The problem is, Oakland County resident Tracey Briggs said, people aren’t getting the help they need; rather, she said, many banks are giving homeowners the runaround — in her quest to save her family’s home through HAMP, Briggs said, her lender kept “losing” documents and refused to help until she got an attorney.
“HAMP is a fabulous program — the problem is having it work. … Prior to October of 2009, the approval rate was an abysmal 3 percent,” said Tony Haddad of SBH Communications in Rochester, who’s been researching the problems people like Briggs have been having with MHA in an effort to get the word out that some banks aren’t holding up their end of the bargain.
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Loan Mod. with Chase is virtually impossible. Their idea of mod. is to add unpaid payments and interest and penalties to the back of the loan and raise your payment. My question to the negotiator was if I can’t make the current payment how can I make a higher payment. I was told that my loan was to high to qualify for assistant so this was the best offer. At that time I ask about a deed in leiu, was told that since the loan was already in foreclosure status there was nothing I could do but try and sale. Chase pushed foward with forelosure. Six months and many phone calls later becauce they won’t give you a name an single person to talk with, I spoke with a rep. who told me i could reapply for a different program. in the mean time another 6months of interest, penalties and attorney fee had racked up. I re-applied. During this wait period I was offered and new job so I called chase to see if i could start making payments again and get out of foreclosure. I was told that I must bring loan current, to the tune of $123,000.00 in interest and penalties or the foreclosure would continue. Again, i ask the question, if I had $123,000.00 I would not be in this mess so obviously you are not going to work with me(by the way this house appraised for $2,100,000.00 and the loan is $939,000,00, over $1,000,000.00 in equity). Here I am two months later I have not heard from the negotiator assigned to my case, but i have heard from their attorney about the trial to get a judgement lein. And I have heard from three other reps. from chase about doing a short sale or deed in leiu and I have heard from three of the banks appraisers about getting into my house to take pics and get new appraisals, like the 3 they made me get for the original loan where not enough.
Mentally wore out but still fighting,
Paul
P.S. Any attornies want to take on this case
Paul- I am in the same sitiation. There is another program with chase called CHAMP. I was prepared to walk away and I just got tthe letter 2 days ago. Chase has been the worst to deal with. I feel your pain. Right there with you. We started this process last march. Still going through it. Im wondering …is it worth it? Its my house and I love it. But Im almost done the fight.