Is Chase Just Wasting My Time?
Or Can I Modify My Loan? PART 2

by Steven
(Clovis, CA, USA)

I realize I did not provide enough information to help you help me.

The loan is held by Fannie Mae. I don't think it's an FHA or VA loan since I don't know what those are.

I can answer yes to all the HAMP questions. One is going to be a problem since I'm the only one on the loan, but we were depending on my wife's income also. She has since been fired from her teaching position for budget reasons.

I contacted the Fannie Mae phone number. The man said they do not deal directly with home owners.

I am now armed to call Chase Modification department now to escalate my request.

Right now, the mortgage + escrow + HOA dues are 35.6% of my income. Can I argue that when I signed the loan it would have been 45% of my income at the time?

Thank you again in advance!

Mortgage Loan Modification Answer:

by Loan Modification Expert - Dan North

(See earlier question from Steven Is Chase Just Wasting My Time? Or Can I Modify My Loan? PART 1 for details on escalating your loan modification if you think your lender is violating HAMP Guidelines)

The important point here is that your mortgage is backed by Fannie Mae. This makes it mandatory for Chase to follow the Making Home Affordable HAMP Guidelines. Chase does not have a choice and you can enforce using escalation. Six months of stalling is a valid reason for escalating your Loan Modification with Chase.

Even though you were told by Fannie Mae that the Escalation Team will not work directly with public you need to report Chase by send an email with all the information on the stalling by Chase. (I will contact Fannie Mae for you if you need the help.)

You need to make a very specific request and send it by email to resource_center@fanniemae.com.

Specifically ask that an Escalation Specialist intercede on your behalf with Chase.

Give a very brief description of the stalling that Chase has done over the past 6 months. (About the same as what you had to say in Is Chase Just Wasting My Time? Or Can I Modify My Loan? PART 1 but include dates of each request for resend of data and the date you send the requested data or document)

Give your name, property address, Servicer Name (Chase), Servicer Loan Number (should be on your mortgage statement), your e-mail address, phone number and state that you are the home owner directly requesting that an Escalation Specialist intercede on your behalf with Chase for violations of the HAMP guidelines and deliberately exceeding the 30 day time limit by 5 months for arranging a trial loan modification once all documentation and signed documents were received by Chase including signed Request for Modification and Affidavit (RMA), Hardship Affidavit, signed IRS 4506T-EZ or IRS 4506T as well as all income and expense documentation requested by Chase.

Also give the name of the Chase Loss Mitigation Officer assigned to your case with all his contact information (email, phone numbers, mailing addresses) and make sure that you have him as a cc on the email reporting Chase to the Escalation Team so that he receives a copy.

The Secret To Getting A Government Agency To Help You

There is one more thing that you can do that does help in matters like these when dealing with Government Agencies. Make sure that you send copies of this email to your Congressman and Senator. Make sure it is clear to the escalation team that you have cc'd your Congressman and Senator by including a note in the email that copies have been forwarded to The Escalation Team, Chase Loss Mitigation Officer (by name and title), your Congressman and Senator (both by name and title)

What Is The Next Step To Really
Apply The Pressure

The next step would be sending the same email to both your Congressman and Senator asking for their assistance to get the Escalation Team to intercede on your behalf with Chase. But wait for a response from the Escalation Team before sending this email to your Congressman and Senator. 7 days is plenty of time to wait. Send this email if you get no response from the Escalation team after 7 days or if the Escalation Team responds that they can not help you.

Remember You Do Qualify For A
HAMP Loan Modification

You have all the requirements submitted for a HAMP Loan Modification to be approved. Your mortgage is greater than 31% of your gross income, you have a valid hardship since you lost a second income and your mortgage is Fannie Mae backed loan. This is cut and dry and you do not need to argue anything else except this.

The only variable is how much of a reduction 4.6% or your gross income will be. If your gross income is $2,500/month your will lower your mortgage by $115/month. If your gross income is $5,000/month you will lower your mortgage by $230/month. If your gross income is $7,500/month you will lower your mortgage by $345/month. If your gross income is $10,000/month you will lower your mortgage by $345/month. This modification will be made permanent for the life of the mortgage. Sorry you will not be seeing a reduction to 2% or a principal on this modification.

If you really need more of a reduction to be affordable you will have to negotiate for the modification outside of the Government Guidelines. With 7.125% you have plenty of room to lower the interest rate to 4%, greatly lowering your payment and the loan will still be profitable to the lender.


Return to top of Is Chase Just Wasting My Time? Or Can I Modify My Loan? PART 2


See more Loan Modification questions like - Is Chase Just Wasting My Time? Or Can I Modify My Loan? PART 2

Loan Modification Home | Mortgage Modifications | Loan Modification calculator
Ask Modification Questions | Loss Mitigation | Short Refinance
Mortgage Foreclosure Questions | Contact | Legal Notices | Site Map
The Home Mortgage Loan Modification Blog | DIY Loan Modification Kit
Pre-Qualify for FasTrac Hardship Loan Modification

Home And Commercial Modification Help Nation Wide
Offices Locations: Missoula Montana - MT and Los Angeles California - LA CA