I received a call last night from a nice gentleman who works as an underwriter in Chase’s loss mitigation department in San Diego, California.This unit of Chase is also known as the “ARM Unit”.
In the course of the conversation he told me that the main function of this department is to modify as many adjustable rate mortgages as they can, as fast as they can. He also went on to tell me that they were approving more loan modifications than denials and even threw out a number that he swears is true.
“98% of the Chase loan modifications are approved and they do whatever they can to keep homeowners in their home.” Typical interest rate is 5% and the rate is fixed on average, 30 years. It doesn’t matter if it is their primary residence, second home or investment property, they will modify the loan if it makes sense.
Also, this BS rumor that these loan modifications needs to be individually approved by an investor is completely false. The Chase underwriter told me that all the investors want loan modifications and they have already given Chase the green light to modify loans at will. He said there may be a few investors that do not allow this, but he says they are the minority.
This is something I have been advocating since day one. Give everyone loan modifications that deserve it and if they default after the loan modification, then they deserve to go into foreclosure. (unless it is a new hardship)
Plain and simple. This isn’t rocket science and there are too many homeowners losing their homes because of the incompetence of these lenders and servicers loss mitigation departments. It needs to stop and we need to hold them accountable!
This is business and also a bit of human compassion mixed in. You sold them or you now service their toxic loan, now give this “human being”, “American homeowner”, “mother or father” a break and help them stay in their home. Stop lying to the media and American people. When you say you don’t want to take people’s homes, back these claims with real help and data to back it up. The media lip service must stop now!
I just wanted to give Chase another thumbs up and give credit where credit is due. I hope to give some more thumbs up posts in the future in regards to other lenders and servicers and I also will keep telling the truth and bashing lenders and servicers when necessary.
{ 45 comments… read them below or add one }
Finally things are inching towards the truth.
Fact 1) The lenders do not want you to fail and they do not want your home. When you fail you stop paying them back money they gave you, and when they take your home they have to take the loss that goes with it.
Fact 2) The lenders do want you to have as much debt as you can handle. This allows them to take as large a part of your income as revenue for themselves. If you stumble now and then, that just means extra fees for them.
Fact 3) The lenders weren’t too quick about getting into loan modifications because the lenders are big, slow, bureaucratic organizations, not because they want you to fail or take your home.
Fact 4) They’re finally getting their act together, which will preserve their customer base of individuals in as much debt as they can handle. Loan modification for the borrower = loss mitigation for the lenders.
Many people got pulled into a bad situation by buying a house they couldn’t afford with a bad mortgage. Loan modification will help keep them in that bad situation to the lenders’ benefit. Don’t believe for a moment that loan modifications are done out of human compassion.
There are exceptions of course. If a loan modification will allow someone to keep their home without the undue hardships of living house poor, on the brink of foreclosure or bankrupcy, and with no leeway to save for retirement, then loan modification is good for both borrower and lender.
“If a loan modification will allow someone to keep their home without the undue hardships of living house poor, on the brink of foreclosure or bankrupcy, and with no leeway to save for retirement, then loan modification is good for both borrower and lender.”
But, you know that this is the absolute, biggest “ifs” of all “ifs.” What percentage of these homes are already seriously underwater? And how many people are foolish enough to believe that this lost equity is coming back anytime soon? In the five years granted by these freezes, it ain’t gonna happen. And even if that equity were somehow miracously recovered, the new lending and underwriting standards are going to prevent refinancing. I mean, come on, who’s going to lend someone making 75K a year, 800K to buy a house – no matter what their FICO scores? That won’t happen anymore.
You are absolutely right, Al. The biggest beneficiarys (sp) of this will be the lenders and lawyers. Lender get to keep people paying their bills for a little while longer until the borrowers finally realize their “bad situation” is interminable. The lawyers will be chasing fraud for years to come – wonder how many John Edwards we’re going to create from this swamp?
Let the housing market crash, let prices drop until median income buys the median priced house. Nobody has to be homeless – there are going to a lot of really nice rentals available for a long time. Even foreclosure comes off your credit after a while.
Prices are going to drop and peole will walk away. I see a massive effort where peole will have loan balances cut $50k-$200k and 2-4% loans as incentive to keep them in their homes. Mark my words Al and WTF? Yeah, WTF is right!
