Loan Modification Process With Chase Is Taking Too Long...

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Loan Modification Process With Chase Is Taking Too Long...

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Loan Modification Process With Chase Is Taking Too Long...

I started a Chase Loan Modification application in Feb 2010 for a Making home affordable modification.

Chase said it could take up to 6 months to start trial modification payments.

It is now Dec 2010 and still nothing! I call Chase for status updates every week.

Finally my file was sent to the underwriter but it is still just sitting there. No one has looked at it and its been with the underwriter for nearly 4 weeks now.

It doesn't seem like Chase should be taking this long to make a decision. It always seems as though my file just sits there untouched for weeks.

Is this normal for a Chase Loan Modification? Shouldn't they be done with it by now?

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

That is too long.

You should have had an answer within 30 days of submitting your request for modification and affidavit of hardship.

Contact The HAMP Escalation Team

First determine if Fannie Mae or Freddie Mac owns or guarantees your loan.

Does Fannie Mae Own your loan?

Phone: 1-800-7FANNIE

resource_center@fanniemae.com

Does Freddie Mac own your loan?

Phone: 1-800-FREDDIE

borrower_outreach@freddiemac.com

For Non Government owned mortgages contact the HAMP Solution Center:

Phone: 1-866-939-4469

Fax: 1-240-699-3883

escalations@hmpadmin.com

Information To Provide The HAMP Escalation Team

You will be required to provide the escalation team with a written authorization, authorizing the escalation team and the servicer to share your personal financial information. (Simply state that you authorize the HAMP Escalation Team and Chase to share all documents and personal financial information. Date and sign the authorization.)

The inquiry information you will need to supply for a status includes the following:

Homeowner's Name On Mortgage

Property Address

Servicer Name (Chase)

Servicer Loan Number

Foreclosure Date (if applicable)

Your Name

Your Email

Your Phone

Your Relationship to Homeowner

Briefly Explain What Happened

Briefly explain that you requested HAMP Modification in Feb 2010 and was told by Chase it could take six months. It is now almost a year later and you have not gotten a decision or a trial modification. Also request that they please help escalate this HAMP modification. (three sentences max)

An escalation specialist will work with the servicer regarding the case and seek to provide you with an initial status within four business days of receipt of the requested inquiry information and borrower authorization. If the servicer is unwilling to comply with program guidance or the escalation team identifies systemic non-compliance, the escalation team may report the servicer to the Making Home Affordable Compliance team.

File A Complaint On Chase

File a complaint on Chase to their government financial regulatory agency.

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Find out for yourself. Apply 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. (Currently available in California, Oregon and Washington)

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Loan Modification Process With Chase Is Taking Too Long...

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chase to long NEW
by: mari

it took chase 3 years to do my loan . now i have all theses fees added on to my loan. and my payment went down $300.00 but i have 40 yrs. to pay. my income is still not enough . but i have to pay or lose my home they kept losing mt file, and i worked with so many different people , no one knew what the other was doing .i got so sick over this. so now because of all this i'm in a upside down mortgage.

Rating

Thank You Chase and Daniell!!!!! NEW
by: Doug Miller

I became temporaily disabled in Oct 2011, missed Oct,Nov and made a payment Dec28th. Submitted Mod to Chase Nov 2 and had Rep 7 days later, (Daniell), I did a near perfect submittial, 2 concerns corrected via fax Nov 8th. My rep stayed in contact and return calls within a day. I went back to work at half pay in Jan when I lost my job. My Rep called me Jan 5 2012 less then 2 months after applying and said I was approved on HAMP. WOW, I have nothing but thanks to Chase and my Rep. Did not have to make up payments and the 1st payment in Feb at 2%, and then 1% higher on 6th year and 1% more on seventh year,with a $5000 credit on 5th year for not being more then 90 days late( Huh) I was never late on my own loan

I dont know why I got this compared to the horror stories I read and I really feel for everybody but my expience with Chase and Daniell was better then I could have imagine

I was in my home for 16 years, $500,000 mortg, right about zero equity

I think the HAMP program if you can qualify makes the possibilities easier for the modification

My Rep even apologized to me for not being able to get me the approval before X-Mass, (go figure, apologize to ME, I could not believe that, You did a fantastic job Daniell and I thank you!)

