Jesse’s life has been in chaos for the last 13 months as she tries to stave off foreclosure on her Kachina Village house.
It is a grueling process, she says, trying to convince her bank, JP Morgan Chase Bank, to modify her $293,000 adjustable rate mortgage.
What started out in 2007 at $748 a month will balloon to $3,000 in August, nearly three-quarters of her monthly income.
But with her house recently appraised at only $280,000 and with a second mortgage for an additional $20,000, she can’t refinance. And even if the house were to sell quickly at the appraised value, it wouldn’t be enough to pay back the two mortgages.
Jesse (not her real name) took out what she now calls the “loan from hell” to pay off debts and to help a family member take some college classes. She said she had no idea the exotic loan would take 40 years to pay off and that the interest rate would quadruple her monthly payment in just three years.
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I have been under a trial loan modification with Chase since January 2010. I have sent all my documents by FED-EX twice and I have Faxed these same documents 3 times! Today, August 11th, I received a letter that I am kicked out of the modification program due to none response! I call Chase monthly to make my trial payments and I ask them what other documents they need is any. I was told on Aug1st all they needed were recent pay stubs, which I faxed over on the 5th of August. It seems to me, Chase wants to foreclose on homeowners! I have not miss a trial payment and I have sent in all of the documents MULTIPLE TIMES! This is the worst experience possible. I have been in my home since Dec 1999 and I had no plans of leaving. Today, I feel like walking away from it all because not only is the house 80k less than what I owe now, I can’t seem to get Chase to modify my loan! I have a job, and the trial payments were perfect, but they would rather kick me off the program so I can go into foreclosure!!!! This is insane! I hate this bank!
I am just another victim of Chase. I have sent all of my documents, I have a good stable job with a good income and should qualify for a modification. I call constantly to Chase and they have now declined me for a modification saying my home expense is too high for my income. I have explained that with assistance I can make my payment and stay in the home. All they keep asking is how I want to get caught up and one person at Chase even suggested I should make my back payments with my CHASE CREDIT CARD! Oh, that is a terrific idea!! Making Home Affordable was written by the banks, controlled by the banks and serves no one but the banks. And we didn’t even have a choice whether our taxes went to BAIL THEM OUT! Chase will not help you.
Wow dillard I sware this sounds like my story exactly they said I was missing recent paystubs so they kicked me off the program after making 4 trial payments not once did they tell me they needed anything when i called they kept telling me everything looked great and that it was with the underwriter now they tell me that underwriter does not even work for them anymore I dont beleive them ! please keep me posted with your results at maingreen08@yahoo.com
All of these stories are identical to my situation. I have now submitted a total of 3 loan modifications proving hardship and ability to pay since January 2010. After 9 months of the run around and continued claims of missing documents that I sent via certifed mail. Additionally there are always claims that they mailed a letter requesting further information when non in fact has ever bene sent. Put on hold for 30 plus minutes every time I call and then only to receive daily calls for late payments. I finally was given a dircect contact at a homeownership center who assisted for about 2 weeks, then told me that my loanwould be pending forever as anyone on unemployment would not qualify for a modification and they were told to hold all of these typees of applications. I have other income outside of unemployment that is higher than most employed persons but still they continue to keep me in pending application mode. Surprised there is not a class action suit for these types of continued delay tactics and broken promises to assist the customer.
Should we get the class action suit started….if you are an attorney out there….please email me. I went the loan mod process when it first came out only to be denied after a year of sending and resending docs. I actually spoke with them today, and they told me how much better their process is now….am I being fooled again…..do we have any options.
I went through these same things .. sent faxed over 20 times.. numerous phone calls and was dropped from program a few times as well. After about 14 months I was very discouraged and reading post from others made matters even worse .. I was sure they were not going to help me at all .. but let me tell you in the end Chase worked out a modification program for me that I could live with and I am thankful to them for that.
I take back all the choice words I mumbled, under my breath, while going through this ordeal…
My employer went out of business due to the home building industry collapse. Got another job, at 1/2 the pay. Was approved for (4) pmt. trial period by Chase/EMC. Made every one of those, at $2,789.00 each, per month + (6) more, for a total of $27,879.00. Finally after calling numerous times, for an update on my modification, (10) months later, they tell me I didnt qualify for a modification. My mortgage statement says I owe $67,000.00. Not one of the payments I made, to equal the $27,879.00, is reflected on my mortgage statement. Apparently, I was duped into sending them $27K, and I am in the same boat as I was in prior to giving them $27K. All of this is down right, fraud! What a travesty!