“This is business and also a bit of human compassion mixed in. You sold them or you now service their toxic loan, now give this “human being”, “American homeowner”, “mother or father” a break and help them stay in their home. Stop lying to the media and American people. When you say you don’t want to take people’s homes, back these claims with real help and data to back it up. The media lip service must stop now!” –
Well, said. I just love the way you talk! . . . and that picture of Borak!!!!
Wow. This is all new to me. I just got off the phone with ‘DirectLender’ who says they have over a 90% sucess rate for loan modifications. We are upside down about 100, 000. We have a 1st that just adjusted and a fixed second. He says it will cost 3200 if we get a modification. Am I dreaming or is this possible. Is there anything I need to look out for?
Expect much more of this in the future, we don’t need a government bail-out for anybody. Lenders need to pony up and do what it takes to keep people in their home, but homeowners need education about home finance 101. No one can expect to refi every year or so and expect their home to appreciate 10-20% every year just to stay in a $600k home for $2000/mo. A much worse situation will occur several years done the road without it.
Unfortunately, those homeowners whose loans have been packaged into a “securitzed loan pool” are stuck. These mortgage back securities (MBS) products are SEC controlled and the loans cannot be modified without a change in SEC regulations. This is reality.
http://en.wikipedia.org/wiki/Securitization
Their modification department may be helping people but their subordination department sure isn’t. We have a borrower we are trying to help with a Chase second. Their first has adjusted to an unmanegable level. We can get them a new FHA first 30 year fixed saving them $400.00 per month but need Chase to subordinate. the second. Problem is although the CLTV (Combined loan to value) was under 100% when originally obtained, due to declining markets they are at 109% now. When you call Chase to subordinate the reps say “Don’t bother sending it in We will decline it over 100%” Even though they are at 109% now. The borrower has never been late on their first or second. It is crazy. What is the sense of that. Zero extra risk and it allows the Borrower to keep making the payments on both loans.
I have an aunt who’s a VP with Chase’s risk management department. She’s told me that Chase has been extremely concerned about the repercussions of the subprime fallout and their exposure, researching 5-6 relationships deep to find out how much they’ve actually been exposed to the toxic loans.
From what she’s said, Chase wasn’t so much involved in direct lending, but they buy up loans to service, and their lending portfolio to other banks and mortgage companies is so large that they’re really getting tough in figuring out how much exposure they have. It’s ironic that the banks are now trying to limit their losses on these loans that they knew would default, but had no trouble riding the upside with no concern to exposure.
At least they’re approving modifications and repayment plans, though, which is more than can be said for other lenders who are just as incompetent as ever.
Congratulations Jac Mac.
I have been watching your fight from the background and you have given me hope, when I had none before. This only gives me more inspiration to keep fighting for my home of 23 years.
I to was a single mother and raised 3 kids on my own in this house. I was taken advanatge of on this mortgage. I screwed up, but I do not deserve to lose my home over an interest rate. Hell, I can afford my darn home, just not the stupid loan.
God has blessed you and your family Jac Mac! Hopefully, mine will be next
Awwww, Kathy!!! Thank you so much. YOu will be next. Remember think positive. It’s not just talk. It really makes a difference.
Wow, a real loan modification and a great one at that. Fugen A, good stuff right here. You single JMac, me too….. My house is geting foreclosed on and maybe we can ya know, hook up…..your a little fiesty lady…arghhhhh…I like that..but it seems you and Moe may have something going on, so I’ll respect that..but I’m jealous
You should have sued. Then they would have just settled out of court by forgiving your debt. TIL affectors and diclosure problems often lead to interest-free loans in litigation. I bet they were ecstatic about giving you the mod.
JacMac,
Sorry, but I have to be the one who questions how great this is.
A 40 year fixed mortgage is not conventional mortgage. It is a product that the lenders came up with to encourage people to buy more house than they could afford.
Also, using traditional wisdom on house buying (which I think we’ve all agreed is a good thing) you should have an annual income of at least $160,000 to cover your payments. If you do, then great.
That $3600 per month is big, and doesn’t include homeowner’s insurance or maintenance. Depending on what escrow items are, property taxes could still be on top of that too. If you can rent something acceptable for $2000 per month you could save alot of money for things like retirement, education funds for the kids and a down payment to buy later. Losing a house is painful, but so is not being able to help you children when they need it or reaching retirement age with no savings and a mortgage.
