Denied By Chase Again!
We have been trying for a modification through Chase for nearly 2 years. The 1st was denied after 6 months because we were current.
We have been sending in the same paperwork every 2 to 3 weeks for nearly 2 years. They always say it is either outdated or they never received it. We have even sent register mail with return receipt. They sign for it but still say they never received it.
We have been using a counselor for over a year now and still getting nowhere.
We received a letter today stating "We are unable to offer you a modification through the federal Home Modification Program (HAMP) or any Chase modification programs. This decision was confirmed through a second level review." "We are unable to offer you a modification because your loan does not meet the eligibility requirements established by the applicable investor (the owner of your loan." What does this mean? I thought the eligibility requirements were set by the government.
The letter then goes on to state that we have 30 days to pay all past due amounts or they will foreclose.
The other options they offer both require the loss of our home. We have nowhere else to go. We are raising 2 children in this home. If they would just help us out and lower our payments we would be able to pay our mortgage payments.
We wiped out all of our savings and 401k's to keep our payments current while on unemployment. Once that money was gone they were no longer interested in us.
We are both back to work now, at much reduced wages, and are being offered no help. Even though we had never paid a payment even 1 day late before this.
In Michigan they can foreclose without going to court. They can just sell your home at a Sheriff's Sale. After that your only option is either move or pay the mortgage off IN FULL. Not just the late payments.
Chase took money from the government as an incentive to help people and are now totally unwilling to help.
We contacted a lawyer and were told that since they got this money from the government anything they sell our house for is pure profit. So they don't care to help since they will make more money by foreclosing.
Isn't it nice that the same people who took millions of tax payer money in bailouts is now not will to help any of those same taxpayers?
I don't know what else to do. We will be out on the streets with our 2 children very soon.
Chase Mortgage Loan Modification Answer:
by Chase Mortgage Loan Modification Expert - Dan North
The first thing I should warn you about is a little late for you but may help others. Never, never, never spend your retirement funds to try save your home. The usual outcome is you lose your home and your retirement funds. Banks can not touch your retirement funds no matter what they say and can not use having retirement funds as an excuse to not modify. Never disclose how much retirement funds you have, always respond with n/a and not relevant or required information.
Who Owners Your Mortgage
Now since that is no help for you here are a few things that you can do right now that may help your situation.
- Ask for the name and contact data for:
- The investor that owns your mortgage
- The portfolio manager who handles the mortgage for the investor
- The attorney who is handling the foreclosure filings for the investor
- Ask for true copies of the fully executed:
- Mortgage note with all endorsements
- Mortgage assignments with all endorsements
Can They Prove It
Send these requests as QWRs (Qualified Written Requests) to the person who you were sending your mortgage modification data to. Also send copies to the CEO, Legal Dept and Director of Public Relations (just call customer service for the addresses of the above). Follow the directions contained in the article How To Save House From Foreclosure - 3 Ways To Stop A Foreclosure Sale
Once you have sent those requests call customer service and ask for copies of the note and mortgage assignments with all endorsements. Make a separate call to customer service to ask for the name and contact data for the; investor, portfolio manager and local attorney handling any foreclosure filings.
Applying Pressure To Chase
All the above puts Chase, who is only the servicer of your mortgage, on notice that you will make this tough and costly, if they do not cooperate. Chase may not know who owns the mortgage. Chase has been known to foreclose even when the investor was willing to modify. (See Chase Insider Interview)
Now Request Mortgage Modification From The Investor
It looks like you have already been escalated to executive level and received a denial but in this new request you will ask that the modification request be submitted directly to the investor. If you get the name and contact data for the investor you want to send a modification request directly to the investor. Send a proposal of the modification that you want and can afford.
If the contract between the investor and Chase does not allow modifications Chase will automatically decline to modify no matter what. You want them to by pass this contract direction and request modification from the investor anyway.
Sometimes going to your local tittle search company can turn up the investor and contact data, there will be a fee for the service. You can try going to the county recorder and doing the research on your own as well.
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