Obama 'home affordable program' and CH7

[Blue_Ray]

wow what a ride folks!!

I hope for the best that you get what should be help to save each and everyone homes that are in the trial PERIOD of these loan modifications.

Good luck!!

[Flowers]

I called the bank again yesterday and got the same response "continue to make the monthly payment on-time, and the information is with the underwriter. If you can not wait for our response, you do not have to wait and can take other options."

Also, this loan is with Chase Home Mortage, not JP Morgan Chase. I think there has to be a difference between the two though my research so far has been ineffective.

payment #7 going out on Wednesday.

[WC Nurse]

Wow Flowers...I can't believe they still haven't decided if they're going to approve your permanent modification. I'll be making payment #2 with Chase on Friday and hate this feeling of uncertainty. I don't want to keep paying them only to find out we're not going to be approved!

Today I received another FedEx package with a form letter stating they haven't received all my paperwork. It was identical to the one I received 2 weeks ago. I've sent the requested information to them via FedEx 3 times! I called Chase today and was told they HAVE received my paperwork and that this is a generic letter that goes out to everyone in a trial modification. What a bunch of crap! Just think of all the costs involved with sending these out! The guy told me they don't have people actually looking at each file to make sure that all documents are received, they just keep sending out these letters hoping that the file is complete by the time it makes it to the underwriter. What a stupid way to do business. I'm so irritated with Chase right now, but I want to stay in my house so I guess I have to play their game.

[Flowers]

^^^
WC Nurse, are you with Chase Home Mortgage or JP Morgan Chase?
There is apparently a difference.

[WC Nurse]

Chase Home Finance...is that the same as Chase Home Mortgage?

[Flowers]

I just called Chase today and made my 7th payment by phone.

I asked the representative and he said anything with Chase is under the umbrella corporation of JP Morgan Chase.

So yes I have to say that it is all the same (with a ton of different phone numbers too!)

[WC Nurse]

I just got off the phone with Chase right now also. I noticed that the trial payment I made last month didn't actually get applied to my principal balance. I asked them why and was told that it was a "partial payment" and would only be applied once I paid enough to equal a regular payment.

I then asked why they are still charging me late fees....I thought there were not supposed to be any late fees while in the trial modification. They said that only applies if I was current when I applied for the modification. Huh?! If I was current and able to make the payments, I wouldn't have needed the modification!

This whole process is soooo frustrating! I hope they approve yours soon so I can feel hopeful!

[gophermn]

Funny story - I went in to get my FINAL papers notorized and here the bank notorizing asked me what they are for. Well to make a long story short, the guy notorizing my paperwork ALSO is going through this process and currently on trial periods. He said he is working on payment #5 but didnt say who with.
So there are more then we think going through this process. Again I was finally approved by lowering my payment $330/month. Basically all they did was push my 30yr loan to a 35yr loan. But I dont care because its not like I am going to live in my house for 40yrs. Plan on moving in the next yr or so when I hit the 2yr anniversary of my CH7 BK.
Between the time I move and now I figure I should have saved roughly $4000 just from this loan mod.

[davephx]

Six trial payments seems to be the norm. You would not believe the horror stories on a Forum with about 20,000 members often 2000+ at once discussing all the various servicer/investor issues at loansafe.org.

The HAMP program is quite good as designed but the servicers are often not strictly following the HAMP/Treasury directives and after 6 trials often denied for reasons that don't make a lot of sense.

The Congressional Oversight report of a few weeks ago pointed out the zillions of problems mostly the fault of the servicers not the HAMP program itself.

The servicer makes more money foreclosing getting the fees and than owning and managing the property as real estate owned than on the incentive fees to modify. So there is a conflict of interest.

It is the investor that loses - and the largest investors are Fannie and Freddie.

Only these GSE's are required to participate in HAMP or those that have taken TARP funds. Not private investors unless they choose to.

Often paperwork is lost after sending in many times to servicers who really are overwhelmed by the numbers seeking mods. They had this dumped on them with little notice or time to train and staff up.

It is very easy to get on the trial often verbally but very hard to get final mods.

Once you even get paperwork from the servicer (in my case on trial since July and got initial paperwork October 27th) than at some point a few months later you get the final paperwork which is much the same as the first except it has to be notarized.

Only after the servicer finally approves it does it go to the investor. The last I heard Fannie was backlogged 3 months.

The trial payments are suppose to but in a "suspense" account. If mod not approved you owe the difference on all the trial payments. And if not approve they can foreclosure sell immediately with no notice. That is actually part of the initial trial agreement.

Chase is one of the worst to work with but a few mods are getting done. BOA use to be terrible but under political pressure they seem to be picking up.

Treasury has no enforcement power but is trying to indimidate the banks by their new reporting requirements. There is only oversight by Freddie and the Office of ?? that oversees banks.

There is also a great designed 2MP program for 2nds. But its voluntary and has no participants. Last I heard about a month ago Treasury was negotiating with the major holders of 2nds but the incentives are too low for participation.

So now we have the happy new home buyer program for tax credits to new buyers vs improving the current HAMP program to help the zillions of folks desperately trying to safe their homes but having the horrid experience trying to get HAMP mods.

On loansafe there are petitions to Congress, Obama etc. Zillions have sent complaints to Congress, the media and anyone who will hear the plight of the desperate who should qualify under HAMP but again the servicers are screwing it up.

The homeowner has no recourse legally because the HAMP agreements are between the banks and the Treasury with no enforcement.

It is a huge mess - of a program that is actually very good if the servicers were just following what the intent and the directives call for.

