Great news for Chase borrowers! You “may” now have the most loan modification friendly lender in the country.
Chase announced Friday that they plan to modify a whopping $1.1 trillion in loans it services that tied up in securitizations (AKA Mortgage Backed Securities or Investor Owned Loans). They also plan to include a dash of mortgages in its own loan portfolio .
“Chase believes it can legally modify the vast majority of its mortgages owned by investors consistent with the relevant investor agreements and the best interests of investors,” Chase said in a statement. They mentioned in a statement to the press that they would need to seek a small amount of approvals for modifications in which the investor requires verification
Chase claims that they will hold face to face meetings with strugling homeowners in local communities hardest hit by the foreclosure crisis and work in conjunction with local non-profits and organizations. They plan to add staff to assist borrowers with loan workouts in their neighborhoods and will not put any loans into foreclosure as it installs the loan modification program over the next 90 days.
The loan modification program will also be offered to borrowers with mortgages held Washington Mutual and EMC. Chase acquired WAMU last month after they became the largest bank to implode in US history. EMC was a former mortgage arm of Bear Stearns. Chase gobbled up the Bear in February.
Chase claims that their loan modification program may help stop foreclosures on an estimated $70 billion in mortgages and save approximately 400,000 families from foreclosure. Chase said it has already modified $40 billion in mortgages and assisted approximately 250,000 customers since early 2007.
Need help with Chase? Well I got some right here for you!!
- Chase (800) 548-7912
- Loss Mitigation (877) 838-1882 ext 52195.
The Number you will be directed to after you give your loan number: (866) 665-7629 (business hours are 11AM-8PM M-TH, 8AM-12PM F) - Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)
- Chase Home Finance-New Jersey(800) 446-8939*Chevy Chase Bank(800) 933-9100*
- Web: https://chaseonline.chase.com/chaseonline/logon/sso_logon.jsp?fromLoc=ALL&LOB=COLLogon
- For SUBPRIME ONLY (877) 838-1882 ext 52195. The Number you will be directed to after you give your loan number: (866) 665-7629 (business hours are 11AM-8PM M-TH, 8AM-12PM F)
- Subprime Letter of Authorizations Fax: 1-877-287-7559.
- Subprime Workout Packages Fax: 1-888-219-7813.
- For Prime Loans: 1800-446-8939
- Prime Letter of Authorization & w/o packages Fax: 614-422-7259
- Chase Home Finance (800) 848-9136 (customer service)
- (858) 605-2181 (delinquency customer service)
- Chase Home Finance-New Jersey(800) 446-8939*
- Chase Manhattan Mortgage
- (800) 446-8939 (Ohio Servicing Center)
- (800) 526-0072 (Florida Servicing Center)
- (800) 527-3040 x533 (Florida Servicing Center)
- Chevy Chase Bank (800) 933-9100
- Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)
Do you want to meet other Chase borrowers just like your self and see what they have done to get a loan modification? I’ve got you covered!
Come join LoanSafe.org and meet Cat Damiano, your friendly forum moderator who has saved her home with Chase and is helping other like you to get loan modifications for free.
{ 69 comments… read them below or add one }
Are you being screwed by Chase? Are you being used and abused during the loan modification or short sale process and want to know your rights?
Read this for help! http://loanworkout.org/2009/09/are-you-being-abused-by-chase-here-is-how-you-get-help/
I went Chapter 13 in 07. i would like to get a loan modification i currently have a variable and is at 8.5 my payment went from 1984.00 to 2391.70 i need help what can i do.
Too bad it didn’t play out as it appeared in this post, Moe.
working with chase has been the biggest nightmare i have ever experienced, and that includes two heart surgeries! This article is bogus…………………
We filled out papers with Chase back in May, and to this day have never herd any thing from them, we call, they put us off, Who ever wrote this was on crack, and worked for Chase
I have been working on a loan modification through Naca a non profit organization. The modification was submited to Chase in April of 2009, we are now going on the eight month and all we get from Chase is that they need more time to review our file. I call at least once a month and i always get the same answer. I don’t believe in this article, i have lost all hope.
I started my loan modification back in July , with Washington Mutual Bank at that time we were corresponding. However, I had to resend/fax documents over and over again(same docs) I spoke with several different cust. service reps. At last!!!, they received all my documents. The next step I was advised it would go to the underwriting department. In the mean time Wamu changed to Chase and that’s when ALL communication went down hill.Every month and sometime twice a month I would check and the same story. (It’s still in underwriting) One cust. service rep. advised me that they would send me a letter stating the amount that was approved and I had an option to except or decline. )Here it is in December and they just told me(Dec 4th) , when I spoke with a Chase rep. that they could not help me based on my hard ship letter. I never talked with a loan counselors, and LO or anyone. The cust. service rep. said they did not see the need. I am 2 months back and “they don’t see the need”. I tried to be proactive back in July to let them know of my situation but they seem to be reading a script…because they ALL ask the same questions. Now they have ask me to re-submit my loan modification docs. The rep. said they had a faster process now…I have more of an hardship now because it has been over 6 months…..Well!!!! I don’t have a choice but to re-submit, On December 7th Chase sent me a letter stating I am in danger of damaging my credit and perhaps even losing my home.
I NEED HELP….
I started back in July 2009 with Washington Mutual Bank, submitting all the requested documents. However, I had to resend/fax the same documents over and over. At last!!! They received ALL my documents, and they advised me my case would go to the underwriting department. I spoke with several customer service rep. and they continue to state my paper work was in underwriting. In the mean time WaMu transition to Chase and that’s when ALL communications went down hill. Each month, when I spoke with Chase cust. service rep. they would say the same script. First I would have to identify I was a WaMu customer, I asked if I could speak with a counselor or a loan officer. He said they would send me a letter stating what range they would approve and I had an option to except or decline. Here it is in December, and talking with another Chase rep. they said…on December 4th, you were decline. I asked why, based on my hardship letter. He said re-submit your loan modification docs, once again, because they had a better and faster way to get back with me. Six months ago I tried to be proactive now it’s where I’m not sure where to turn.
I NEED HELP . On December 14th, I received a letter from Chase stating I am in danger of damaging my credit and perhaps even losing my home. At the end they said…”Thank you. Our loan counselors look forward to hearing from you soon”. I called today on December 15th, guess what????They said all my documents were out of the system, as if it was not an issue for them. I have no other choice but to start the paper trail and re-submit……I truly need help……
Sounds like the same (almost) as the run around with USBank.
I truly believe they would rather foreclose. Sadly they are loosing so much. My house isn’t worth any where’s near what the mortgage is. Unfortunately I need my home for income and it will be work to move it (a childcare) but I can’t do anymore than I’m doing. Foreclosure costs them big bucks. I don’t get it, if someone can fill me in? The bank’s are loosing…… Oh well another bailout I guess?
Wow!! Why are all the nightmares exactly the same. Cheryl Kirby, you are not alone. My nightmare is EXACTLY Like yours.
