Sticky: Up to Date Status on Chase Mods

orange911

LoanSafe Member
Nov 19, 2009
37
0
0
Orange, CA
I joined this site today and found it very helpful. I was thnking if we could sticky this post and have everyones status. I thought it would be more helpful and easier to find out how everyone is doing.

for example

orange911
trial mod pending / 4 trials payments sent and then denied (not enough income)
 

Do not want to lose it

LoanSafe Member
Aug 20, 2009
228
3
0
I have a loan serviced by EMC/Chase Fannie investor.
I have been trying since August of 2008 for a permanent mod.
I was denied twice -insufficient income.
They keep putting me on 3 month payment plans.
The first was 600. twice a month.
Then they took my financial info over the phone and came up with a plan with payments over 1700. that was to end Nov.15
I have had to send my info in 3 times.
Collections call twice a day.
I checked the courthouse no nod.


I am self employed but still working and taking in regular income.
I can not afford 1700. a month without starving.
I send in a regular payment of $1200. a month,
which is 31% of my income and would be my modified payment if they used the proper calculations.
I am very scared . Taking it day to day. Hoping for some kind of permanent workout mod.
I will file bankruptcy last minute if I have to.
I stopped paying my credit cards and HELOC months ago.
Chase value-225,000
Zillow-280,000
1st with EMC- 248,000
25,000 HELOC
Waiting to see what comes next
 

Jillian118

LoanSafe Member
Jun 2, 2009
1,235
6
0
Southern Cali
11 months still waiting.
Originally with Wamu, purchased by chase. Servicer & investor are the same.
 

caldwell02

LoanSafe Member
Jan 30, 2010
2,491
18
0
70
11 months, hundreds of hours, and just got the trial approval. Working with NACA. Trial amounts are just what I expected.
 
W

whatsinaname

Guest
Was working on loan mod with Chase through NACA. Needed a few numbers tweaked in the loan mod, then Chase sold it with no notice to either NACA or me.
 

rcamiller

LoanSafe Member
Nov 20, 2009
269
0
0
AZ
Applied in May 2009. I have been told that my file has been with underwriting for almost two months. I follow up at the given intervals and have a strong feeling they are giving me the run around. I am very frustrated and am feeling hopeless. Now they are telling me they want a quit claim deed from my ex and copies of his lease!
 

zander

LoanSafe Member
Nov 3, 2009
487
2
0
massachusetts
With Wamu now Chase
been on trial mod 4mts
just made fifth payment.being told still with underwriter? been
told this for more than two months now?
 

depressed

LoanSafe Member
Nov 15, 2009
47
1
0
My file is still in review with Chase. Will pay the 7th payment soon. Last conversation with them is I should be happy if no news is good news since I am still in review. I don't know what that means. Has 2nd BPO orderred by them.
 
Hi, everybody -- joined a long time ago but this is my first post.

I am about to send in my fifth trial modification payment to JP Morgan Chase WaMu.

Although I was tentatively approved for Making Home Affordable, the temp payments they came up with were 25 percent higher than what they would have been at 31 % of my income.
I've been keeping up with the payments, but it's a very hand-to-mouth hardship, so I did ask, repeatedly, why my payments weren't kept at 31 %.

I was told by two different people at Chase that if you are a 1099 employee and do not have withholding taxes taken out of your pay, they times your annual earnings by 1.25, then use that as the basis for the 31 % (sure enough, that figure did match).

But why would they do this? Although the taxes are not withheld by an employer because I'm 1099, they are set aside by me until April when I pay them.
So on the most recent occasion that I was asked to re-submit the profit loss section of the application, I included the $285 or so per month I save for taxes under expenses.

Has anybody else's trial payment been calculated with similarly trick arithmetic?

I kind of wish I hadn't questioned their figure.

Up until that point, I was given the impression over the telephone that it wouldn't be more than another three weeks before I'd find out about my permanent modification.

But once I included the taxes in my expenses, it became harder to get progress reports from them by telephone and now months have passed.

If anybody here has actually received a permanent Chase modification, please do tell, it will give us inspiration.
 

Mountain life

LoanSafe Member
Jul 24, 2009
127
0
0
Southern California
Applied in April 2009, denied in August 2009. Re-applied in late October and received approval for a HAMP trial modification in November (friday the 13th!). Made my first trial payment yesterday for my December 1 payment.
 

davephx

LoanSafe Member
Jul 21, 2009
5,435
47
48
I was told by two different people at Chase that if you are a 1099 employee and do not have withholding taxes taken out of your pay, they times your annual earnings by 1.25, then use that as the basis for the 31 % (sure enough, that figure did match).

But why would they do this?
They shouldn't... here is the only place the 1.25 factor comes into play per Supplemental Directive 09-01 April 6, 2009
Home Affordable Modification Program
"If only net income is available, the servicer must multiply the net income amount by 1.25 to estimate the monthly gross income."

This is only if gross is not available before any payroll deductions which include tax withholding.

For self employed which would include those that get 1099's you do a P/L which shows net but that is the same as "gross" for employee. No taxes have reduced the net so is the same as gross.... both are pre tax.
 

zander

LoanSafe Member
Nov 3, 2009
487
2
0
massachusetts
my p&l shows gross income and net income after expenses which number are they going to use? the net after expenses right?
 

davephx

LoanSafe Member
Jul 21, 2009
5,435
47
48
zander - Yes they "should" use net after expenses.

Unlike an employee where employer pays for office rent, supplies, postage etc as self employed you pay it so your net is the equivalent of an employees gross.

But no taxes taken into consideration .. so its gross of any taxes just like employee but net of business expenses which an employee does not have. If that isn't confusing it more...
 
