Chase Loan Modification Agreement Increases My Payment By $1300

by B. E.




Confused and angry. Entered a chase Loan Modification Program in August 2009, never late with mortgage payments but having difficulty making the monthly payment.

Went from mortgage payment of $3,450.00/month to a Trial Modification of $2,852.00 for a 3 month trial period lasting 9 months because Chase Bank's process is so screwed up.

Received our Loan Modification agreement today, March 30 2010. The proposed modified mortgage payment is $4,726.00, a $1,300/month increase above the original payment!!

Since I can't reach my loan negotiator to talk, what if I don't sign the new agreement? Can I simply go back to my original payment?

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

Unfortunately this is the free help you get when you call your lender for a loan modification. This is the real fraud 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.

This free help from Chase made your mortgage delinquent and probably destroyed your credit, an all to common occurrence from Chase and other lenders.

Force Chase To Play By The Rules

You did not say you had an FHA or VA Loan so assume you do not.

The first thing is find out if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac:

Freddie Mac

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 Chase Is Violating HAMP Guidelines


If you do qualify for a HAMP Loan Modification this will dramatically increase your chances of forcing your lender to make a real loan modification. Since you made all your Trial Modification Payments for 9 months you most likely do qualify for a HAMP loan modification.

Send The Loan Modification Agreement Back
Unsigned With A Counter Offer

Do not sign the Loan Modification Agreement that Chase sent you. Send back a copy of that agreement, write on the copy "Repayment plan declined - Please see attached counter offer of a loan modification". Include a cover letter that declines the Repayment plan and includes your counter offer for a loan modification.

Make the counter offer that instead of a repayment plan the delinquent amount is added to the end of the mortgage to bring your mortgage current and all interest and penalty charges are
waived.

If you qualify for the HAMP Loan Modification ask that your total monthly mortgage payment (includes monthly Home Owner's Insurance payment, property tax payment and Home Owners Association fee payment if applicable) be lowered to 31% of your gross monthly income.

Ask that the interest rate on your mortgage be reduced to 2% (if a higher interest rate actually reduces your monthly payment to 31% of your gross income you can put that interest rate down).

You can ask for a larger reduction than the HAMP guidelines but most likely Chase will not go lower than 31% of your gross income. Chase can approve going lower than 31% of your gross income and have in the past but they may not.

If you do not qualify for the HAMP Guidelines then just ask for a payment that you can easily afford and make that your target payment amount.

I am including a Net Present Value - NPV Test (as a spreadsheet) so you can play with the numbers to come up with a counter offer that Chase will approve. You can change several of the mortgage terms to reach an affordable payment.

See the article How Does Loan Modification Work?Part1 for ideas of how you can modify the terms to reach an affordable payment.

Use this NPV Test to work out a counter offer that will pass the test and stands a chance it can be negotiated with Chase.

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Worried If Your Lender Will Modify?
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No-Upfront Fee Modification (CA, OR & WA)
No fee to start and no fee if your loan is not modified

DIY Modification
Don't know where to start? Negotiate a better modification

Challenge The Notary
Force your lender to modify or just stay in your home as long as possible.

Repair Credit After Modification, Foreclosure or Bankruptcy?
Credit repair software. Remove negative items even after loan modification, foreclosure, bankruptcy



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Chase Loan Modification Agreement Increases My Payment By $1300

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starstarstarstarstar 		Chase Bank Is A Liar!
by: shelly vaughn

We were unable to pay our $1150.00 mortgage because my husband was laid off.

We called Chase to re-modify our loan, a man named Geoff was assigned to our loan.

We asked should we pay what we can while the process is going thru, he answered no. He told us over an over to not pay anything, "Wait, get the modification to go thru."

This went on for a year!

We called and called, but everyone we spoke to had different answers, no one was on the same page, then we are served papers telling us our home was in foreclosure!!!

I never wanted that!

Finally after calling every single day we get a letter telling us if we will make 4 payments on time for $1050.00 they will re-modify my home loan.

We complied and still nothing... We called once more to ask where the new payment plan was, we were told to make one more payment. So we did, then we get in the mail the final payment agreement and our payment is $1050.00, it did not change at all!

We have called and called, not one person says the same thing, they lie! One will say he sees a discrepancy, another will say "Oh well, that's your payment because you didn't pay us for 9 months (which they told us to do) I don't think this is fair!

Where's our voice? Where's our justice! They lied they all lied!

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North



You should be heard. Start by filing complaints on Chase:

Talk with a non-profit housing counselor for help resolving this with Chase, contact your local HUD office or visit www.hud.gov.
Rating
starstarstarstarstar 		Someone help me with the CHASE DEVILS
by: Anonymous

I tried to get a loan modification from Chase. They continued their little games for six months and told me I was denied. Then they sent me paper work again and I filled it out again and then they tried sending me a letter that I turned down their offer. I had them on the phone and told them to send me a copy of the offer because I never received anything from them.

I am still in the same boat - I am behind in payments and they are holding firm to a repayment plan with late charges and interest that are 600 more a month than what my original mortgage was. I called them and ask them to lower the payments over a longer period of time to help me and they have refused. Please help me someone. I am just a single mom trying to keep my house....

Chase Mortgage Modification Answer:

By Chase Mortgage Modification Expert - Dan North


WOW, you have good reason to be upset. I do not have enough info to say what Chase might do in resolving this but if you live in CA, OR or WA fill out a Hardship Application and I will have Antonio contact you to go over the possibilities of a work out.

I am not currently set up to handle other states but may have a solution for that in the next week so you can check back later if you are not in CA, OR or WA.

The one thing I can suggest is that you do a Qualified Written Request to ask for a copy of the note and a seperate request asking for the name of the investor who owns your mortgage with contact data to reach the investor directly. See article How To Save House From Foreclosure - 3 Ways To Stop A Foreclosure Sale and follow the directions in the section: Two More Ways To Save House From Foreclosure Sale With Qualified Written Requests.
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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.

Chase Mortgage Modification Answer:

By Chase Mortgage Modification Expert - Dan North


Since you live in California you should check if you meet the income requirements for the Keep Your Home California program, Riverside County has $78k/yr cap. If your income qualifies then complete Program Eligibility Form on-line.

Chase does participate in the Mortgage Reinstatement Assistance Program (MRAP) ? up to $15,000 for reinstatement of arrearages.

That should help to get you back on course.
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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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