paperwork quickly?

    Is there a chance that they might (a) reject the modification or (b) tell me that the trial payment plan is extended?

    As with most of the process, it's very black box. No one explains what to expect or next steps.

    Thanks for the help
  2. lisasxr

    lisasxr LoanSafe Member

    Most folks end up making additional trial payments because the banks are not "quick" at getting the Perm Mod docs out. (My perm mod docs were retroactive to the end of my trial mod)

    Until you receive the permanent mod docs back (after both parties have signed) nothing is FINAL, and even then - there is always a risk that they will find some error and take back the mod. It's all a gamble.

    Be prepared for a long journey. Be persistent. Be patient. Be demanding. Be your best advocate.
  3. mcoppin

    mcoppin LoanSafe Member

    I made 6 Trial Period Payments (non-HAMP trial plan), was promised a final modification both verbally and per the Trial agreement (which was signed by the lender and borrower), and was denied 8 moths later. Would this signed agreement be binding since it was signed by both parties? I complied with every representation and agreement in the Trial Plan, made all payments per the agreement, and have a mutually signed contract. Isnt this simply a binding contract between two parties?
  4. Summer77

    Summer77 LoanSafe Member

    I paid 7 total trial payments and then the final docs came. Just keep up w the trial payments and send any updated docs.
  5. lisasxr

    lisasxr LoanSafe Member

    mcoppin - I'd at least get a free consultation from an attorney as to whether or not the signed trial agreement is valid. (I'd almost guarantee there is wording in there that allows a wide range of denial - but I'm not an attorney - just very skeptical!)
  6. sdeniseed

    sdeniseed LoanSafe Member

    Just made my 4th trial payment with Chase. I call every week and they tell me to call in another week for an update. This all makes me nervous because I get further and further behind. I'm afraid of being denied for a final and having to catch up.
  7. RyanJP

    RyanJP LoanSafe Member

    To us normal people it seems like it would be pretty straight forward... Make your trial payments as requested, get a mod. However, there's a statement in the MHA docs that gives the banks a LOT of wiggle room. Something to the effect of "If all the representations made by the borrower remain unaltered and any requested documents are provided as requested, the modification will be made permanent."

    And if you read the forums, there are PLENTY of examples of banks claiming documents were missing.
  8. NeoSoulBrotha

    NeoSoulBrotha LoanSafe Member

    Final Mod Agreement

    If you were approved for a trial after 6/1/10, usually about 30-45 days after your final trial payment. As others have stated, stay on top of your RM & continue making the trial payment unless instructed to do otherwise.
  9. peggy66

    peggy66 LoanSafe Member

    I made 4 payments said I was qualified. My paper work was on the way and now they say after fighting for a year that I owe 29,784. I applied for another mod and now all the sudden into it about 40 days they left me a message to call their mortgage outreach people. Any one hear of this before?

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