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

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

by Steven
(Clovis, CA, USA)

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

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

The loan is Fannie Mae. I don't think it's an FHA or VA loan.

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, the man said they do not deal directly with home owners.

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

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?

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

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

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.

Getting A Government Agency To Help You

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)

The Next Step To Really
Apply The Pressure

Wait for a response from the Escalation Team before sending this email to your Congressman and Senator asking for their assistance to get the Escalation Team to intercede on your behalf with Chase. 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 for a HAMP Modification. 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 variable is what 4.6% of your gross income will be. If your gross income is $2,500/month your will lower your mortgage by $115/month. If 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 2% interest or principal reduction.

If you need more to be affordable you will have to negotiate an in-house modification. With 7.125% you have plenty of room to lower the interest rate lowering your payment but still be profitable to the lender.

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

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JPMorgan Chase has no intention of helping homeowers. NEW
by: DYM_56@yahoo.com

I tried for a loan modification with Chase. They denied me. I am still working, just making less, but still able to afford the mortgage with a loan modification. They denied me. The letter stated that I should call to see what options were available to me. I called the person who was handling my file, twice. He refused to return the call. I then contacted them to try to set up a payment plan, as my mortgage is only $3,609.00 in arrears. They would not help. They told me that I had to come up with $2,000 upfront to be able to get into a payment plan. I told them I did not have $2,000, but I did have $1,000 I could start the plan with. They told me that was not acceptable that I needed half of the amount that was in arrears. I was upset, because I know Chase received bailed out money. Chase is not willing to help. The only solution that they offered me was "foreclosure", "short sale" or "deed in lieu". I told them that I have been in my property for 14 years and was not going to go into foreclosure. They told me to call back in January if I had enough money saved to get into the "repayment savings plan". I was devastated that Chase was not willing to help me except to offer me foreclosure, short sale or deed in lieu. I had been reading stories about the banks not helping, and I had first hand experience. Why wouldn't they help me being in arrears with such a small amount? I now know that Chase is greedy and has no intention of helping homeowners keep their homes.

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Purpose Free Process
by: Therese

I have been reading throughout the Internet, astonished at how many folks are living my same nightmare. After beginning this process in 2008 due to my husbands sudden loss of income, submitting the RMA and it's accompanying documents over 15 times (that I recall), been in underwriting to my knowledge three times, I received a call from escalation department today. I was cautiously hopeful, should I be?

At this point, the last of several foreclosure accelerations, they stopped taking our checks and we decided not to persist in paying since they could end up taking the house anyways.

Now we are over 15 months behind including the original 9 when my husband was out of work. Now he makes a fourth of what he used to but at least we are both back to being somewhat gainfully employed, him now 2 years.

Is there any chance Chase will modify this loan? All we really want is a chance to put the missed payments at the back end of the loan, if we don't qualify for anything else. Is that possible? And will Escalation department be fruitful? After all this time, I have very little hope.

Chase Loan Modification Answer:

by Chase Loan Modification Expert - Dan North

You should find out if your state has programs to help homeowners catch up on missed payments. Here are several states programs with Federal TARP Grants that will arrange funding for reinstating mortgages: California, Connecticut, Delaware, Idaho, Maryland and Pennsylvania.

To see what Chase will approve run your own NPV Test (Net Present Value Test). This will give you what will pass and what will fail the test. Play with the numbers until you work out an offer that will pass the test.

If you work out an offer that passes the NPV Test you will most likely get a loan modification on the terms that you propose.

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CHASE IS WAISTING MY TIME
by: Anonymous

THIS IS EXACTLY WHAT CHASE IS DOING TO ME. REQUEST DOCUMENTS, SUBMIT DOCUMENTS AND THEN THREE TO FOUR DAYS LATTER AGAIN SUBMIT THE SAME DOCUMENTS. FILE GOES TO UNDERWRITING THEN THE FILE COMES BACK FROM UNDERWRITING AND AGAIN THE SAME DOCUMENTS. THIS HAS BEEN GOING ON FOR A YEAR.

I DON'T KNOW WHAT TO DO ANYMORE.

Chase Loan Modification Answer:

by Chase Loan Modification Expert - Dan North

You keep hanging in there and keep submitting your documents.

Use the HAMP Escalation Team to speed things up.

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Chase Will Waste Your Time - Get Some Help
by: Brandon T

Yes, Chase is absolutely wasting your time. And you aren't the only one. They are currently doing this to 85%-90% of their customers who apply for loan modifications.

There is currently over 70 billion dollars in stimulus funds available for the banks and mortgage companies around the US to do these mortgage modifications for struggling homeowners and they are doing everything they can to deny people these benefits. Things like make you fill out an application to see if you qualify for the modification, review it for 3-6 months (sometimes over a year!), just to come back to you and tell you that they were not provided with enough documentation, it was outdated, they need additional information...etc.

They send their clients through miles of red tape to basically pretend that they are trying to help people with the stimulus money they received, but are unable to do so. They think that doing this will justify keeping that stimulus money while continuing to get the same rates from borrower's.
There is help out there though!

Brandon Thomas

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