I received my loan modification at the end of October. Maybe I am dumb but I kept waiting for my bill to reflect the change. All the bills received were for the higher interest rate. Last week December 17th I received a call from their collection department about why I was late in making payments. I told them I had not received a bill and did not know where to send the payments. I was informed that if my full payment was not received by the end of the month that foreclosure would happen in January. I called the next day and talked to the representative (by the way the numbers given are for collection services – not bank mortgage reps). I was told that most of my paperwork was completed but not all. Then was transferred to the farm loan dept where the rep there told me that once my modification papers came through I was suppose to begin making payments. She asked if I could look at page 4 of 5 and I told her I only had pages 1 of 4 (evidently not the same documents). Anyway, to make a long story short, once you receive the modification package (even though not approved yet) you are expected to begin making payments and catch up on the accrued amount. My modification was approved for Sept 1 I received the mod papers on October 16th. Anyway, I am back where I started and just wanted you to be aware that once you receive your papers and have them notorized to begin making payments. The rep also told me that I was suppose to get a real estate lawyer to read the paperwork and clarify.
I am a retired finacial planner and have helped dozens of my clients, neighbors and friends with applying for modifications. These are my personal observations. Lately we have noticed that sericers are sending out leters offering trial payments in an attempt to qualify homeowners for Making Homes Affordable. these letters are being sent to homeowners who in some cases have been recently modified and the new rate is more affordable than the original. I am not sure these offers have been srutinized by the lenders andi believe it has the potential to mislead homeowners who reply in good faith. it looks like homewners will be reported late on thier credit report even though they pay the trial on time. also based on the standard letter the servicer will apply payments to deliquient amounts only when there is enough to pay in full.
I see many instances where the trial period goes on long after the initial trial because the lender or servicer in unable to complete thier end of the paperwork. it appears like there is cause for concern here because ther may be many homeowners who pay these trial payments for many months only to find there credit scores trashed and money went to pay late charges and penalties leaving them no closer to an affordable solution than before.
I just got off the phone with chase……ahhhhh! What a nightmare!! I have been applying for the loan modification since May 2009, last month they told me I was approved and that they would send me a letter once it was finalized. So I called this month since no letter came and they told me that they had closed my file since they needed me to re fax all my paperwork from June, this is the third time I have re-faxed!! They stated they had sent me a letter, ha I have every letter and conversation documented. To top it off they told me that they might re-modify but it would affect my credit every month, I have never even been late on a payment no matter how much I sacrifice to make the payment. This article is ridiculous!!!
We filed our loan modification back in March 09 and until it has gone no where. Just like most people, we had to re-submit our paperwork over and over again until they finally said it was done. After that, we have been calling them at least twice a month, if not more but again we either got transfered back and forth until the call got drop off, or they told us to call back for status the 72 hours. Our experience with Chase has been our worst nightmare. This article is plain BOGUS! I’ve lost hope and don’t believe that Chase will ever help the homeowners like us.
Has anyone been successful with a loan modification? I can’t even get Chase to send me the packet. I have tried two times, and one time they sent the material and not the application to fill out. When I followed up for the additional information, nothing ever arrived. I suspect they are playing politics by putting on the right face for the media and public, but behind-the-scenes they do not want to modify.
CHASE have been paying the government to bankrupt the people and make Chase Rich. They gave 4 billion in loans at low interest to CA government to keep quiet on the action/inaction that Chase is taking on it’s people.
Government and the media doesn’t raise any noise…
My husband & I have been involved with the Chase loan mod. program since March 2009. A total nightmare!! Same story, send & resend documentation. Seldom speak with the same person twice. Inconsistences, missing paperwork, etc. I actually had a nervous breakdown over all of this. We never paid a late fee for anything in over 40yrs and paid off all credit card bills in full each month. Now, we have been rejected by Chase and our credit has been trashed and we have no idea why. We paid all of our modification payments in full and on time. Our previous FICO score was over 800!
My wife and I have been trying to get home mod since Feb 09. Our comments are the same as all of you. We were just told that this process would take another 30 to 60 days to update their files, Then our Docs will be outdated again. The process starts over and over. I think we should all write our senators, congress reps and even the president and the CEO of chase who wont get the letter and get the news media involved and see if we can move them in the right direction.
My story is the same old story I have read here. Today I finally called Chase and told them I was leaving on March 1st- my house will be theirs. After months of requesting loan modification and re-sending paperwork, I am giving up and moving in with family. I have made all payments on time and in full for many years and meet all the criteria but seem to be in the same sinking ship as all these other people. My home is upside down and worth exactly half at this point. They advised me to mail them the keys….interesting?
My heart breaks for each and every circumstance I have read. I have been either a science teacher or school administrator for the past 10 years. In June I received notice that my position was being abolished due to budget cuts. We have our mortgage with Chase. Simultaneously Chase added 500.00 to our current mortgage payment ( paid regularly for 1.5 years) stating they “noticed” a deficit in escrow? No explanation..no prior notice..so our payment increased from 3,464 to 3,964 the same month I lost my position. Thankfully my husband still has his position, however, on Long Island, dropping to one income with three kids in college left us unable to make the regular payment, let alone the increased payment. We started the loan modification process in July and were notified our three trial payments would be close to what the reduced payment would be once approved for final modification 2,800. The 3 mos turned into 7 mos. During this time I am still unemployed and receive the maximum 405.00 weekly in unemployment. We faxed and resubmitted the same documents time and again. Every month we received late statements with no record, other than my bank statements, showing the reduced payments made monthly. Finally we receive the fedex with the final paperwork. I will not waste time including the hours and hours on hold, talking to representatives that had conflicting stories on the same day, and the emotional and physical impact this has had on our lives. I see we have all experienced the same incompetence and lack of decency provided by Chase. I open the FEDEX with trembling hands, tears of joy streaming down my face….yes the 2800.00 monthly will continue to be a struggle but we can remain in our home right??????
Chase added over 21,000 to our principal increasing it from 354,000 to over 370,000, our monthly payment ongoing will be over 3,400 a month. 67.00 a month less than when we started this whole process. Mind you, it arrived stating I have 12 days to sign and return. I left 27 messages for the loan negotiator. Not one returned. I spoke to 9 chase employess in the loss mitigation office before one connected me to the negotiators supervisor voice mail. I left 6 messages with him without response. Finally another Chase representative emailed the loan negotiator internally and her supervisor. The negotiator finally called me. When I questioned her figures… we were given a drop in interest rate from 6.75% to 4.75% and yet the monthly payments were 67.00 less? She stated that we have a balance of 39,000 dollars due and that was the best they could do for us. When I got up off the floor…I asked her how we had a 39,000 past due amount when we have been making the required payments and had not been late at the onset of this process, she could not answer. 3 days and a nervous break down later,I contacted the executive office for Chase today at 3:00 PM EST. By 3:45 the negotiator called me and said that even though she knew nothing would change..she would have her supervisor( the one who did not return over 16 voice mail messages from me prior) look over the account!!! I have 4 days left to sign and return this modification before the whole thing expires. What Chase is doing to loyal, hard working and honest customers is criminal!!