You’ve got all the number and I do not, so of course you’ll have to do the full evaluation. I’m just concerned you’re moving from a really bad situation into a less bad (but still bad) situation without fully considering things (I’m curious why the Countrywide is in such a big hurry to get you to sign, after all, it took months to get to this point). I’d suggest going to an independent financial advisor and get them to run the numbers with you. As we’ve learned, just because the lender will approve it doesn’t mean it’s a good thing.
After all that, I am still hoping that this is a good deal for you.
Hi Al,
Thanks for the well-meaning advice.
The 3600 does include home owners insurance and taxes. The actual number is 3,551 — I have a tax abatement for 15 years.
Yes 3600 is big, but now as big as 5600, and I’ve been dealing with that for a year and a half, never missed a payment, never paid late or defaulted.
It hasn’t been months since I filed for a mod — it’s only been since the end of November — they’ve pretty much completed this ON schedule, which is a lot different than what I can say for so many others who have been given the run around for months.
You’re forgetting that I own a brownstone and have rental income coming in. Putting that aside, I have something that money cannot buy, and that is strong faith.
I have never, ever been let down by my faith. Hardships I’ve faced, for sure, learned from it, grown from it, but in the end, my children and I, always been taken cared of, never wanted for anything — and the things we didn’t get it’s because we didn’t need it.
thanks again for the concern.
It’s good to hear this is going to work out and that you’ve looked at the big picture. I’m hoping everyone getting a loan mod will take some time and consider what they’re offered.
And don’t forget to keep chasing after the fraud.
JacMac
Thanks for sharing your story,it has taught me a thing or two.
Here’s my take and take it for what you will….
The housing market needs to reset bottomline and it’s not going to do so in just one way. There is no way mtg companies are going to be able to save everybody, in fact, they don’t want to save everybody. They only want to save people that will save them. They are in business to please their shareholders, not the people that owe them money (borrowers).
Some people are going to modify there loan, some will short sale, while others will foreclose. Everybody is in a different situation and has to do what’s obviously best for them, just like the banks are going to do whats best for themselves. In order for banks to modify or short sale they are going to have to get all of your information once again (ex: asset statement, etc…). So if you’re like me, which is someone who was tried to get a piece of the real estate market when times were good and is now $100k upside down and has a few reserves saved up, my advice would be to walk. If you modify or short sale banks are going to suck you dry of all your reserves, I mean, wouldn’t you do the same thing if someone owed you money? I would, why would you loan someone more money or decrease what they owe you if they have reserves saved up? Whether this is $100k or $5k, you have to ask yourself are you delaying the inevitable?
Here’s my tough part…I have some reserves saved up, but can’t afford my monthly bills, which only consist of two house payments. I am a responsible debt payer with a record to show it. So am I supposed to just drain all my hard work because it’s the right thing to do? It’s a tough call, but with banks only helping people that only have two pennies to rub together, it seems like an easy one to me. Banks are acting like they’re trying to help…in my mind there doing what’s best for them, which is fine, but that’s exactly what I’m going to do too.
Before you Short sale or Foreclose, you should speak with a lawyer and CPA to make sure you understand your situation completely. The last thing you want to do is reck your credit and still owe the differential balance (diff in what you bought home for and current market value)
One last thought to ask yourself….”Will your credit score recover first or will it be the equity you’ve lost in your home?” With me being $100k upside down it’s a no brainer.
TouchCall, great post!!!! Sensible and practical!
