Comments on: Chase to Offer $1.1 Trillion in Loan Modifications http://loanworkout.org/2009/01/chase-mortgage-loan-modification/ Loan Modification & Home Loan News Fri, 19 Mar 2010 01:22:18 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: BB http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-20157 BB Wed, 17 Mar 2010 22:37:15 +0000 http://loanworkout.org/?p=2125#comment-20157 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. 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.

]]> By: Amanda L. http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-20088 Amanda L. Thu, 11 Mar 2010 23:54:16 +0000 http://loanworkout.org/?p=2125#comment-20088 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 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.

]]> By: Neal http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-20085 Neal Thu, 11 Mar 2010 21:34:19 +0000 http://loanworkout.org/?p=2125#comment-20085 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...... 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……

]]> By: Chris L. http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19919 Chris L. Tue, 02 Mar 2010 03:40:01 +0000 http://loanworkout.org/?p=2125#comment-19919 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. 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.

]]> By: Lauren http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19917 Lauren Tue, 02 Mar 2010 02:14:56 +0000 http://loanworkout.org/?p=2125#comment-19917 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. 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.

]]> By: Coner http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19890 Coner Sat, 27 Feb 2010 23:13:24 +0000 http://loanworkout.org/?p=2125#comment-19890 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. 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.

]]> By: Andrew M http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19830 Andrew M Wed, 24 Feb 2010 20:11:17 +0000 http://loanworkout.org/?p=2125#comment-19830 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. 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.

]]> By: Tony Millholen http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19801 Tony Millholen Tue, 23 Feb 2010 19:23:05 +0000 http://loanworkout.org/?p=2125#comment-19801 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 . 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 .

]]> By: abh http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19797 abh Tue, 23 Feb 2010 15:14:08 +0000 http://loanworkout.org/?p=2125#comment-19797 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? 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?

]]> By: John Stone http://loanworkout.org/2009/01/chase-mortgage-loan-modification/#comment-19718 John Stone Thu, 18 Feb 2010 05:25:39 +0000 http://loanworkout.org/?p=2125#comment-19718 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! 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!

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