Anyone interested in a class action suit contact me ASAP!!
Lisa Bielawski
The situations and circumstances I have just previewed are shocking to me!! Ithoght I was the only person going through these situations with chase.
We, that is me,mw wife and my one and a half year old son have gone through just about every situation I just read.
We have been trying to successfuly complete and finalize our loan modification since November 2008.
The actual monthly loan payment itself has not been paid since june 2008 Chase recived all the necessary documents needed on january 4, 2009.
It took me until april 2009 to finally find out who had my documents and if they would help me.
I was approved for a loan modification,never recieved paperwork. After four months have past I get a letter in the mail saying I was in default for not adhearing to the arraingements set.
Having already packed the house and moved to new living arrangements,I tried one more time to get ahold of a rep. To my suprise I did.
Explaing the situation,the rep.had informed me she was the one that approved me , she stated to me now she is going to deny me!,FOR REASONS OF DEFAULT!
My reply to her was; I never recieved the contract to adheare to thier agreement.Her reply; That thought never entered my mind; the possibility of the paperwoprk never arriving?
I couldn’t believe my ears!!
To conclude this lenghty sanario of mine,the wrong paperwork was sent;now for a third time starting all over with a new rep. the trick of getting a hold of them starts all ove again!
This is my story, and it’s sort of nice knowing i’m not in this boat alone!
If any comments for me,please feel free to send to my e-mail address.
Thanks for listening;
Sincerly;
Gregory S. Granados
Date; 1\12\10
Wow, after ready some of these posts It confirms most of my suspicions about Chase. They are simply not interested in helping their customers and they don’t care if people lose their homes.
I’ve been trying to get a loan modification through Chase for 6 months without any success at all. I’ve spent literally hundreds of hours on the phone, even had what sounded like, a group of young Chase operators laughing in the background while I was discussing my loan with a representative in their loss mitigation department. Since then, I’ve started to actually record every phone conversation that I’ve have with them.
I’m on the phone right now with Chase and have been on hold for 40 minutes!!
Count me in on join a class action suit!!
Paul Francis
Home Loan modifications are a “process”. This “process” is unique to each bank – it is a secret from the consumers. It is about your: finances, your NEED for a mod, your hardship, your paperwork, and that bank’s idiosyncrasies of their “process”.
Yes, banks have approved mods to consumers; the most recent statistic I found was 4% of all mods filed directly by homeowners have been approved since last Fall. It is possible.
As Moe points out you may wish to contact an attorney or an accountant. You may also wish to contact a mitigation firm who has licensed attorneys & mitigators who negotiate with your lender. We have successfully mitigated thousands of loans & we deal with Chase weekly.
Feel free to contact me directly jtroncone@theNFCgroup.com.
I’m past my one year anniversary!!!!…….By the way, all of my calls have been recorded for “quality assurance purposes”….Yes, my friends, “quality assurance”….I can assure you that NOBODY has ever listened to my calls, your calls, or anyone else’s call……if they did, they’d be mortified. I imagine them sitting in a room and laughing at our calls and pleas…..You know, they’re eating lunch, playing the calls back, laughing and giggling at the misfortunes of all of the souls and lives affected by this calamity.
I started this process in late 2008. After many multiples of data submissions, check stubs, etc, I was approved for a “trial modification” in May of 2009-7 months after I first contacted them for help….Conditioned upon three months of on time payments, I was told it would result in a “permanent” modification…I made the required payments for three months-ending in 7-09…..came home to a notice that my “modification was in jeoprody” fed x letter in 8-09. It indicated that my documentation was outdated AGAIN!..for the third time…I submitted it again…..no calls, no emails, no response from Chase whatsoever. Then another letter fed x’d that said I’d need to resubmit…….Then a miracle phone call came, “your modification has been approved”…..over one year and 5 submissions of my hardship package later….I was promised the “final” paperwork and modification documents in two weeks….Two weeks went by, no docs, more calls to various unanswered extensions. Then finally another call and a “promise” that my documents were to be issued in the next week…..nothing again………..NOW, one year and two months later, as of today, I was notified that there is a “system update” taking place, which will push back the documents being issued for ANOTHER 6 weeks!…………So, my friends, you can conclude that Chase and their merry band of uncaring, lying, incompetent, stupid, callous, and non empathetic clowns are busily working on “fixing” their ability to actually issue modification documents once they’ve been approved…..I’ve been assured that I won’t need to resubmit my hardship documents for the sixth time, but I’m not betting on it……would you? Good luck to all of us on the lottery odds of getting Chase to do anything…..I’m soooooooooo frustrated that all I can do is laugh, because its easier than crying…..I feel for each and every one of you that has had to experience a once in a lifetime (because that’s how long it takes) event, which has been so mishandled by Chase,it defies description! I’d like to submit a new word for “websters dictionary”…..”chased”………..In the past, we might have said ignored, or “shined on”, but I’m now using the word as………Hey son, you need to clean your room, don’t chase me! or; “We went to the restaurant, our waiter never came to our table, we were “chased”"……….Good luck, we all need it and then some!
Reading this thread makes me sick. I am so glad that I’m not the only person going through this. We are going on our 8th month with the trial period. Like all of you, we re-faxed and contacted Chase weekly. We suffer with the transition from WAMU to Chase of lost documentation, lost communication,… etc. This nightmare will continue unless somebody higher can here our message to the Chase Bank.
Let it be known to the Editor of this article to raise this issue to a bigger problem. Or some, higher congress member.
In my opinion, the bank reviews one thing in this whole process. That is,… “What would best benefit the bank if the loan was to be modified or customer to go into foreclosure?” The way I see it, the Bank wants you to foreclose that way they don’t have to adhere to the investor ties to the note. Only if the foreclosure is a bigger lost to the bank/investor is when a loan modification will be approved. The plain fact that a “foreclosure” relieves of all ties of the note in terms of investment. Then, the banks can still resell the home with a new investor. This gets the bank out of the RED and moves on to the next trouble mortgage.
The only possible way to get through this is to answer yourself the question, “Is it worth your time, effort, and lifes?” It is the banks and investors that put us in this situation. We just need to make the change and be free of this problem.
In my honest opinion, the investors and bank will not give in to the people. They will only protect themselves. We must do the same.
Just an update………went to the branch to pay my 9th “trial period” payment today(no coupons or otherwise provided, other than the first four months), per the instructions of my loss mit contact- because of the “delay” on their ability to issue my final mod documents. The branch “refused” to accept my timely trial mod payment, referred me to the 800#, which I called. The representative on the phone stated that she could take payment over the phone. She stated there would be a $20 fee added because of the bank by phone charge. I called my loss mit contact, she responded immediately and was able to waive the $20fee…I literally had my cell in one ear and the other phone in my other ear…..Once she confirmed that they would waive the fee, I started to give the payment information, and guess what………well you win if you guessed “we can’t accept your payment”……..So, as all of you have heard on the chase recording “Chase is a debt collector, anything you say may be held against you” rhetoric…..I immediately called my loss mit contact (who has been very proactive since her involvement)…..she too, could not understand why “they” couldn’t accept my payment…..I politely asked how, if ever, could I make my payment? Now, I’m fearful that Chase will somehow cancel or withdraw my “final approved modification” because I didn’t make my payment on time”………what are the odds? Pretty high at this point…..Hopefully, I’ll be able to give them my money, somehow, somewhere, sometime…………….Hey look, I couldn’t make this stuff up!