JacMac, my only concern would be the choice of any amortized product, interest only is the way to go, to be on the save side one should get into a long term interest only for 10 years if possible. Historical data shows that homes nearly double in value every ten years, it also tells us that people refinance every 5-7 years for different reasons. Have you ever wondered why you pay more interest in the early years versus the later years? It\’e2\’80\’99s because the lenders know you\’e2\’80\’99ll end up refinancing. Furthermore trapped equity has no rate of return, its like putting money into savings account at 0% percent interest rate or burry it in a tin can in your backyard. I am a certified mortgage planner and wealth strategist. What I do is teach people how to become their own banker using mortgages and tax arbitrage as a tool, it is what the government has designed for us but it seams only the super wealthy are taking advantage of it. Think of it like this, if you have a lets say a 6% interest only mortgage and you are in a 30% tax bracket your effective rate is somewhere around 4% if you then invest the difference you otherwise sink into the brick and mortar of your home and earn a conservative 8% compound interest tax free and when you harvest the money in the future i.e. retirement the money is also not taxed, how powerful do you think that is. As an example a 100,000 investment (principal investment is not at risk like the stock market) over 30 years will be worth about 1.3 million dollars the monthly earnings on this investment is between $5000 to $7000 tax free. All the while you also still own your home and yes it will appreciate over time. The numbers used are just examples; great things can be achieved with less. The misleading part is that people think that the money they sink into the home is earning a rate of return, it is not. A home appreciates or depreciates regardless of how much money I sink into it. A couple other items to remember is that homes with equity are foreclosed on much quicker then homes 100% leveraged. Why you ask? Simple who has the risk you or the lender? You guessed it the lender, what a beautiful thing\’e2\’80\’a6. I have also been negotiation loss mitigations/mods for clients and those that have never missed a payment and are highly leveraged have the best chances in my opinion. Now that doesn\’e2\’80\’99t mean anyone not falling in that category cannot be helped, they can too. Having said all that I am in favor of equity acceleration for the purpose of equity repositioning but not for simply paying off a home and I have a tool I use saving clients hundreds of thousands in unnecessary mortgage interest charges, without any changes to my clients current life style. So yes you can have your cake and eat it too. Each client is different and not all strategies fit all people, that\’e2\’80\’99s why it is key to work with professional that understands all facets of all strategies and can show different examples on how they work for the individual. Remember mortgage interest deduction is powerful it should never be overlooked, combining that with other tax advantaged investment strategies and what you end up with is truly amazing. Oh, I would not pay any attention to anyone telling you to rent, they obviously don\’e2\’80\’99t understand how money works (most people are not fiscally literate to no fault of their own, they just haven\’e2\’80\’99t been taught) and that preferred debt, meaning mortgage debt if properly managed it the key to true wealth. I have been in the mortgage industry for the 18 years and most recently left Countrywide Home Loans to launch my own company Dollar Destination LLC, if you or anyone else would like to know more about me or my company check out my website at http://www.dollardestination.com any questions email info@dollardestination.com or if you are looking for assistance with loan modifications I am available. All the best to you as well I am glad you got a solution you are happy with, however, if you can switch it into an interest only then your golden.
Gabrielle,
Here we go again. Ok, please look house price in 1989 and in 1999 and show me the doubling. Stop BSing an pushing people into debt holes. I understand your compensation depends on how much of debt crack you peddle but at very least suspend your ice-selling-to-eskimo crap on this site.
JacMac, congratulation on your make sense fixed rate mortgage loan mod. Hopefully you are not going to dig yourself deeper down the road. 5.25% is pretty hard to beat and I imagine refiing into lower rate won’t be possible.
Alan, thank you — I appreciate it. You may not believe me, but I’ve never been in a debt hole in my life. I’m really happy with the rate and can now sleep at night without worrying about the mistake I made in signing onto that toxic loan.
Gabrielle,
Just a guess, but all your financial education was provided by Countrywide. A lot of these companies are very talented at providing bad training and making it look golden. If you’re taking out IO loans then you are renting, except you get the priveledge of paying property taxes, maintenance and home owner’s insurance. And as Alan pointed out, you’re not likely to get many customers off this site as we’re either here because we’re in trouble from crap IO type loans or are horrified by the damage they’re causing.
IO loans = buying more than you can afford. Pure garbage.
Al and Alan, gotta go with you on this one – IO????
No, that’s a trap, a debt trap.
Thanks Brenda!
What phone number are you using to contact the Chase ARM Unit?
hey… were working as fast as we can.. but yea.. we here ya… and we are seriously modifying as many loans as we can… just takes time to modify a million loans… at least we’re not exposed to the subprime woes as citi or boa or wamu or countrywide… poor souls.. we are also the number 4 lender of loans orignated behind CW, WF, and BOA… so we’re movin up..
Last September , I tried to work out a reinstatement with Chase in San Diego. They refused $5000 down. Then they suggested modification in October and I applied with all the necessary documentation. They lost it. I submitted it again and it took them 2 weeks to enter it. Then there were the fires in San Diego and they evacuated. In November, I was told that I would probably be given a 5% rate , instead of my near 7%.
