Shocked I can't believe it crossing fingers;) Chase

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estela13

LoanSafe Member
Oct 17, 2010
450
2
18
Inland Empire CA
Okay so I have been receiving calls because I have an escalated claim today I spoke with a person that was referred to me that works at a chase homeownership center and I told him my situation. And he said lets move forward so he emailed me the documents WOW I am in shock.

1st off my home was sold Oct. 14th 2010 . Guess what they reverted the sale whatever that means lol. Soooo I still own the property YAY!!! Okay lets hope this works sent in all documents requested. Miracles do happen don't lose hope. I owed 138K now it's probably around 148K worth 130K
~Estela
 

Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
You among all of the people here deserve action on what you want. You have been a great activist and have certainly payed it forward and now you may get to keep your home. Awesome!
 

estela13

LoanSafe Member
Oct 17, 2010
450
2
18
Inland Empire CA
It is a lot of work but so worth it they offered me cash for keys and I called them to tell them I want my home not cash it was around $3,500 to be out in 2 weeks I am so glad I didn't hand our home over. I told husband the good news so that a bit of stress off his shoulders for now as he worries what will happen. I am thankful to all the people who fought these big bad banks and the ones who are still fighting without them I don't think we would be hearing so many changes. Also I did ask the Chase person about their "new" procedures that I had heard about the modifications turning permanent after 3 months and he said yes we were noticing "our" customers going 2 yrs without them being permanent and we changed that "REALLY" about time.. So everyone don't give up I know I won't and I will keep supporting people going through this as a matter a fact we have a protest on Thursday of this week.
Have a wonderful week everyone!!!
~Estela
 

outriggal

LoanSafe Member
May 28, 2009
420
0
16
Estela, I am about to start my trials this month. Our income just went up, so I really don't want to produce new financials after my three trials payments. What did they tell you on the phone about this new process? I heard on here that after three trials you are suppose to get perm docs without any additional paper work. Is that what they told you on the phone?

Thanks
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
New procedures for Hamp permanent mod

Outriggal,
I am a new member and we were just approved for Hamp with the 1st TTP due by 4/1. I asked many reps (over 5 different ones) about going to perm without further underwriting. They all told me the new streamline process has the formal underwritting done premod including income verification, escrow analysis and NPV. No further docs required and the system generates the permanent docs after the 3rd trial pmt. The underwritter only reviews escrow to be sure no changes before approve the permanent docs. The docs get sent out 2 weeks after the 3rd TTP and pmt will be the same as trial if no changes.

With this new process, I got approved exactly 30 days after they recieved my package. So hope things are changing for good.
 

outriggal

LoanSafe Member
May 28, 2009
420
0
16
SFBay,

My gosh, you are saying it only took you 30 days to get approved for a trial mod and it should be perm in three months? I have been at this for
over a year and a half and just got on trial! I wish this "new way" was around when I got laid off in July 2009. We stayed current and just stopped paying last August.

Are you current or behind? Thanks so much for the info! I didn't want to call and make it obvious.
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
Outriggal,

I was current when I applied in 2009 but got rejected for hardshiping not being permanent in 30days.

I was one month behind when I re-applied in early Feb. and got approval in early March. I got the Fedex package a couple of days later. Just 3 follow-up phone calls and one-time doc submission and the whole process was painless.

I was told not to pay property tax in April because escrow is included in the TTP per Hamp rules.

I was told the mod will be automatically permanent right after the 3rd pmt but I know we are not out of the wood yet. Good luck to you!
 

outriggal

LoanSafe Member
May 28, 2009
420
0
16
Wow, they sure have stream lined this process after putting me through absolute hell! I just want this done with. I started trying to do this in July 2009. By the time this goes perm in June or July of this year it will have taken me two years. Thanks for the info. I am going to call and follow up on the property taxes with Chase today. I don't want to pay it if I don't have too.