[sammyt74dp]

Six trial payments seems to be the norm. You would not believe the horror stories on a Forum with about 20,000 members often 2000+ at once discussing all the various servicer/investor issues at loansafe.org.

The HAMP program is quite good as designed but the servicers are often not strictly following the HAMP/Treasury directives and after 6 trials often denied for reasons that don't make a lot of sense.

The Congressional Oversight report of a few weeks ago pointed out the zillions of problems mostly the fault of the servicers not the HAMP program itself.

The servicer makes more money foreclosing getting the fees and than owning and managing the property as real estate owned than on the incentive fees to modify. So there is a conflict of interest.

It is the investor that loses - and the largest investors are Fannie and Freddie.

Only these GSE's are required to participate in HAMP or those that have taken TARP funds. Not private investors unless they choose to.

Often paperwork is lost after sending in many times to servicers who really are overwhelmed by the numbers seeking mods. They had this dumped on them with little notice or time to train and staff up.

It is very easy to get on the trial often verbally but very hard to get final mods.

Once you even get paperwork from the servicer (in my case on trial since July and got initial paperwork October 27th) than at some point a few months later you get the final paperwork which is much the same as the first except it has to be notarized.

Only after the servicer finally approves it does it go to the investor. The last I heard Fannie was backlogged 3 months.

The trial payments are suppose to but in a "suspense" account. If mod not approved you owe the difference on all the trial payments. And if not approve they can foreclosure sell immediately with no notice. That is actually part of the initial trial agreement.

Chase is one of the worst to work with but a few mods are getting done. BOA use to be terrible but under political pressure they seem to be picking up.

Treasury has no enforcement power but is trying to indimidate the banks by their new reporting requirements. There is only oversight by Freddie and the Office of ?? that oversees banks.

There is also a great designed 2MP program for 2nds. But its voluntary and has no participants. Last I heard about a month ago Treasury was negotiating with the major holders of 2nds but the incentives are too low for participation.

So now we have the happy new home buyer program for tax credits to new buyers vs improving the current HAMP program to help the zillions of folks desperately trying to safe their homes but having the horrid experience trying to get HAMP mods.

On loansafe there are petitions to Congress, Obama etc. Zillions have sent complaints to Congress, the media and anyone who will hear the plight of the desperate who should qualify under HAMP but again the servicers are screwing it up.

The homeowner has no recourse legally because the HAMP agreements are between the banks and the Treasury with no enforcement.

It is a huge mess - of a program that is actually very good if the servicers were just following what the intent and the directives call for.

Well Said..Trying for my 2nd shot at a mod, since chapter 7 will be discharged anyday. Don't have much faith at all in it, thanks to Loansfe.org. But if they get squirly at all, I'm walkin and they can have the house.

[Flowers]

Hi all. I am again in panic mode.
Still in suspense as I approach December 1st payment, which will be the 8th payment.
The longer this goes the more worry I have about not being approved for this special HAMP loan modification.
Am I going to have a roof over my head for the winter? Please pray, the folks on the 800# number I call at Chase never have a definitive answer.
I thought the deadline was Nov. 1 or something. Am I going to be going into the Christmas season like this? Sorry to rant and rave, it's too much pressure.

[tkharvey]

Flowers, I have been following your posts on here to see how it turns out. I applied for my mod in April, making three "trial payments" in a timely manner. After my third trial payment, I continually called to check the status. I was told that "it was still in underwriting". I asked if I should continue making my reduced "trial payment" and was told "No. There is no need." She also said that "There is no where for it to get posted to". Thought that was an odd response but I my trust and belief in this new system to "help troubling homeowners". Long story, short, I was denied after making three successful payments, with a legitimate "hardship". I truly hope it works out for you. But going on your eigth trial payment? You could be banking this money. As hard as it was, we had to let our house go and surrender it in our Chapter 7. Never thought we would do that as this was supposed to be our "dream house". Our last trial payment was in June, and we are still living in our house, rent free, saving for a rental. You are not going to be "homeless" for the holidays! It takes a long time for foreclose. Just please have a "plan B" in case your mod gets denied as, I'm sorry to say, most of them do. Good luck to you and keep us posted!

[WC Nurse]

Flowers,

I've been following this other forum also:

http://www.loansafe.org/forum/chase-mortgage-tell-us-your-chase-story/

Look at the post titled "Finally got the call". They made 7 trial payments before being approved for their modification with Chase. Hopefully the same will happen with you!

I'm about to make trial payment #3 on December 1st. I'd like for it to be approved shortly thereafter but get a feeling reading that other forum that it will take MUCH longer than that. At least you know that it's not uncommon for it to take so long with Chase! Keep us posted on what happens with you....

[Flowers]

Thanks for thinking of me to post this WC Nurse! That makes me hopeful.
I am so worried I am being taken for a ride.

And thanks for posting the link to the other forum, especially since the other poster made 7# payments.

Will let you know what happens to me. Clearly it would be great to be able to get the final paperwork and even get a 30-day break from another payment.

[Flowers]

I am updating everyone interested:

I made payment number 8 today on Nov. 30. to Chase for the Dec. 1 payment.

The representative said there have been delays as they have to answer to the Treasury Department for each modification under this TARP program. Mainly, to make sure all homes being "saved" are primary residents, not investment rentals. They have to prove this to the government.
Also, I indicted my concern that I would be rejected and out in the cold in the winter.
She was very nice and told me that is certainly under consideration and that she is glad that the plan is working out so far, and the payments are lower for me that I can still make them. She indicted if the loan is permanently modified, I would only be notified via a package in the mail, no phone calls. So I should continue to call every 10 to 14 days.

Thanks all for listening, reading, your support, and do not mean to dominate this thread, but only to add to the forum with my experience.