Chase Loan Modification Denial - No Official Notification of Repayment Plan

by Laura Lee
(New Orleans, La USA)

After not recalculating my loan for two years in a row and with horribly high insurance premiums thanks to Katrina, my payment jumped from $850 per month to $1100 per month. My spouse is unemployed and I was working a lesser paying job and couldn't afford the note.

In November I entered into the loan re-modification program with Chase. Sent the paperwork via FedEx, notified later that they didn't have all the paperwork, made to update the paperwork twice since then. Was notified when I called in April that I didn't qualify for the loan re-modification program and that my file was being sent to the investors for review. I asked how long that would take and received no answer beyond just call back once a week. I set up my reduced payment for the 1st of May ($620) and was notified that since I was no longer eligible for the loan re-modification that I had to pay the $20 pay by phone fee, which I did.

I called back during the second week of May and there was no progress on my case and in fact was told that my paperwork would be expiring again and that I would need to send in new paperwork. I told them I would rather wait until I got it in writing rather than taking the initiative (I mean I've already been declined for the re-mod program so why do they need the paperwork again?)

They suggested I call back the next week.

So I called in last week on May 25th and am told that I have been approved for a loan repayment program and my monthly amount due is $1192. I told the rep that I had not received any paperwork notifying me of the approval and that I hadn't planned to pay $1192 but rather the $640 as I had paid last month. She informed me that she could only accept the $1192 and that I had only until May 27th to accept that offer. I don't understand how they can reasonably expect anyone to come up with double the amount they have been paying in TWO days.

Every time I call in I'm harassed with the barrage of questions about my status, if I'm in the home, can they call me on my phone number (which I answer of course you can but no one ever does!) I'm furious with this whole debacle. When I refinanced my loan about three years ago it was NOT with Chase - they bought my loan. They are a piece of crap and if I had any other option my loan would not be with them - EVER. It seems they only want to make sure I default on the loan.

I'm not in this boat alone - millions of folks are having the same problems not that it's any consolation. I guess my question would be now is there any way they will foreclose on my house before I receive written notification of a repayment plan? The rep told me if I wanted to pay any lesser amount that I would have to mail it in which indicates to me that they have no interest in helping me and will hold the fact that I didn't make a payment on June 1st against me.

Thank you for whatever advice you can offer

Mortgage Loan Modification Answer:

by Loan Modification Expert - Dan North

Louisiana Foreclosure Laws favor the lender if the mortgage includes an "authentic act that imparts a confession of judgement". You would have been required to sign and acknowledge the obligations of the mortgage in the presence of a notary public and two witnesses when you first contracted your mortgage.

If this is the case then Chase can move forward with a foreclosure after giving you 3 days to pay the delinquent amount in full.

You should read up on the Louisiana Foreclosure Laws and findout which type of mortgage contract you have so you know what exactly your situation is.

If you were turned down for a modification Chase is required to notify you in writing of the reasons for the turn down. The reasons may not apply. Chase is famous for denying loan modifications even when you do qualify to modify your loan.

David Lowman, Chief Executive for JPMorgan Chase's home mortgage division, stated at Congressional hearings that homeowners should contact him directly about their concerns regarding their mortgages. You should call about your situation it may help. Be sure to have all your information ready when you call.

Chase Borrowers should contact the following Chase executives: Dave Lowman (Chase Chief Executive) at: 636-735-2121
Jamie Dimon (Chase CEO & Chairman) at: 212-270-1111

You May Need Professional Help To Save Your Home

Chase may have already started the foreclosure process on your home but may also be waiting to see if you come up with the money.

At this point if you want to stay in your home I would suggest getting professional help from a loan modification negotiator. Chase is notoriously dificult on homeowners who try to do their own modifications.

If you want me to place you with a loan modification negotiator who has a good track record with Chase then complete the Hardship Loan Modification pre-qualification form and you will be quoted with modification terms he can negotiate with Chase. The fees are $2000 without a guarantee and $2500 with a 100% money back quarantee if the quoted modification is not met.


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