I'm afraid I still don't understand how they computed my income, but that's okay, from what I gather, the cards are theirs and they can compute it any way they like.

What really frightens me is that I haven't seen anyone in here get a permanent mod who like me, has equity in their house.

In fact, I spent last night reading every single message regarding Chase to see if I missed anything -- and at least two group members flatly stated that Chase does not modify mortgages for those who have equity in their homes.

(And I may have inadvertently made things worse by emptying my retirement account in order to satisfy back federal taxes and penalties so that the feds removed their lien from my house. On the other hand, I was only able to partially settle my state of Connecticut taxes, so their lien may be forthcoming, if it hasn't already been filed. Plus, there's also a lien from a credit card company. And there's a second mortgage).

Still, even after all that, there's still some equity. Not nearly enough to even put 20 percent down on another house (and I'll probably never ever be given another mortgage in any event) but it's still money.

I'm a journalist by profession (living on clerical work/dogsitting, etc. due to collapse of industry). I purposely put down 50 percent, knowing the decline my trade was in, but it didn't really help, due to job loss and catastrophic medical problems that kept me from working for five years.

(hence the second mortgage, emptying my 401k, ebaying any and all valuable items accrued during my life time, regardless of sentimental or family attachment).

There's virtually nothing left for me to pawn at this point. My dogs are the only thing that's been keeping me going forward, thank God for them.

And thank God for this forum, which has provided me with a place to vent.

If anybody has any further information at all regarding modifications in cases where there's equity, please, please pass it on.

Thank you for listening.
 
UPDATE:

I was definitely turned down to Making Home Affordable and the grounds were that I had too much equity in my home.
Turns out I was turned down on the 11th. I called on numerous occasions on that date and after asking for updates on my status -- nobody but nobody gave me any inkling that I had been turned down.
I wouldn't have found out at all, if I had not called the Chase executive team, desperate for information. They were the ones who told me the reason for the turn-down was equity.
Of course, this doesn't answer the question as to why I had been approved for a trial modification under the Obama plan -- it's not as if my equity situation changed over time.
And unfortunately, the Chase Executive Team that has been so helpful to so many here cannot be of help to me, because they only work on Chase-originated loans (mine is WaMu).
The one spot of hope I have is that I am being considered for an in-house modification.
However -- this same person from the Executive Team tells me that in-house, they use the same criteria as Making Home Affordable when it comes to the amount of equity you may have in order to be considered for relief.
He told me that these are not Chase criteria they were abiding by but investor criteria and that although Chase has been getting vast amounts of flak for considering equity as a dis-qualifier, Chase didn't have the power to change it.
He has referred my case to a different executive team that does handle WaMu loans -- and told me that I should hear from somebody there on Monday or Tuesday who will act as liason between me and the negotiator.
But I feel very, very discouraged.
How ironic, to learn that specifically because I purposely bought a much cheaper house that I could have qualified in order to ensure I could always afford it, I made the bank's option to foreclose virtually inevitable.
 

Martae007

LoanSafe Member
May 9, 2009
375
2
18
I have to say, I am speechless.... Started my loan mod back in March, 2009. Have first and second mortgage with Chase and its a rental. They knew this from the beginning. Since March, my file has been transferred to different units and I have been requested to re-submit my package THREE times - all the while they were informed that this was an investment property. In October the "special walk division" called re the second mortgage and asked me to submit a loan mod package for the second since it's a new division and the loan was subject to be written off in November. I submitted a complete package as requested (by fax as well as express mail) approximately the last week of October. To date, Chase has received over 300 pages of documentation from me. I called the number given by the rep, the first week of this month, to see if they received the package and what the status was of my second mortgage mod; that's when I was told that Chase doesn't modify second mortgages! I asked her if she recognized the telephone number I recited to her, and if she could transfer me to the department that was assigned to the telephone number, after listening to the telephone number that I recited, she informed me that she did not recognize the number and no such number was listed on her roster. I informed her that I found this hard to believe because this was the number she was calling me from! Today, I received a form letter from Chase that I don't qualify for a loan mod because they cannot verify occupancy of the property under MHA program. They only listed the second mortgage loan number. I thought they did not modify seconds. When I called to find out what was going on, everybody left for the holiday, office closed and no way to leave a message. ....... I have no clue what's going on. Property is underwater by 50%.
 

MZWITHHOPE

LoanSafe Member
Sep 16, 2009
118
0
0
For me it's been 13 months now. I've submitted paperwork 4 times, faxed multiple times everytime. I've been denied 2 times before I got into the trial plan. Denied twice for insufficient income. (husband out of work in the construction field) Denied on 10/29/09 after my 4th trial payment due to being over income :confused:. When I called CHASE they said "no you are not denied" My file had been forwarded to a new negotiator for a new trial plan with my payments being $1,300 more a month:rolleyes:. CHASE had my income as $4,000 more a month and my property taxes being $23,000 more a year (I live in a house not a mansion!!!). By the way my loan was WAMU now CHASE and the investor is DEUTSCHE BANK. which I hear they don't do HAMP but do offer in house mods. and did I mention that the company helping me with my loan mod from 1/09 through 9/09 was shut down by the Federal Trade Commision for charging people the upfront fee ($995) That is when I found this forum and this is was has kept me going. On 10/31/09 when I got the denial notice I posted here on this board and I must say if it wasn't for the support here I don't know where my family and I would be....thanks to all for your support!!!!!!!As of today I call CHASE at least twice a week and my file is on hold for a new escrow analysis I requested on 11/5/09. I din't pay on November 1st and I don't think I will make a payment until they clear up my income and escrow account. I live on a day to day basis thinking all day when we will have to move and where we would go.:(