Just now– 4 1/2 months later (it was supposed to take 45-60 days) , I have rec’d their proposed loan modification. They will not lower the interest rate now (even though the FED has lowered twice in a week) and have tacked on thousand in “fees.” It requires nearly $9000 down and a higher payment than I had before to stop this foreclosure. When I try to call to discuss better terms, there is no one to talk to.
So how is it they are trying to work this out?
JJP,
just keep trying! I’ve been on the phone with Chase for months and I refuse to give up. Are in the Mitigation Department or Collections? Speak to someone that speaks english as their first language.
What number are you using? I’ve been trying to communicate for over 2 months on a loan mod and cannot get ANY cooperation – I have the direct number to underwriting in San Diego which has proven to be worthless – nobody returns calls, it’s as though they didn’t get the memo about keeping people in their homes!
Bullshit. ChaseMorgan bank is not helping people keep their homes. If they were not I would not be losing mine. Also, Litton Loan is a servicer of JPMorgan and when I found out through the courts that JPmorgan is the holder of my note, I had hope. Until I found out the loan modification was getting more money from me. I am paying more to Litton Loan for fees and cooporate charges than I am making payments toward my home. And get this – I am caught up on my loan and have made my payments. They are saying I am a forbearance plan and I am not!!!! What do you say to that!!!! Assholes
We finally just got approved for a modification with Chase. After months of being in the process (since October). Approval consisted of a rate change from 9.8% to 5% for 2 years then 6% for the remainder of the loan. It was a long process but well worth the wait in the end. Keep calling them and eventually things will work out.
We have submitted paperwork (Jan 3rd & again March 21st – they lost ours too) and have been waiting for “Manager approval” for about 3 weeks. I’m extremely anxious to have this entire modification process completed. Seems each time I speak with someone they give me a new name and extension to follow up with but I am keeping the faith and calling approx. every 5 days. I understand everyone is in the same boat but it’s extremely stressful for homeowners when paperwork is misplaced and calls are not returned. They hold our lives in their hands and it is a horrible feeling. We’re trying our best to keep up but it’s a hard struggle.
keep fighting Albert and that means keep calling, faxing, emailing, calling, faxing again and then rinse and repeat till you get results!
Does anyone have a decent phone # for the Loand Mod Dept.? I have 888-311-2703, the ext I was given never answers and I leave multiple phone messages and never get a return call. I am so frustrated!
Chase remodification dept is a joke!!! We went through there whole remod process. Then waiting, then finally, months later approval. Well, our initial payment was at $4,000. We fell behind a couple months. Chase agreed to HELP us save our home. They agreed to remodify, and forgive past debt to them after 1 years consecutive pmnts. we agreed. We just recieved our pmnt arrangements 3 weeks ago, $8,000 a month for 1 year, no negotiation. What? They doubled it?? we’ve called and called everyday for 3 weeks. No one answers, no one calls us back, on and on!! We will be forced to forclose!! was this their plan after all?
Know how some of us feel!! with this modification loan
been trying since oct/07 mailing overnight papers faxing calling
and waiting this week was the last draw… NOT that i have a big loan my loan is 78,000.00 on a arm 10.625 wanted to lower the monthy payment lost my job and with the coat of living so high it was hard to pay the mortgage when u have two childrens it hard,,,,, Well anyway got a letter today of the modification
they lower my ARM to 9.625 making monthly payment $52 lower<hahahahaha I waited 5 months for that… well we are moving out our home we had for 12 years to a home 2 house away rent is 400 month yeah this GREAT
THANK U CHASE FOR NOTHING
HEY TO ((Trish Loya ))
HERE IS THE NUMMBER I USED AND SOMEONE ANSWER
(877-838-1882)) HAVE AN EXT NUMBER 53345 DONT KNOW WNY
NOT THE SAME PERSON ANSWER ON THAT EXT BUT GOOD LUCK
HOPE U DONT GET FUCK LIKE I DID
Seems that people who asked for Load Modifications from Chase Home Finance after January or February got their cases processed more easily.
Its too bad Chase needed guinea pigs.
My case:
$3700 monthly payment included taxes, HoA, and mortgage (no escrow) on $370k.
Next month, interest goes from 6.75% to 9.95%, monthly payments totals $4400.
Even with a load modification to 5% 30-year fixed, monthly payment best-case would be $3200
Should I rent a place for $1500 before my credit is wrecked, dump the home?