THANK YOU CHASE AND DANIELL, GOD BLESS YOU AND HAVE A GREAT YEAR

Doug Miller
Pleasanton Ca

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How to get REVENGE for Chase Loan Modification Failure Process NEW
by: Anonymous Revenge

This is for all the Home-Owners that have experienced failed process service of any kind by JP Morgan Chase Bank. The fact is with today's economy basically in the toilet, floating to the bottom like a Chocolate candy bar. I've learned that JP Morgan Chase does not like to do business by giving you what you request via US Postal Mail.

Whenever my wife and I were required to send additional documents (same exact documents) to JP Morgan Chase, they would always want to talk to my wife or I over the telephone. This is so they can save paper, thus having no proof they talked to you over the phone.

So, always request that they send you what they want, in hard-copy documentation, paper form. Yes, you want everything they need from you during the loan modification process via HARD COPY, PAPER work, so there is no confusion or lack of PROOF (FOR YOU COURT RECORDS LATER).

I know you can appreciate having proof that you have a "paper trail" showing your dealings with JP Morgan Chase Bank.

What really pissed off JP Morgan Chase that I want to tip each and everyone on that is pissed as I am, is this; ALWAYS SEND YOUR MORTGAGE PAYMENTS to JP Morgan Chase Bank via WESTERN UNION. Yes, wire your payments, either "partial payments" or "full payments". (NOTE:It is better to wire what you have, rather than to not make any attempt or payments towards your mortgage at all.) Use the Western Union "Quick Send" form and have the Routing Number to JP Morgan Chase Bank and the $ amount you are sending wired directly to JP Morgan Chase Bank. (NOTE: Ask JP Morgan Chase Bank for their Routing Number or numbers needed to WIRE YOUR PAYMENTS TO THEM)

Remember, this is a BANK. They always want money, so tell them you are sending them the money via Western Union and be willing to pay $8-$12 for next day or 2-day. Once you have JP Morgan Chase Bank Routing Number #, DO NOT LOSE IT! Keep copies of all your documents and wired payments to them for FUTURE REFERENCES. (JP Morgan Chase Bank has never, nor do I think will they ever REFUSE any attempt or monetary payments sent to them.)

Also make sure you put you Mortgage Account # on the Western Union, Quick Send form and keep a copy for your proof that you sent a PAYMENT.

When you send any payments of any type to JP Morgan Chase, they HAVE TO PROCESS it regardless, thus, keeping them from FORECLOSING on you or your property. Now, they might always try to add LATE FEES, but that shouldn't exceed $42.00. You can always send in payments to knock down your mortgage amount, but, at least you now have PROOF THAT YOU ARE MAKING AN ATTEMPT to make payments to JP Morgan Chase Bank. Like any greedy, corrupt, bean-counting corporation, this is the way to get YOUR REVENGE and the power back into your hands. Home-Owners like yourself that don't know how to get even with JP Morgan Chase Bank should be directed to read this.

PLEASE PASS TIP on to JP Morgan Chase Home-Owners / Power to the PEOPLE!

Rating

JP Morgan Chase Pissed off the WRONG GUY!
by: Anonymous

My wife and I filed a Loan Modification with JP Morgan Chase bank in January 2011. We started out with Steven Chojnowski at Chase 888-708-7086
ext. 1119277 He stated that they received our fax on 1/20/2011. Over a period of months we bounced back-n-forth providing them with the "exact same" documents we faxed to the Chase Bank office. In the month(s) of March, April an them May, I noticed this was a stall tactic, it pissed me off even more because I felt HELPLESS! So, I filed a series of complaints with NC Comm. of Banks. After a few complaints filed thru this office against JP Morgan Chase, we were assigned to Elizabeth "Betty" O'Rourke, supervisor at Chase Bank. We are now in the month of November and still no word as to our status. To show you how pissed off I am, I use to work as a Private Investigator. So, I did a research on Elizabeth O'Rourke, it appears she works from HOME. Every time I call she never picks up the phone, as to screen our phone number. Complaints were transferred to Comptroller of the Currency Administrator of National Banks.