Good luck and thanks for the info.
 

estela13

LoanSafe Member
Oct 17, 2010
450
2
18
Inland Empire CA
I believe it's all been due to everyone fighting back we were hitting Chase bank hard last year when one of our members was being evicted on thanksgiving day we were going to do another protest in Dec. and all of a sudden she received permanent loan docs in Feb. she made her 1st payment. We still went forward with the protest as we have more members including myself with Chase.
I was surprised that all of a sudden they realized they are taking to long to do a permanent modification really well everyone else noticed this months it not yrs ago.
~Estela
 

alston1421

LoanSafe Member
Nov 18, 2010
105
2
0
Reston, VA
SFBay - Your recent experience with Chase is comforting to hear... I am hoping that my new file (just assigned to a RM) will go through underwriting review, etc. in 30 days as well. Then again, optimism doesn't abound considering I was required to pay 13 TPPs (this started in 2009, pre-HAMP procedures to have all income verified up front) before I was denied for a mod. So, thanks for posting this bit of good news... I'm feeling optimistic tonight.
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
Yes, that was such an unbelievable experience. They confirmed the receipt of my package in 10 days. Submitted paperwork once, followed up 3 times and got the written approval in 30 days.

After reading all the horror stories, I was prepared to be denied and even had a few different expense worksheets done in case I have to re-apply. LOL!

Lots of luck with your mod! Keep us posted!
 

lin842

LoanSafe Member
Jul 24, 2010
33
0
6
Don't be surprised if it don't work out like that though. We went through the same thing, got approved, went through trial payments and was told after the third payment final paperwork would automatically be generated and sent out in time for us to get it back to them before the 4th payment was due. Our third payment was Nov. 1. We called Chase and they said not to worry the paperwork would be there in time. Thanksgiving came and no paperwork, we were calling them everyday and no one had any answers. One day they told us the paperwork had been sent, the next day there was some kind of mess up with a computer. One person said not to make any payments until the paperwork came the next would say the loan had been denied because we didn't make the last payment.....we did the day before Christmas over the phone but the agent made a mistake and all that payment went into a suspense account for escrow.

Jan. and Feb went by and we didn't know if we had a perm loan or not. We made a payment in Jan and they sent it back. When we called one person said it was sent back because the loan had been denied because we didn't live up to our end of the bargain the next time we called, about 15 minutes later the next person said it had been returned because they had a lock on the account until the proper paperwork could be sent out. We asked when that would be and reminded them of what we had been told in August about the paperwork being sent out after the third trial payment had been made and the guy said, I don't know who told you that, BUT we should see the paperwork in a couple days. This was in Feb and the middle of the month in March comes and no paperwork. I was about to give up but decided to give it one more try and called them again and this time a nice lady who was supposed to be our contact and for some reason we were never able to talk with before told us that for some reason our paperwork had been lost.......(the 4th time since we started this process over a year and a half ago). I wanted to scream but I couldn't, nothing would come out. I just sit there and finally the lady said new paperwork should be sent out within 3 days. Finally yesterday the Fed X guy comes to the door with paperwork in hand.

After all this I should be happy but after all that has gone on and all the screw ups that have taken place I can't yet. After looking over the paperwork it's not what we had discussed at the time they told us we were approved but at this point we will take what we can get to put this behind us. We are sending the paper work back tomorrow and see what happens after that. I'll make a new post when it, or if in fact it is really over when we get final word it is over.
 

johnaney

LoanSafe Member
Oct 27, 2009
6
0
0
Also in disbelief...

I also am in a state of disbelief. After fighting for 1.5 years to get a modification, and having already once been put into a trial mod only to have the permanent mod denied, I am somewhat wary of the latest development. I lost my job in January, and that significantly lowered our income, so we were put into HAMP by Chase, and we received a notice that we are in a 3 month trial mod with a new payment amount. In conversations with my relationship manager (Niszet), I was told that as long as we make the three trial payments, we will be "automatically" given the permanent modification, with the same monthly payment, a new loan agreement, and a fixed interest rate (currently at 2%).

Of course, I'm skeptical. Niszet assured me that even if I find a job in the next month, there will be no further financial data required, and that our new income level won't be taken into account.

