I have posted my scenario before but honestly cannot remember what thread it is in. Quick run down: 30 yr. fixed @ 6.25% by Chase/Fannie Mae $325,000 loan bought in June 2006, current home value @ about $295,000. Back in 2007 I took a 20% paycut which has made things really tight but not been late yet. I started contact with Chase back in December 08 about a loan modification. I submitted paperwork twice then once the Obama plan kicked in I had to submit it again. The last time I faxed everything in per website's requirement etc. they said they would contact me within 10 days. I called again today and now they are telling me that they are currently waiting for all the specs from the governement on loans before they can start redoing loans, they said it could take several weeks. I have been put off for 4 months now. My point is - should I just place a call to the exective resolution team as I have been reading here that results have been more productive going that route. I would like a mod but would be thankful to get a refi under the Obama plan as I am slightly under water (more than 10%) and donnot qualify for a regular refi as a result. Lastly, I want to thank you and the other moderators for all the work that you do. I have been following this site for months now and I can see how many posts you guys deal with every day. Thanks again!
Here is the information regarding the new program so that you can go through and see which option works best........for the refi.........I believe that you can not owe more than 5% over the value.........which definately leaves out alot of homeowners..........but take a look...... Making Home Affordable - Home
Thank you...........we do what we can to try and help.......
Thanks Cat. I decided to call the executive team at the number you provided. I spoke with a lady who said that someone from the executive team would call me back within 5 business days. Is this process with the executive team different than the regular loan mod depts.? What have you heard of the exec. team process?
Sorry for all the questions Cat.
I appreciate your help,