I work in the mortgage industry. I know for a fact how much that forclosures cost the bank. Not to mention “holding” costs (that is county taxes which they have to pay, and insurance).
With that said, I myself used to work at Bear Stearns who was taken over by Chase. Being a loan officer, our business has suffered greatly over the last 2 years, so I am forced to start a modification myself due to my income being about 1/4 of what it was.
The reason Chase is not willing to work with everyone is a few. (1) This whole loan modification is pretty new to most people. Chase had to ramp up by hiring people that have no idea how to do a loan modification, and its like the blind leading the blind. A friend of mine is an underwriter for them and there is absolutely no consistency from one underwriter to the next. (2) The biggest reason for not wanting to work with people is that through the bail out funds, the mortgage company is getting reimbursed for their losses by the Feds. So if that is the case….why would they ever even want to work with us? They have no reason to do so. Im afraid filing a class action lawsuit will be a tough one, as its like going up against the Federal govt. I seriously think Chase is telling the Feds that they are trying to work with people, but that borrowers are still defaulting after they are done. They get reimbursement from the Govt. for their losses, and thats all they needed.
Nobody is holding them responsible for the workouts, as every case is different. So with no laws in place, no guidelines, and nobody knowing what the other person is doing, nothing is getting done. I got a phone number for a company out of AZ that is a HUD backed company that does not charge for loan mods and they are getting these done in about 3 months. So I am going to try that, versus working with them directly. They have employees that keep track of the banks, and report back to HUD on how they are doing.
Hope this helps shed some light about what is going on in this crazy loan mod thing.
Thanks for this info. However, it has been over a year now and still banks don’t get their act together.
The end is near for us and trying to fight for our home.
REport this to the FTC, I hear if they get enough of the same types of complaints the FTC will put pressure on them to do the right thing. Please report to the FTC, they have a online complaint system its very simple, just make sure you have the company name and info so you will be reporting the right person.
I am afraid to begin this process – my neighbors went through it with a different mortgage company before everything was in place – they were on the phone for 90days! They were approved with a 2 % mortgage rate for 9 yrs with it expanding up to 5% over that time period. IF this whole program with or without obama or chase is bogus – why don’t people just state that and get the forclosures overwith we can all live in the streets and eat dirt. (from someone here who has been unemployed since april and spending down my 401k to pay my mortgage!).
America – the new third world country – I wonder if someone in a foreign land will start a charity to save us from our own stupidity!
We all have the same story…You provide all the documents and you get transferred from one department to the other. After 1 year waiting on my loan modification I was able to be “sweet enough” to get someone at Chase to feel sorry for me! I got the phone number to the Supervisor for my negotiator. The funniest part of this is for 1 year every time I speak with a Rep from Chase they say “Your negotiator is Andrea Gamble”. There is not one employee at Chase who can find a direct number or email for this mysterious person yet she is responsible for “approving” my modification. Apparently she faxed a request to my attorney for additional documentation that my attorney says she never received. When I called Chase back and spoke with another customer service Rep.. they said “Oh.. I see in the notes that we never received the confirmation when through”. I requested to be told what items where needed and promptly informed… I can’t tell you over the phone. We have to send it to you in writing. Finally after three days I was able to get someone to tell me what was needed on the 24th of December.. I received a letter from the infamous “Andrea Gamble” on December 28th saying my modification was rejected because I never submitted that requested documentation. The friendly supervisor of Andrea Gamble made her reinstate my request.. I was told from the supervisor to call Andrea that next Friday for an update.
Shocking to say the least that when Andrea answered (she was obviously upset that I had her super’s number) told me that she was too busy and it would take another 30 days to review my package… are you kidding me after 1 year. I have sent this stuff some many times I keep it all clipped together and just stick in updated bank statements and pay stubs.
I have kept amazing records of all the calls, the transfers and all the times I was disconnected. I will be sending an email to the CEO of Chase.. and I have gotten all the names of the board of directors. They will all get certified letters at their perspective companies… hopefully someone will pay attention since Chase is expected to foreclose on February 4th, 2010.
It is appalling to know that upper management at Chase received bonus averaging $464k… yes that’s correct. Take that money reduce the principal on my loan/recast my payment and I will be happy.
After reading other people’s comments…I don’t know wether to laugh or cry. Same story, I am not going to repeat…but I am interested in seeing what phone #’s people are calling? I call roughly every other day…and have been doing that for the past 2 months. I normally call in to the 866-550-5705 phone #, but have recently started calling 866-665-1629 as well. Does anybody have an additional #? Anybody want to organize a time for all of us to call and flood their phones(like we have to organize that)
I’m on the same situation as all of you here. My heart goes out for everyone who’s been through this so call “Chase” go to hell. It has been more than 6 months now, calling and following up with all the documents, etc. It’s just never get old. oh btw, i used this phone number to call chase 1800 848 9380. ANd everytime i call them, the same answer. it’s like they reading same script. “oh, our negotiator is working on it right now, and waiting to be approve…blah blah blah blah blah!” “you should receive some document in your mail the next few days” and then i waited, and waited, and waited. Nothing!
call back again, and sometime if you speak to the person who’s english is not their first native tough, i find that every difficult to talk to. They wouldn’t really want to hear what you try to explains to them. They’ll be like “just send the stuff i ask you to, OK?” Well, hello? didn’t i just told you that i already send it like a week ago?
