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Chase Loan Modification Agreement Increases My Payment By $1300

by B. E.

I am confused and angry. My wife and I entered A chase Loan Modification Program in August 2009. We had never been late with a mortgage payment but due to a reduction in pay we were having difficulty making the monthly payment.

We went from an original mortgage payment 3,450.00 per month to a Trial Modification payment of $2,852.00 for what was suppose to be a 3 month trial period. The trial period ended up lasting 9 months because Chase Banks process is so screwed up.

We received our Loan Modification agreement today, March 30 2010. Much to our surprise the proposed modified mortgage payment is $4,726.00, more than a $1,300 increase a month above the original payment!!

My question is, since I can't reach my loan negotiator to talk, what happens if I don't sign the new agreement? Can I simply go back to my original payment amount and try to scrape by?

Mortgage Loan Modification Answer:

When Loan Modification Help Becomes Betrayal

by Loan Modification Expert - Dan North


Unfortunately this is a clasic example of the free help you get when you call your lender asking for a loan modification. This is the real fraud that is going on in the loan modification
industry that is not being handled by the legislators across the US.

Here is what happened with Chase. You were given a trial modification of $2,852.00 per month for 9 months. During that time your mortgage is considered delinquent by $598 each month and this is reported to the credit bureau. This totals $5382 delinquent on your mortgage and Chase may have added interest and penalties to this amount.

The $4,726 payment is not a loan modification it is a repayment plan to bring your mortgage current. At the end of your repayment plan you may still have the original mortgage payment
with no modification to a lower payment.

In other words this free help from Chase only served to make your mortgage delinquent and probably destroyed your credit in the process. This is criminal but an all to common occurance
from Chase and other lenders.

Here Is How You Fight Back To Force Chase
To Play By The Rules



First since you did not state that you have an FHA or VA Loan I will assume that you do not. So the first thing you should do is find out if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.

Go to this link to see if your Mortgage is owned or guaranteed by Freddie Mac

Go to this link to see if your Mortgage is owned or guaranteed by Fannie Mae

If you have an FHA or VA loan you most likely would know that information but if you are not sure the easiest way to find out is ask your lender by calling the number on your mortgage
statement.

Start The Escalation Process If You Feel Your Lender Is Violating HAMP Guidelines


Comments for
Chase Loan Modification Agreement Increases My Payment By $1300

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starstarstarstarstar 		Modification with Chase Mortgage
by: Anonymous

I was just browsing around on my break at work. I would appreciate it if you would email me at my home site. (email removed)

My case is the same as the one that I read above.

I started my modification September 2009 and have done everything that was needed.

Chase lost a lot of my paperwork that I faxed in to Chase's bank.

I was getting harassing calling from the Philippine's shortly after my trail payments start. I called chase and they told me to send in a cease and desist letter and it would stop all harassing calls.

I continued to call Chase twice to three times a month to see if they needed any paper work from me.

Everything looked good as of March 26, 2010 when I called in, just fax two pay statement and bank statements and I did.

I called in after April 9th, everything was fine nothing needed but the lady told me to send in the docs that I sent on March 26, 2010. No problem I sent again.

May 12, 2010 after talking with about three ignorant individuals at Chase I finally talked with a girl who told me that as of April 9th my modification was removed.

I can't understand why I was not notified by mail, the letter I received on the 12th of May got to me. I was told because of my cease and desist letter that they could not call me.

I was told to attend an fair on May 14 or 15 in San Bernadino, CA. I did not because I work very hard and I am tired when I get home.

I re-submitted my paper work on May 14, 2010. 5/18/2010 I received those same paper to fill out again by FED X.

I am very angry at the county of Riverside California for putting their employees on furlough last August which caused a reduction in my pay.

Please if I had the chance again, I would have done this with your help. This has made me very ill and I am continue getting the run around.
Rating
star 		This IS a Loan Modification
by: Anonymous

You are being offered a loan modification NOT a repayment plan.

Your modified mortgage payments are probably more than your original payments because you weren't paying escrow before applying for your mortgage modification.

It is a requirement that escrow, to pay property tax and hazard insurance, be added to the monthly mortgage payment as part of the Making Home Affordable Modification Program.

Adding the escrow payment is to protect the investor who owns the loan. Any payments that could cause a lien against the property if not paid are included in the escrow.

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