Chase Trial Period Payment Is More Than Our Normal Mortgage Payment
by Gloria
(San Diego, California, USA)
We've been trying to get a Chase loan modification for approximately 5 months. We were told by CHASE that we were not approved for the HAMP program but they were working on an in-house CHASE modification.
I finally got paperwork today for a 3 month trial modification and our payment is $3,617 approximately $630.00 more than our regular monthly mortgage (we did not have a impound account before). Adding these two numbers is exactly what we are paying now, if you add taxes and insurance, so I'm a little confused.
- Shouldn't the principal and interest go down a little?
- What should we expect after the 3 month period?
- Will our payments be the same?
- Is it worth continuing with this as we are 2 months behind?
- What happens if we don't get a permanent modification after the 3 month trial period?
Chase Mortgage Loan Modification Answer:
by Chase Mortgage Loan Modification Expert - Dan North 
Hi Gloria, the whole point of a modification is to lower payments. Offering a modification that is the same amount as you are now paying, while it will bring your mortgage current, does not really help. Since you are already 2 months behind with Chase, keeping your payments the same will not improve your ability to pay on time.
Send The Chase Loan Modification Offer Back Unsigned With A Counter Offer You Can Afford To Pay
Do Not Accept The First Offer Made By Chase, Always Make A Counter Offer You Can Afford! (There is only one exception to that rule and that is always accept any good offer you can easily afford immediately)
If you were not given a reason for your turn down on a HAMP modification ask Chase that you be reconsidered for the Making Home Affordable Modification Program and be given specific reasons for turn down if not approved.
Clearly state that because of your current financial hardship you could not afford the original mortgage payments and the modification proposed by Chase does not decrease your monthly mortgage payment, so is unacceptable.
Ask For Interest Rate Reduction
Ask for interest reduction to the current rate at a fixed rate if you have an adjustable. You can ask for less but realize that Chase will only go bellow current rates for a specified time period. You can ask for 5 years of interest bellow the current rate and have it increase yearly by 1% until it reaches the current market rate.
Ask For Principal Forbearance
Chase is not likely to grant a principal reduction but will do principal forbearance (you still owe the principal but you make no principal and interest payments on the amount in forbearance) after extending the loan to 40 years.
Ask To Waive Trial Payment Period
In your Counter offer to Chase propose the loan modification agreement be sent directly with no 3 month trial period if not being modified under HAMP. There is no requirement for a 3 month trial period with a Chase in-house loan modification.
Send CCs to Chase Chief Executive On Your Counter Offer
Send copies of your correspondence to Dave Lowman (Chase Chief Executive) and Jamie Dimon (Chase CEO & Chairman). Be sure to put those cc's on your letters and counter proposals. This is important even if you are emailing or faxing in the letters and data. Always send copies to Dave Lowman (Chase Chief Executive) and Jamie Dimon (Chase CEO & Chairman).
You are also welcome to call the above about your Chase loan modification. Both have stated they will help borrowers who are having trouble getting loan modifications done with Chase. Here are the last working numbers I had for Dave Lowman (Chase Chief Executive) at: 636-735-2121 and Jamie Dimon (Chase CEO & Chairman) at: 212-270-1111
Until You Have A Signed Loan Modification Agreement From Chase You Are At Their Mercy
To answer your concerns, until you have that signed contract that modifies your mortgage from Chase anything can and does happen. Read these three recent articles:
- The Home Loan Modification Mess Often, loan servicers have little incentive to help homeowners avoid foreclosure. With reform stalled in the Senate, the best hope for fixing the broken mortgage modification system may lie with the 50 state attorneys general.
- INSIDE CHASE and the Perfect Foreclosure This Chase insider interview goes over why Chase forecloses even when it is in the best interest of both the homeowner and the investor who owns the mortgage. Bottom line Chase as a servicer makes more money if they foreclose, if you let them get away with it.
- Lawsuits Accuse Lenders of Sabotaging Mortgage Modifications More borrowers are taking banks and loan servicers to court, alleging they were misled when they tried to renegotiate the terms of their loans.
My point is not to scare you but to show that when dealing with individuals at Chase decisions are arbitrary and often wrong. If you can afford your house at a reasonable payment and interest rate then fight for it. If you can not afford your home then you have to confront that and work out an exit strategy that helps you the most. Whether that is staying in your house as long as possible after you stop paying your mortgage or getting a large cash for keys payment to move out now so you can afford a nice new place with all deposits and move in costs paid by Chase.
Once you miss three monthly mortgage payments Chase will start filings for the foreclosure process but should not file a foreclosure sale date while you are mid negotiation of your mortgage modification.
If you are three months behind on mortgage payments and negotiations end with no mortgage loan modification immediately ask for
foreclosure alternative programs.
Go to TopPost comments.Previous comments.Go to Chase Loan Modification problems, questions and answers from Chase Trial Period Payment Is More Than Our Normal Mortgage PaymentGo to Upside Down Mortgage Loan Modification Myths Exposed from Chase Trial Period Payment Is More Than Our Normal Mortgage PaymentGo to Mortgage-Loan-Modification-Answers Home page from Chase Trial Period Payment Is More Than Our Normal Mortgage PaymentNo-Upfront Fee Hardship Loan Modification CompaniesApply for no-upfront fee hardship loan modification even if you do not qualify for the Government Making Home Affordable Modification Program. You may qualify for a No-Upfront Fee Hardship Loan Modification.
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