My husband and I have been going though the nightmare with Chase too. We began OVER A YEAR AGO when I lost my job. We called Chase and requested that we be put into the loan modification program on January 19, 2009, or thereabouts. It took about 5 months of calls, calls and more calls, and faxing, faxing and faxing of the same documents, over and over to different numbers, to finally reach someone who checked to see if we were qualified for the Make Home Affordable program. This Chase rep did this once we said we were out of money and our payments were going to be late! Fast forward… in July we made our first trial period payment under Obama’s plan on each of our 3 loans with Chase. We made a total of 4 trial period plans to Chase for each of the 3 loans, and the last of the payments were made in October 2009. At that point, our contact at Chase (we actually found someone to deal with for awhile until he disappeared from the scene) ADVISED us to DISCONTINUE MAKING ANY PAYMENTS until we received our closing documents for the modified loans. We were advised that we no longer had accounts to credit our payments to and if we sent in payments they could not be credited to our loans because of this. Again, we were ADVISED BY LOSS MITIGATION to make NO FURTHER PAYMENTS until we received our paperwork. The first batch of paperwork on one loan was incorrect, so it had to be returned to underwriting for correction. The paperwork for our main mortgage was never received, nor was it prepared in time for our FIRST PAYMENT DATE of November 1 under the new loan mod we supposedly had. Because their paperwork dept. did not complete the paperwork in time for the Dec. 1 payment, that loan had to be returned to underwriting as well, to re-do payment amounts and due dates, etc. We were still ADVISED by Loss Mitigation to NOT MAKE PAYMENTS until we received our paperwork. They couldn’t even tell us what amounts to pay, if we still wanted to send payments in. They just told us that we should wait for the paperwork to begin our payments on the due dates specified in the paperwork. We STILL HAVE NO PAPERWORK, and Chase’s COLLECTION DEPT. has been calling us daily, telling us that we were to continue making payments all along, despite what Chase’s LOSS MITIGATION DEPT. has been telling us. Loss Mitigation has told us that according to their file, WE HAVE NO PAYMENTS DUE RIGHT NOW, and again, to wait for our closing documents. The Collection Dept. however is now getting ready to charge off our mortgages and issue FORECLOSURE PAPERS, since Feb. 1 will be three months of no payments and at that point, they can start foreclosure proceedings. We are caught between a rock and a hard place. I honestly believe that Chase is doing this intentionally because they want our 26 acre parcel of land in an up and coming, developing area. I believe they want to foreclose and have back-doored us to get their hands on the property much in the way Ocwen has been doing to their customers too. We have just hired attorneys to tackle Chase and their dirty dealings, but I’m no longer confident in the firm we chose and am looking to replace them. If anyone has attorneys they can recommend, please do. I am so glad to find this site and see how many other Chase customers are going thru the same stuff.
After 1 1 /2 years refaxing resubmitting calls being forwared to other depts bad phone numbers same song and dance I had paid 8 trial payments on time finally got a final loan mod; But I also wrote whitehouse.gov and any other office I could think of. I am thanful but at the end of all of us I am now underwater with all of there fees and add ons. My payment is cheaper yes, but I don’t think I will ever be able to pay off my loan. So really I am just renting, and very ruined credit. So I guess it did save my home but I am more in debt now than I was before. I wish you all well. Sometimes I wish I would of just let them have it. Banks do not want to do loan mods. The govt let them have the power to decide if it was a financial benefit for the banks or not. Again the banks are in control. As we all well know. After getting final loan docs I receiced a letter stating I had to send in 4506-T. Which I already had done 3 times before. Always something they do that to stall and they can say to the govt we are not in compliance with the program. it is set up for you to fail and the banks can say they are not following the programl I would love to see the banks have to credit all of us the fees and all the add ons they came up with back to us. Will never happen but a nice thought! good luck to you all.
I have had the same experience as everyone. 9 months of trial mod payments and the rep tells me the last two months that they are waiting for the feds to hopefully approve a better program for me to save me even more money. Yeah right what alot of BS. I can tell you this. Keep you fed or usps tracking numbers and copies of everything that you send them and stamp them with the date. This will help you if they say they did not receive anything. I wish everyone the best and good luck.
My hours were cut back at work and I am alone now and I support two children 4 & 5 on my own, I am not on welfare nor do I receive any death benefits ( another nightmare) my Chase/FHA mortgage balance is 176,000. I currently owe $11,200.00 , seven months behind. and I have a negative 4,000.00 in escrow because my assessment on my home was doubled. I applied for a Chase Loan Modification on 9-6-2009, I faxed in the documents, I received a call back the next day saying all of the documents were in order. They stated I should hear something soon. On October 6th, I received a call from them stating I was approved for the mod . Instead of 9.9%, my new int rate would be 4.78%. They did say that I will not be required to pay trial payments during the trial period. (???) To date I have not received any paperwork. I call almost daily. I will not call customer service anymore because they are absolute idiots. I have been told that I have no mod, and my house is in foreclosure, and none of it is true. One rep actually told me to drive to the nearest branch and drop off my keys. I asked which branch he was in and told him I would be right over but he hung up. I called the Chase Resolution Dept and they seem to be the most helpful. (800-242-7399). I was told that the mod was approved on 10-6-09 and it is still with the investor. I don’t believe it. I have requested that they send me the approval in writing . I never received that either. I think that during these bogus trial modifications and payments that Chase is trying to sell our loans to new investors and when they can’t they foreclose. Based on everything I have read here in this blog I believe that I am not getting a mod. They are being deceptive. I have 5 payments saved because I have never believed that they would help. and I am going to change to a 1099 form so I can try to bail myself out. I am not waiting for any foreclosure . I think it is illegal to tell someone not to pay the mortgage because a modification will help them and then turn around and deny the mod and sell your house out from under you. I will post an update on the mod when I receive my denial as to the reasons why it has been denied. Good luck to all of you , when it is all said and done I believe a nice lawsuit is in order, Please write down the date and everything they tell you. Communicate by certified mail RRR only. Protect yourselves . Sly as foxes……
OMG I agree with you all the person who wrote that article must have gotten a payout ,I really do not think Chase has modified any one. We were one month behind in our mortg payment and couldn’t pay our property taxes cause we used the $ in savings to not get behind on our payments when my husband was laid off and I lost my job with the market crash. I too have been trying to get my loan modified since April of 2009.9mos it has been a nightmare truly the banks Wamu/chase does not want to work with customers. It shouldn’t be this DAM difficult!I too have gone down the road of customer service/collections thease people get paid $8.00 an hour to tell you nothing about your home loan repeat a script to every customer lie and be rued for what reason for Gods sakes all we want to do is get back on track. why is there nothing being done about this problem? HELLO people have been doing this since Obauma put this in place. We can bail the banks out but they cant help us WHY because they do not want to loose $ they want to make money its sick and wrong they need to be accountable for what they did! The banks made alot of $ on refinacing loans and getting people in bad loans, we have a open arm loan.I started the modification process in April of 2009 and got the runaround missing dcuments the info is now old resend resend we were on a trial plan payment for 6 mos july aug sept then our loan was supose to be modified. NOTHING but lies. FINALLY I call ed HUD funny you get those customer service reps on a three way call with a hud agent WOW are they nice. My counselor couldnt get any answers at all and got hung up on 3 times!. Our original mortg payment was 845.00 we were paying a adjusted amt of 766.56 for 6 mos after all this BS I was told last week our finacilas lookd fine so all they will do is a loan repayment plan. there offer pay 865. on Jan 25th then 5 days latter pay 1,350.00 for 6mos (paying back the 1month we missed and property taxes)then they will review it and see what they can do i told them to SHOVE it our income can not suport that payment. so after nine months of HELL and frustration and doing everything they told us to do we are still stuck in our open arm loan and are right back to square one put a fork in me I am done!I hate Chase.I know I am not the only one . everyone of these letters should be put on the news why are they not reporting on the nightmare of this crap.