I am requesting everyone that is as pissed with JP Morgan Chase Bank as I am, to deposit 1-2lbs. of raw fish into safe deposit box, an any or all Chase Bank Locations, the week before Christmas. See, banks close for Christmas then again for New Years. By the time they open up after New Years, who wants to do banking in a bank that smells like a fish market? Ohh. Yeah! it is a Federal offense for bank to open any safe deposit box without consent of its OWNER! Bank will not know which box the smell is coming from, Will they spend money to find out? They could have been much nicer to American People.

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Chase loan mod process is a joke!!!
by: Anonymous

Chase hired several "customer service reps" who knew NOTHING about the mortgage process. I worked there. The people have no idea what they're doing and the training is a joke! They do not care, they pass the hardship letters around and laugh at them. No one there is concerned about modifying a loan.

Chase Mortgage Modification Answer:

By Chase Mortgage Modification Expert - Dan North

It is unfortunate but I believe you. I have dealt with representatives at the executive escalation level and had to send them the Fannie Mae HAMP guidelines and show them how their denial was based on an error code the service guide says to ignore. She had never seen the guidelines before and did not even know new ones came out in June 10, 2011.

Rating

My Chase loan modification took 18 months
by: Anonymous

Our modification process was literally hell for us. After being told it would take up to 3 months, they kept prolonging it due to the fact that they were busy and kept restructuring. They refused to take our payments at all yet every month they would add late fees and additional interest. I was on the phone to them at least every week. We were told at one point that we were near completion, it went to the adjuster and through that process. We did more paperwork and waited for the final response. We were told that we were going into a trial modification and the paperwork would be sent. After a couple of weeks of not receiving anything, I called only to find out that the adjuster had not completed the file and it had to restart the process from the beginning as the file was so old.
At this point I got an address to start sending payments to, only to find out after three months that Chase isn't even using this address anymore and it took over a month for the payments to be received by them.
Finally after 18 months we had our modification done. We were told that they would not extend the time period of our loan, instead they slightly decreased our interest rate. No additional fees were to be charged.
By this time, our balance that we were behind had grown to a little over $13,000. They then added this amount to the principle balance increasing our loan to much more than what we paid for the house. I am not sure if this is correct or legal but to me seems wrong as the outstanding $13,000 is already part of the principle balance so why would it be added to it again? Meanwhile, our credit is screwed, our mortgage payments are only a few dollars cheaper than they were originally and I have no idea if what they did is correct or not...

Chase Loan Modification Answer:

by Chase Loan Modification Expert - Dan North

I moved your comment over to its own page so I would have more room to reply. Go to My Chase Loan Modification Took 18 Months

Rating

CHASE LOAN MODIFICATION
by: Anonymous

I applied for a Chase Loan Modification,....A "traditional" modification since my loan is a Jumbo Mortgage, above the HAMP program max.

Chase has been unbelievably incompetent. Today I called for a status update and was transferred 8 times. No one seems to know what they are doing. Modification dept. transferred me to Short sale, short sale transferred me to another dept. in short sale, they transferred me to imminent default dept., they transferred me back to modification, they transferred me to a "specialist" who advised they had denied my request because they thought it was a short sale and that I needed to send them the information again.

What a mess. You know there are people who need help out here and Chase simply does not care.

Anyone know of a good Attorney?

Chase Loan Modification Answer:

by Chase Loan Modification Expert Dan North

You are experiencing the Chase run around. A very common occurance and something that can go on for months.

If you are prepared to keep fighting the good fight then you need to keep re-submitting the paper work and hang in there.

If you are ready to have a professional handle it for you, I have an attorney firm that handles modifications and litigation nation wide. Submit a Hardship Loan Modification Application and you will be interviewed over the phone to assess your ability to modify your jumbo mortgage.

If you want a good DIY Loan Modifcation Kit this one gets good results.

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