You bet.
Here you go Chase, another home back in your filthy hands.
I feel the same way I spent over $57,000 paying on time my house last year.
I wait 7 months for my loan modification finally they approved at 8%. My initial rate was 5.99% This is not really a help I think the person who said that Chase is helping the homeowner is completly wrong.!!!!!
I agree with Katiana 1000%. The people running chase are ignorant scumbags who are just plain DUMB when it comes to this crisis we are experiencing with the housing crunch.
I owe a first mortgage of $320K and a home equity line of $200K thru Chase at an average of 7% interest. I needed to make a decision BEFORE I get bad credit so I called the “experts” at Chase and explained to them my situation. I told them I was NOT behind at the moment but very soon I will be. I told them that the easy way to solve my financial crisis was to do what most people are doing in my situation which is to WALK AWAY! I told them at Chase that if they could modify my present home equity loan with them, NOT WRITE IT OFF, just give me say 1 year with 2% interest only so as I could sell the house and NOT LOOSE MY GOOD CREDIT, then I could do this! THEY REFUSED, PERIOD. They told me in order for them to even consider any modification, I would need to be in default. SO GUESS WHAT CHASE??? I now I am behind 2 months on both my 1st mortgage of $325K, as well as your $200K mortgage which will certainly be wiped when the home finally gets forclosed and sold eventually for about $250K.
I sincerely hope you “bankers” get an understanding as to how NOT to treat homeowners in my situation. YOU IDIOTS LEAVE US NO CHOICE BUT TO WALK AWAY……………….
Hi, I am in the same boat, fell behind due to excessive car repairs & medications that run over $800.00 a month for the months of Jan, Feb, March (over $4000) (when locked out of my insurance for 30days when they decided to raise my premuim for my child form $15.00 a month to $58.00 after 4 yrs) for my special needs Child. In Feb My payments went from 9% @ $710.00 a month to $800.00 a month and up @ 11.25%! Been trying to get someone on the phone with my CCCS with a conference call, all we got were people talking casual conversation in the backround no picking up the phone/headset,(Is this thier way of how thier reps work?) tried a total of 4 times yesterday to no avail, I am behind 3 payments, single parent,(only income) and have yet to find a way try and keep my home, Haven’t given up yet though! I have been with Chase since 05 and with late payments and inquiries (trying to find a fixed rate for over 1 1/2 yrs) my credit score has gone wayyyy down. Is there still hope with Chase? All of our local offices here in GA have closed. Please any advice would be greatly appreciated! My Home is the only thing I have been able have to call my own for me & my children, I have come along way from an abusive marriage to a homeless shelter to working my way hard up a corporate ladder to get my home not for it to be taking away.
I HAVE BEEN TRYING TO MODIFY SINCE JANUARY. I GET THE SAME RESPONSE EVERY WEEK. THEY TELL ME MY LOAN IS UP FOR APPROVAL AND WAITNG FOR MANAGER TO GIVE FINAL APPROVAL. THIS IS BETTER THAN THE RESPONSE OF ITS IN THE UNDERWRITERS DEPARTMENT. I GOT THAT RESPONSE FOR 3 MONTHS. IT IS TOTAL BULLCRAP. MY HOUSE HAS A SALE DATE ALREADY AUG 10. I JUST FEEL LIKE IM GETTING NOWHERE. JUST BE HONEST WITH US WE HAVE ENOUGH STRESS IN OU LIVES WITHOUT HAVING TO WONDER IF YOU ARE GOING TO LOSE YOUR HOME.
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!!
I Don’t know do you really think that we can trust the lender to do the “right thing” just working with them one on one or is there some other process that is available that is legitimate and experienced that can make sure that they do the right thing? I can’t help and think that they do the bare minimum seeing as it is not always in there best interest to give us the best deal.
Thank you Chase for saving our home. I applied for modification 3/9, got the 2nd packet 5/20/09: It is a 55% reduction in payment for 6 months (forbearance). If we make our 6 payments on time Chase will lock our interest rate in 1/1/10 at the current rates, and then we will go into a work out plan for 5 YEARS at 2%. After that Chase will increase our interest rate 1% per year until we reach the locked rate which was set back in 1/1/2010. Yes, that is 5 years at 2%. It does not get any better than that.