It certainly is comforting to know that I’m not being “singled-out” by Chase… they seem to be inept regardless of the circumstance. I had a very simple request when I attempted to do a loan modification… combine my 1st and 2nd mortgage into one loan, and give me a competetive interest rate. I have been hit pretty hard by the housing “slump” and I find that I am about $100,000 upside down. I told the bank that I was willing to be upside down but just lowering the percentage to a competive rate and combining the payments into one mortgage would save me approximately $1,200 per month in payment. The “CSR” that I spoke to said that we were too far upside down to help. I explained that we would owe the exact amount that we currently owe, so how would the bank be out anything. He told me that since the house is upside down, it’s not a wise “investment” for the bank!! What an idiot, they already invested in it… So I asked him how much the bank would get if I quit paying for the loan, he said that they wouldn’t get anything. So I asked him which scenario made more sense from an “investment” stand point. Of course he couldn’t directly answer the question, instead he said, “That’s your option”! Looking around my community, more than 20% of the homes are empty, bank owned, or for sale. It looks like a “strategic default” is the best way to deal with Chase. I guess I’ll just make the 21st %
I think that the modification program is a scam to make you think your being helped.If you read all the different comments you see the same pattern 6 months or greater to get a mod. then if you finally get a letter stating your approved there is a three month trial period. during this time every month that you have been late that will be tacked on to your principle amount owed. I think the banks have figured out how to get some of there money that they may lose in reducing your interest rate by increasing your principle amount. Think about it there is no way that it should take this long to get a mod. i mean you can buy a home in 30 days or less.I guess we will never really no if thats what these corperate crooks are really doing.
OMG!!!!- I came home today and I had a Fed-Ex envelope from Chase and in it was my finalized modification. I am nervous though after reading all the posts. I am wondering if it’s really true. I have made my trial payments. Which started in Sept. 09 and ended in Nov. 09 and then nothing until today. It say’s it’s my final paperwork, but I guess I will just have to wait and see. Keep you all posted. Your stories are a lot worse than mine. I am feeling pretty lucky right now, I think!!!!
Same scenario since July 2009. Never late on trial period paymnets, got dropped from trial program (did not notify me) and I was still making payments. Then all of a sudden,Dec 2009, I receive Forclosure Summons! I am schduled to go to mediation on Feb 4, 2010. Meantime, Chase customer reps tell me to keep sending payments. I told them that I am schduled for mediation. Reps said, “Oh just show proof that you have been making payments and sent all documents”. Doesn’t make sense…..why am I being foreclosed on, payments sent on-time, and documents resent 4 times. Very fishy. Also I am told now that I don’t qualify for HAMP, but it could be modification with a Chase modification (of which no reps have discussed what their mod entails). Yes, we are being scammed it really appears. CHASE JUNGLE RULES. I sent President Obama an email to whitehouse.gov. I received a generic reply and the reply didn’t even tackle that Chase and other banks are scamming us. It merely stated his promises of CHANGE. Yeah, the change is we are going to be homeless.
I called Chase in March of 2009 to apply for the opportunity to refinance my mortgage and keep it out of foreclosure. In May I was told I was approved for a modification and that the papers were sent out by FEDEX. I never got them. I called every week for months and was told that they were going through a changeover with their computer system and I would receive the paperwork immediately. I didn’t. I continued calling (and documenting) and talked to around 30 or so different agents who all told me not to make a payment because it would mess up my modification and ultimate refinancing of my fHA loan. I was told “you will not be penalized for our mistakes”. I now am being charged $24,000 extra dollars for following their advice. I have kept the agreement that I finally received in the mail in December of 2009 and was told this week that I “might have to continue paying the preliminary amount” because they are so “backed up” with the modifications. Meanwhile, I am continuing to mount up fees and don’t see an end to this anytime soon. I think Chase is doing this to all of us because they are racking up fees and making our situation so bad we don’t have any choice but to keep trying to get them to follow through with their promises.
Same story, same situation. We started in August of 2009, and called every week after our “30-45″ day review lagged. Our loan was in review, they’d call us. Never called. In December, they told us that it was being finalized and we should get a call by the end of the week, didn’t happen of course. I called the following week after Christmas, and the same old story continued about it being finalized. Finally at the end of January, after many calls and letters from the reps to their supervisors, they denied us, saying we still had three months left of reserve. We might have had three months left of reserve back in August, but our resources have been depleted since then. They said they wouldn’t help us until we’re three months behind. The most frustrating thing about it, is that like others, we did this to avoid falling behind and ruining our credit. We were still willing to pay for a loan that wasn’t worth the value of our home. Now, if we have to fall behind and mess everything we’ve worked for up ( our credit is also in the 800s) there’s no point in holding on. I’m disgusted with Chase, they have absolutely no interest in our pleas.
OMG, I read the link from KIM that stated her rep was ANDREA GAMBLE. That is such a joke. I have ANDREA GAMBLE and called her and it stated that HER VOICEMAIL IS FULL. I have been negotiating my loan since June of 2009 and started making my trail payments on August 2009. I stopped after the 3 months period because my then rep CAROL HAWKINS who was super nice, stated that it was in their hands now and they would let me know if I qualify. Then I lost my wonderful CAROL HAWKINS for ANDREA GAMBLE and I am so afraid. Now I am told to continue to make the payments, but why because they cannot do their job efficiently. I am so upset and feel like just letting the house go even though I have a great job that pays well but had a crappy ex husband that decided to leave. I wish to god someone would realize that something is wrong. VERY WRONG.
WOW… Chase has done the same thing to me since January of ‘09 I tried to do a loan modification on my own. I am on disability, my pay was cut from $5000 a month to $2800 a month I have a 30yr fixed at 5.87% on a 399K loan my loan payment was $2514 per month and for 6 years I paid 2550 per month. They played their game for 7 months telling me I needed to re-submit fax document after fax document as I was using all of my savings $16,000 and now beginning to borrow money from friends and family. They tell me everything is going well and I will be able to speak to someone before the final decision is made…. I call at least once a month usually twice a month to get updates same thing it’s in the underwriting, then all of a sudden I call and I am told I’m denied. I ask when am I going to talk to someone and I’m told I’m not. I never get anything in writing denying me or why I was denied only not enough income to sustain the payment. I then went to NACA for assistance they workout and plan, submit it to Chase I am denied the very next day. I call and explain I don’t want a handout I’ve paid and extra $50 dollars per month for 6 years on top of my payment all I need is some breathing room give me one year to get back on my feet… DENIED I have two roommates, my sister is loaning me as much as I need per month (that can’t last too long) and still chase continues to deny me because I haven’t missed a payment as I’m told by a lawyer and my house is worth more to them than my payment (i.e. they will make money off me when the house goes into foreclosure because I only owe $399k and the house is worth $500K at least)…. SO much for the bailout money the CEO’s are getting their bonuses; Politicians have no clue how the middle class are sinking and the rich are getting richer. POLITICIANS are living on the middleclass’ backs and we are sinking fast my credit score is…was 780 not for long as I don’t have anymore savings, my sister could not continue loaning me money I owe her about $15K now. I prided myself on my keeping my obligations positive. Our country is going downhill fast because of the Politicians having no clue where its constituents are and Bank’s CEO’s that own everything (including the politicians) and continue to suck the middleclass dry. I’m about ready to lose my house because they would not just give a small assistance like I said I don’t want a handout just breathing room one maybe two years to get back on my feet. Bank of America on a second of $60K agreed to 0% for 1 year then 1.3% for year two and three then 3% for year four then if not paid off by then to the conforming rate. My payment went from $300 a month to an agreed upon $100 they only asked for $50 per month. Well now I know CHASE is only interested in MONEY and their client’s homes if they’re not upside down, not their clients. I will submit this page to President Obama Ill let you know if I get any sort of reply worth posting
RM
2-7-2010 4pm
thats good news chase needs to help people
these guys have been abusing homeowners for years
I too am trying to hunt down Andrea Gamble. My story is a little different:
I renegotiated my loan and started a 3 mo. trial. My first payment due on Dec. 1 2009 was received at Chase Bank (cashiers check from Chase Bank) Nov. 26.
