By Moe
I have to say that I have been quite impressed with Chase and their advancements they have made without having to agree to any political persuasion. It appears that they are doing things their way and they are not waiting for any Hope Now agreements or political persuasion.
In fact I believe that they should be a “role” model for all lenders and servicers to follow. It would be safe to say that Chase and Litton Loan Servicing, led by Larry Litton are “really” trying to make a difference and assist struggling borrowers the best way the they can at the moment.
I feel that it would be proper to give Chase credit and say that out of all the lenders I have dealt with and the stories I have heard, that Chase is the #1 lenders that has a track record of truly helping people and making a “true” effort to assist homeowners.
For instance Chase has what they call a “ARM Unit” in San Diego, California. This unit is for the sole purpose of working with Chase clients that have had adjustable rate mortgages. They have been very proactive in assisting borrowers before their rate resets.
I also have some insider information from an actual Chase Loss Mitigation Specialist and I thought I would include it here.
Chase has come out with a new process that will start in December…. go figure…
Along with much of your frustration.. (real) loss mitigation specialist were having a hard time weaving their way through the jungles that we call the “workout” world.
the workout world are people—workout specialist, underwriter, workout supervisor and the investor.
in order for us to process a modification, we (loss mitigators) had to trust that the modification docs would be received at our offices in san diego… that is where the workout specialist work. so we never really knew if the docs were truly received or not.
so, we waited (just like the borrower) for confirmation from the workout specialist that the docs were received. sometimes they would note it within 3-5 business days.. sometimes never.. so imagine 50 calls a day asking for status of mod from borrowers.. and the chagrin of saying over and over.. i dont see it noted on your acct that the docs were recvd. *sigh*
well finally we have started a new way.. (im calling it cradle to grave)…. mod docs are now going to be sent to the mitigaters own fax number and wherever they are and they will then post that theyve received the docs and then forward those docs to the workout specialist and receive a reply that the docs were received. if we dont receive confirmation from the workout specialist that docs are received then we can continue to forward them to the rep. so, it keeps us (loss mitigators) in the know. and keeps us from looking stupid half the time.
and now a sympathy moment… loss mitigators work 250-300 assigned accounts a month *sniff* not everyone of our accts is going to be a mod acct… some will be referred for other workouts…. full reinstatments, repayment plans, short sales, full payoffs and deed in lieu’s… everyone of our borrowers who is asking for information, deserves 100% satisfaction…. honestly… i give 100%, but i do make mistakes… my workout specialist makes mistakes.. and all the others who work in this line of business make mistakes.. my plea is not for sympathy.. but for an understanding.. be nice to your loss mitigation account manager.. if you want to keep your home… these men and women who work 8 hours a day work for you… and they empathize with your situation… and dont think for a second that all of us are bad.. some of us do have bad days… and we may take it out on you… and some of you may be having a hell of a bad day… because of your current plight.. just dont take it out on us.. cus ultimately.. the loss mitigation specialist, account manager, has control of your loan… and they do have some pull.
good luck to all of you…. i sincerely mean that. it sucks that your in the position your in.. and with a belief in relying on others here on moe’s and others sites you can save your home if you work with your servicer… NOT WITH FAUX loss mitigators.. why give them money??? makes no sense.. i ll save that issue for another time!!!!
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I agree with you on giving Chase credit for being proactive. However, they do take their time and as long as you are not late on your adjustable payment, they will not move on your modification? I want so bad to go down to San Diego, I live in Vista and talk to a manager just so they can expidite my modification. My loan has been so called being worked on the for last 120 days. I only have like 3 months of reserves left. My husband is a well experinced underwriter both at teh commercial and single family capacity who is currently seeking employment. If he does not find anything, we will just be forced to walk away from our house. Chase does not seem to understand the urgency as to why they should speed up the procees. They have asked me financials in October than asked for the same stuff December. I call every week to get status and I get the same response, “It is with the underwriter”. How much longer do we need to make the adjustable payments, until my money runs out and I have to walk away from my house. Do they have no compasion for one’s livelyhood? please email me directly with your thoughts. linhd@msn.com
agree. I am in the midst of loosing home and have been told its with the underwriter but have yet to be given an actual person to work with – how is this possible? I have fedex certified mailed and faxed each time they have “not recvd. the paperwork” Just because we sign for it does nt mean we’ve recvd it ma’am. ahhhh Chase in San Diego – only if they would ive us their true physical address to speak to a live person in person.