I'm going to walk into the Home Modification Center established by Chase in Santa Clara tomorrow and see if I can get something in writing, or at least further assurances. SFBay - your story is encouraging.

jta
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
Speaking of being in disbelief! I am still in disbelief! After I got the approval, I called and spoke to 5 different reps and they all told me the samething that after 3rd trial pmt, the mod will become permanent automatically with same payment amt, new contract and 2% for 5yrs, increase by 1% every year and 4.875% for year 8-40. I was even told that there will be a 13k balloon pmt attached to the loan which is usually disclosed with the final mod. But with 710k mortgage, 13k is not too bad. And with new new mod, I am saving $1500/month in interest.

You mentioned Santa Clara, are you in the Bay Area as well? I work in Santa Clara!<!-- google_ad_section_end -->
 

johnaney

LoanSafe Member
Oct 27, 2009
6
0
0
SFBay - yes, I live in Sunnyvale, in Lakewood Village (on the Great America side of 101). This area has been hard hit by the downturn. I count 5 empty houses on our block right now.

jta
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
johnaney
Interesting. I work in Santa Clara- off Montague and 101, right across from Intel.

I live in Warm Spring- Fremont. Houses somewhat hold value maybe due to good schools.

Let me know what Chase-Santa Clara tell you! I am anxious to know if the new streamline process is working effectively as claimed.
 

johnaney

LoanSafe Member
Oct 27, 2009
6
0
0
I spoke with someone in the Santa Clara "Home Ownership Center" (what a joke). I think her name was Joyce (I have her card somewhere). She was singularly unhelpful. When I told her that I had been informed that if we paid our trial payments we would automatically be put into the permanent modification, she looked at me like I was crazy and said "no, that's not true." She said that the bank will continue to do financial research while in the trial modification, and we may be rejected after we pay the trial payments. However, she also said that even if I get a job (which is likely) I will still qualify for the modification, which I am almost certain is not accurate. If I get a job, the 31% of monthly gross takehome pay goes up substantially, and I doubt we will qualify for HAMP.

After talking it over with my wife, and reading some of the posts on this thread, we have just decided to throw out this woman's information, and proceed with caution as we were doing. We will "hope for the best but prepare for the worst," make the trial payments and pray that they will ask for no further paystubs if I get a job.

Aaargh...

jta
 

Leosmom

LoanSafe Member
Jan 27, 2011
168
0
0
San Francisco Bay Area
SFBAY:
Wow. That is good news. Would you mind telling us some more stats for comparison? What percentage of your income was your mortgage before the mod, who is the investor on your loan, and how upside down are you? I am so encouraged that they approved you before you got to 60 days... thats awesome. Good for you! I am also in SF Bay Area. :)
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
I submitted the complete package on 2/4. Then I made the Jan. payment on 2/15 and nothing since. I got the verbal approval on 3/4 and received the package just 2 days later. I just made the 1st trial pmt on 3/25. Not sure about home value that Chase has in their system but house next door (about 500 sq ft smaller) just recently sold for 749k.

1st loan is 710k, 7yr IO 6.25%. Heloc is 85k, 7.4% IO fix. Both loans are with Chase with Chase being the servicer and investor for the 1st. Not sure who the investor is for the Heloc. Bought the house in 2007 for 880k with 10% down payment.

Original pmt (1st) is $4650-PITI (47% of Gross premod). Qualified for Hamp with trial pmt of $3181-PITI. Gross income $10,264 so trial pmt is exactly 31% of Gross.

Are you considering to apply for Hamp or have applied and waiting for the answer?
 

SFBay

LoanSafe Member
Mar 11, 2011
130
0
0
Johnarey,

She said that the bank will continue to do financial research while in the trial modification, and we may be rejected after we pay the trial payments

I was told by 5 different reps including my RM, that no updated docs needed after the 3rd trial payment if the mod has been processed by the new way including NPV, income verification, escrow analysis, credit report pulled to verify debts and number crunching to calculate trial pmt. They said these are steps of formal underwritting so no further underwritting to be done after the 3rd pmt. After the 3rd trial pmt, docs will be generated automatically and sent to the underwriter to review on the escrow portion only. If no change in escrow, then the docs will be sent out. One of the reps. even gave me the new loan amount and the balloon pmt which she's not supposed to disclose as those figures are for the final docs. only.

Just to be safe, I will set aside some money for the repayment, if for the worst case, I get denied for some other unknown and unforesee reasons. Wish you a smooth journey!