Mid December I called to see if payment was cashed. It was not, but was reassured that it takes time, and the phone operator could see a copy of the actual check in the system, so I was relieved.
Payment 2 (Jan) was sent third week of Dec., but check 1 was returned. Huh? Check 1 returned the day before check 2 was being sent out.
I called Chase again and told them of situation. I was told to send them both back in because it makes no sense. I proceeded to send them in (via fed-ex), in separate envelopes.
I called a week later, and again the phone operator said that both checks were in the system. Great!
Check 3 – Feb payment was sent in at the end of Jan., and on Feb 1 we get a letter saying that we have been denied. What?
So I have been calling twice and three times a week since this letter, and my first 2 checks were cashed, but now they are returning check 3. Oh yeah, now there is a sale date posted to my home…
Do I send in March payment? Do I pack my stuff and move? Who knows, so I asked another phone person (debt collector), who gave me her employee I.D. # and her extension number. I gave the whole story, and she says, yes this is absolutely our fault on our end let me look into this.
I felt reassured now that I can speak to the same person to help me get through this. I called again this morning to speak to Mary, and gave the person the extension number. I was told “we can’t transfer calls”. What?
She said that she would help me. I told her no I need to talk to Mary; here is her employee I.D. #. I was again told we can’t look people up that way. I told the lady she works in your damn office! Get her. Well that was a loss so I had to start all over again.
My home is to be sold in three weeks (after I followed through with my end of the deal), and I am told to wait 7-10 business days for a response for Chase (Yeah that will happen).
So know what?
Should I send in my March payment?
Who knows?
Talked to Chase twice more today.. About an hour after posting my previous post I clled again, because I did not like the answers I got earlier this morning. This time I called it seems that Andrea Gamble pawned off my paper work to somebody else. What does that mean? Well it seems that it means I need to start all over again with the process. I was directed to back to the web site, download the information, fillout all the financial information and fax it in. All this needs to be done before anything else can happen.
So it seems to me that the last 4 months of sending in payments has been a complete waste of time, meanwhile I have acrued an additional 4 late payments(these payments are only trial basis, so they dont count as house payments) to my credit, I owe an additional 44k now that will eventually be placed on the back side of my loan with interest if I ever get this mess cleared up.
I was also told that since my first negotiation (even though it is their fault) is no good and I no longer qualify for it, so I will need to speak to a negotiator. In the mean time my house is going through foreclosure, so I must wait an additional 5-7 working days before calling back!
And to top it all off….I just got a call from the same damn office trying to collect the debt! What? I am trying to handle this, but at this point and time they can take the 200k negative equity and cram it. I will move into a new nicer home where I want to be, and they can have this one I guess. There seems to be no answer here, but I will repost the final outcome…until next time!
GOOD LUCK:
When you are on a special forebearance – and pay as agreed – foreclosure proceedings are supposed to cease. I have a signed agreement to that effect. Always received letters – (CHASE) After 8 months – modified denied – why???? no one knows nor I have yet to receive a letter- now wants all monies due for their bait and switch tactic. I am going to fight – fight – contact Chase executive office in New York – letters – via FEDEX – Priority Mail – even have someone post them on their building -
I just spoke to the same department again this morning.It turns out that…get this one…my Dec. payment was received too early(I payed 2 days before Dec.1), and in doing so, the payment was not applied to the new program. This means that they got my money as they requested, but did not know what to do with it. I guess my trial basis agreement was not finalized internally with Chase, so they returned my first payment because it was not the total amount of my orig. mortgage amount. By Chase not doing their job or using common sense I have been denied.
Wow…
I understand that I got in over my head when my pay was cut in half some months ago, and I could have also destroyed my house and left it for Chase bank to deal with, but I am sticking with my obligations as best as possible.
It is easy to play the big guy when you get $4 billion of play money!
You would think that with an additional $4 billion, we could buy some common sense.
Thanks for the anguish! Now what?
To be continued…
I won’t go into all of the details of my loan modification with ChaseNazi bank because it is all been told here. After 8 months of going thru emotional stress and strain, and being hung up on and tramsfered. Also compling with everything I was asked to do. I’m told they are foreclosing on my house due to default. Please, Please some one leave a response here so I can become part of a class action lawsuit to stop ChaseNazi from outright stealing our homes.
After reading this today I am relieved and angered at the same time. I’m glad to know others are having the same trouble, cause I thought it was just us. It angers me that they are getting away with this. We started trying to get help in November 2009. We have been on the trial payments for ten months. I also got told that the underwriter is looking at it, don’t know how long it will take. We are helping lots of people blah blah blah. I’ve also had to resend my documents numerous times. If there is a class action count me in!!
We just received our permanent loan modification from Chase today. It has taken almost a year to get it done but it’s finally done. I have nothing but good to say about the way chase handled our loan situation. They were very helpful and I think they (or at least most of them) wanted a successful modification. Thank you Chase.
What can we as Chase consumers do collectively to let our voices be heard? Anybody?
Before we were approved we were denied 5 times. Chase, and all the other loan companies, have to go by very strict guidelines that the govenment has set up. As it turns out each denial came from our not sending in all the documentations properly or having insufficient income. No one likes to hear you have “insufficient income” but that was the reality of the situation. When our income went back up we were able to qualify. There is hope but only if you fall within government guidelines.
I too have tried to rework my loan with Chase 3 times. Did the paperwork and was approved 2X. Same deal – We are all looking for help but they always have to check with the “investor”. I had it – Have to short sell. Chase took my money and my credit score. FRAUD and we paid for it as a society! We are suckers.
Maybe we should set a date like April 15 and everyone going through a home modification and not getting anywhere go protest at our local bank branches, with signs and local press. Every day there is information about how these modifications are not being done and no one listens. Maybe if we got a nation wide protest going SOMEONE (politicians) would do something about these banks.
100K Principal Reduction in 24 hours, learn more now. The Do It Yourself Permanent Loan Modification Package contains an actual case history package submission which was approved for nearly 100k ($99,598.00 to be exact) in permanent principal reduction. Download now for FREE!