I am in a position to help you…I work for a national homeowner advocacy group that is dedicated to helping homeowners who’s mortgage payments have become unmanageable due to adjustable loans rising, loss of income and illness.
Our professional underwriters have the specialized knowledge to negotiate the terms of exisitng loans with your lender without having to refinance. Allow our group to handle your situation, rather than dealing with the lenders on your own.
We are not investors, realtors or mortgage brokers. Our goal is to give you a fresh start, with a 95% success rate. Please contact me for a personalized consultation-
Hello Gayle,
Do you have contact information?
I have a hard time dealing with chase as well. My wife is sick and have not been working for 6 months now. I have been paying my mortgage on time for 2 years now. But having one income in the family is so difficult. I called and they won’t help me. Please email me back and give advise. Thanks limoquote1@hotmail.com
i sent in my paperwork about three weeks ago and havent heard anything yet what do i do?should i call or just wait?
call them twice a week until they modify your loan or else you will get lost in the system.
I have been working with Chase for about 3 months on a Loan mod. and can’t say a bad thing about them. They have been friendly, polite and very reassuring. These people truly seem to care and understand our situation. When I get as busy as they are I can be a real jerk. They have never once made me feel like I was annoying them by calling to check the status of the mod. or with questions that they probably have to answer 200 times a day. My mod was approved yesterday and paers were sent fed ex. I have not received them and dont know the terms of the workout, but even if they are not what I want, I certainly can’t complain about the service.
I hear all of you. I have been sending paperwork to everyone one at the san diego office and this has been going on since january. the title company just sent me a note that they are going to auction my home in 15 days and now chase tells me i need to send in paperwork again. this will be the 6th attempt to get the modification even looked at. i do not know what to do. i guess the guy up there says it took him 3 months, well i am almost there but…..my house is in foreclosure.
I think Chase is not trying to help the homeowner at all. Is the worse experience that I had in my life. I started my loan modification on November of 2007, since that time I been calling Chase every other day.
On March, 2008 I called and they told me that they lost my file (all the people over there treat me very bad finally one told me to send my keys by mail). I submitted my aplication again and on April they approved at 8% interested rate which is not really a modification my original rate was 5.99% when I bought my house and I passed for 2 adjustments.
I tried to re-apply again but when I started the new process they sent me a letter that I didn’t qualify. I called after I received the letter and they told If I don’t get that option Chase is going to increase my rate again, and to put my house in short sale or sent my keys by mail.
I never had the intention to put my house in short sale or going in to foreclosure. Last year I spent all my savings in my house, I sent all my payments on time but they didn’t care at all.
My adjustable rate of 5% ended May, 2007. Around mid-June (also in 2007), I started getting phone calls from the loss mitigation department checking whether I will be able to pay the new amount & I told them no & the guy I was talking to had me do the hardship letters & fax over all sorts of financial information. In the end, the only modification they did to the new 8% rate was make it a fixed rate at 8% & add principal payments which actually increased my monthly payments. What they did was they added my parents income to my income when the property was only under my name. I made it clear that my parents were only renting but that didn’t matter.
To me, it seemed their way of being proactive was just their way of showing or pretending they careed. But the end result? It’s a joke! I will try one more time to get a modification. If it doesn’t work out then I will just walk away.
Here is my SUCCESS story with Chase. I applied for a mod in December ‘07 and they lost my file. I had to do it again in January. Then, after two months and calling weekly it was “at the underwriters.” After two more months and weekly calling I was being put on a priority list because so much time went by. Finally, a week ago I was successful. I heard I had been approved and the people on the phone really couldn’t tell me what the terms were. Today I got a simple letter:
Your old rate of 8.69% (this was the arm it really started at 6.7% for 2 years) has been modified at the fixed rate of 5.375% for the balance of the loan.
HOLY CRAP!!! I can keep my house and actually got a GREAT rate to boot!
I hope everyone stays with it and can keep their homes.
FYI I was falling behind in my payments more and more over the course of this process. I never got 30 days behind, but I was close.
Thank you CHASE!!
Let’s hope that chase will be the same with the bear sterns loans that will need to be modified..
I am also having a slow process with a modification I am not past due but I have ARM that will change in July I started this process in December 08 the lender tells me there are other people worse off than you ok well I can say that I will be one of those people when my rate goes higher and I can not afford the pymt we struggle to make the payment now. can I get the contact info for Gayle Glazer she said she worked for a national homeowner advocacy group I would very much like to talk to her I am so frustrated