Here’s the problem with the Obama Administration’s approach to foreclosure prevention: it depends entirely on the banks voluntarily doing the right thing, even when homeowners have held up their end of the bargain to prevent a foreclosure.
Take the case of three homeowners in Queens, New York. Each one met the requirements for a “permanent” modification of their mortgages–which means a reduction of payments for five years–as laid out under the Administration’s Home Affordable Modification Program (HAMP). They did so by making three months of trial modification payments to JP Morgan Chase and verifying their incomes. They had contracts with Chase and fulfilled their obligations under those contracts.
So how did Chase reward them?
Permanent modifications denied. Delinquency reports to credit rating agencies issued. And the cherry on top–foreclosure.
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Chase has been giving me the run around about my loan modification when I call. They turned me down 5 times, since January 2010. Twice for not making enough money and once for making too much. I make $10,000 a year. Fixed income. My 7 1/2 % loan is $780 a month with taxes and insurance. Lost income when the other party on my loan passed away. So here I am facing foreclosure and according to the counselor at making home affordable I am entitled to and fully qualify for this loan modification but Chase won’t give it to me. The last time around they turned it over to their attorney and she said try again. I am so weary of this fight. Is it possible to sue them? Does anyone know? Hopefully….will keep trying.
Please do not believe Chase has any intention on helping you. They will string you along. You will fax them all the information they require. One week they will say they have it the next week they will say the never received it. One person will tell you one thing, call two days later and you will be told something different. You will be given Many different phone numbers and many different fax numbers to the point you do not know who is getting your information. After four months of this they will tell you your information is outdated. you will then have to go through this every week calling once or twice with the same outcome. You will never be able to talk to only one person. Even when they give you a person to talk to, call days later and they will tell you they do not know that person and do not know that extension. Then when you get mad enough and go straight to a Chase branch, sit In the waiting room and listen to all the people who come in with the same story. It is sad. Keep in mind it is not just Chase. doing this. And this is only the half of it. Just wait and see what they have in store next ! This all started april 2009. We finely gave up. We were to make two payment to bring us up to date as per a person at chase. Not one week later I called to make the first payment and was told my house went into foreclosure the day before. We have been in our home for 23 years. Raised our son here. Where is the Justice ?