Pat T: What was your debt to income ratio which was considered insufficient? Perhaps you can help some of us out – let us learn from the secret information you’ve been able to attain.
Otherwise, perhaps if a number of us obtained legal representation and approached Chase with our legitmate grievances? Something smells fishy and I fear too many of us are sitting idly waiting for some magic mailing or phone call which will never come. In the meantime we are paying moneys which are NOT going to our principal but to some ‘fees’ as we wait it out, watching our balance get bigger and harder to pay. All the while waiting to hear back from Chase. Chase on their part is taking in the money, enjoying the stimulus from OUR tax dollars and giving nothing back in return. Btw, is anyone on this forum based in the DC metropolitan area? Maybe we can get together and brainstorm on what can be done?
I have been going to hell and back trying to get a loan mod.with CHASE . I have been on a 3 month trial plan now for 9 months still getting no where . I’m keeping this very short because just talking about it stress’s me out !!!! They put a whole new light and twist on red tape .
This is really terrible. I am in a mod trial for over 9 months. The same story as most of you folks. After many calls and many faxes, Chase says it has now all the documents from me. In reality, Chase had all the document for the last 7 months or so, but every so often they would send me a letter and ask for some update. I would fax and re-fax the updated document and have to follow up with them to make sure that again they have all their document updated. They also keep telling me that yes, you are approved for modfications and wait for another 2-3 weeks. However, it is very likely that I would be noted again that, well send me some more document. All I can tell, what Chase is doing is not right and it is not fair. This is very stressfull situation. They claim they want to do modifications but it seems like an empty promise and they have different agenda!
I hope that law makers and Chase execuitives are reading these comments and will act responsibily to help us.
I’ve applied my loan modifications since 12/08, approved the trial plan on June 2009 for 6 months. Recently, I recieved a packaged from Fed ex, Chase approved my loan modifications. But guess what? My trial plans was 2371 compared to 2899.99 which is a lot of help financially. With the approved loan modifications I will be paying 2650.51 including my taxes and insurance. Rate may change every year due to property taxes and insurance. Chase loan is bogus, my plan is 1-5 years I will be paying $2000.15 plus $657.00 for insurance and taxes, After that is 6-40 years of $2371 plus insurance and taxes. Basically, I am only paying interests for 40 years and the rest after February 2050 that’s the only time I will start to pay my interest and principal. I will bed dead by then. In the long term, I won’t be able to afford the payment because of my retirement money. It is not fair for us who are trying to keep our homes. Any suggestions??? Please e-mail me. I will fight for it till the end because I have nothing else to loose. I’ve ruined my credit score and everthing because of this government rules and regulations on the mortgage industry.
We have had our mortgage thru Chase since 2000. We took our last 700.00 that we had in savings to try to refinance. They told us that was how much it would cost us, and that we were quote, “a slam dunk case” and that we were pretty much approved. Before we sent the money we talked to the higher ups and they told us it was a done deal and to send them the money and they would start the process. Well, we did everything that they asked us to and after months of waiting we were denied. We had to fight to get 300.00 0f our 700.00 back and that took forever to get. We were just trying to figure out how come our mortgage had jumped from 900.00 to 1079.00 it made no sense. The people were rude and they told us nothing but lies.
Folks, you have to view this video to understand why the banks are not willing to do a loan modification. Link: http://www.thinkbigworksmall.com/mypage/archive/1/32275
Like all of you folks out there, we are on our 11th month on the trial period. In fact, we have not heard anything from the banks and we’ve been paying our loan mod hoping to get an answer soon.
But, that will all change this month because it will take more years to get a return on our home. You hear that the banks are willing to do anything but a principal reduction. Also, the Obama HAMP program doesn’t address a principal reduction. So, why are we trying to hang on to our home. It is because we are condition to do so.
If you look it as an investment, our home will NOT YIELD us of any returns. Bad investment. So why do you want to keep a bad investment. Other businesses will bail out. Why can’t we?
Additionally, if you take the current market value of your home and compound 3.4% each year, you can see how many years it will take for your home to gain back that equity. Now this only applies in a good economy. When I applied the formula to our home that is 51% loss in value, it will take over 35 years.
So, with all that,… it is time to just think of yourself and do what is right. Save your money and be free from this housing debt trap.
I will return back to this forum when I’m in a better situation.
Here is a couple more links:
Wall street Journal “When it’s OK to walk away”
http://online.wsj.com/article/SB10001424052748703795004575087843144657512.html?mod=WSJ_Real+Estate_LeftTopNews
“Strategic Default” by U.S. News:
http://finance.yahoo.com/news/Strategic-Defaults-and-the-usnews-2190373684.html?x=0&mod=loans
God bless you all.
Are you in the “chase zone” ??? Drum roll pleeeeeez, I acutally rec’d FINAL approved mod docs…..2% for five years, 3% for one year, 4% for one year and 4.875% for the balance of the loan…..here’s a kick the can down the road deal….my “original” wamu option arm has an all in rate of about 3.5% today, so Chase really isn’t doing much on the rate. However, I will not be subject to the doubling of my payment when the negatively amortized amounts are due to be recast soon. Chase did not add any years to my loan, and as a result, I will be having a balloon payment in 25 years….guess its better than nothing, but it only will serve to delay the inevitable….my house is worth 150k less than the loan balance right now……even with the mod it won’t be back to a positive equity position for over 10 years and that assumes all of the principal paid during the 10 years, as well as, applying a 4% rate of appreciation on the house value….Oh, the Chase rep told me it was a Chase Mod, not a HAMP mod, and that they had parted the waters like Moses to make it happen…..So, if you get the irony of being in the “chase zone” as their new commercials say, well, nothing could be more appropriate…..good luck to you all, I’ve got mine……one year and 5 months later…….now that’s progress……
I have been workgin with chase for over a year. The 1st time I requesteda modification, they denied t because my particular loan didn’t allow for it. I started the process all over again in November 09 and it has been in “underwriting” ever since. Evferytime I call, I am transferred at least 10 times because no one can help me but this “other department” can, but then they transfer and I get hung up on. I have never had such bad cusotmer service. You want to try and get help but no one wants to help you. It is ridulous. Why even bother submitting requests if they are not even going to do anything with the request.
I too have the same woos with Chase. I thought that because they were my lender they would be supportive,a nd helpful inthe modification process. I guess they don’t really care much. I am trying not to get into financial trouble with my mortgage, and they are playing games. I think it is aweful that they are doing this dis-service to their customers. I have been adked to resend typed forms which they calaim are illegible, and also asked to send inforamtion for persons who are not on my loan at all. ALl of this is cery frustratating, and I do belive that the only way that they MIGHT help is if you just don’t pay at all. Trying to do the right thing and pay at any cost is not a help in this situation. To all of you before me I feel your pain. I have been dealing with this senic Nov. 2009, and my paperwork has been on the Decision Makers Desk for 2 months; but they continually need more information. WHat really gets me is that if I had not called I wouldn’t know anything, becasue they certainly did not contact me.