Comments on: Chase Loan Modification-7 Important TIPS

By: Mark

Mark — Thu, 02 Feb 2012 16:02:25 +0000

After some thought about this situation it occurred to my why the bank would do this. They want to take an already under water loan and put it further under water to eliminate any possibility of a future refinance. Be careful out there people. The banks are doing a bait and switch and unless you look carefully, they will burn you again.

By: Mark

Mark — Fri, 06 Jan 2012 14:48:53 +0000

Check this criminal activity out. Had the house built in 2002 and loaned 141k (6.75% @ 30 yrs fixed). Filed bankruptcy in 2005 but kept the house and made payments. Laid off in 2009. In May 2010 stopped making payments after trying to refinance and Chase wouldn’t let me. Am now due in Feb 2012 to start trial payments about $100 cheaper than my original payment on a loan modification. At the time of stopping payments I owed 125k. The modification loan has been jacked up to 157k. What??? The home was last appraised in 2005 at 151k. I’m positive the value has declined since then. Online appraisal programs say 123k. Since bankruptcy I have not reaffirmed my commitment to be obligated for the loan. This means I can legally walk out and have no credit rating effect. If after my 3 month trial payments I will have to sign documents and reaffirm the obligation. If I get an appraisal, will Chase have to lower their price to market value? Should I walk and buy a different home?

By: admin

admin — Fri, 16 Dec 2011 00:26:30 +0000

I don't really think that Chase has a system in place to make sure homeowners fail at loan modification-the real problem is that the bank won't explain to borrowers exactly what they need to show on their RMA application form in order to qualify. The tricky financial worksheet must be prepared exactly right-too much income or too little income will cause denial. The monthly expenses must fit perfectly and so must the assets. This is where most borrowers get it all wrong-you really need to verify your figures before you send it all in for review-use the Loan Modification Calculator to make sure you don't make a costly mistake. The system is designed specifically to help homeowners understand the right way to apply!

By: Mom21

Mom21 — Tue, 13 Dec 2011 14:38:43 +0000

I am beyond frustrated with Chase. My husband fell and became disabled, my teenage son was diagnosed with cancer and my employer discontinued medical benefits and reduced my pay by 62%. I certainly fall into the hardship category but I can’t seem to get an answer from Chase on whether or not I qualify for a loan modification. It’s like Chase has a system in place. You supply information and you’re told that it’s going to underwriting and you will have an answer within a week to ten days. A week to ten days later you get a call asking for additional documents. You’re again told that it’s being sent to underwriting and you’ll have an answer in a week to ten days. A week to ten days later you get another call asking for even more information. It never ends. I have been dealing with this for months. I don’t think they want to help anyone. I think they just want to prolong the process until they know you are so far in a hole you can’t dig yourself out.

By: admin

admin — Tue, 27 Sep 2011 20:09:53 +0000

It may seem like an uphill battle when you are trying to get approved for a Chase loan modification. The bank won't come right out and explain to you why you don't qualify or provide the specific information you need to fine tune your monthly budget. If your income is too high or too low you will not fit into the approval formula, and you will be denied. Most homeowners simply do not understand how to prepare the monthly financial worksheet-just guessing at what the acceptable amount of monthly income, expenses and assets to list will not give you the best chance of approval. Check out the loan modification calculator-the proven system actually automatically computes and displays specific budget requirements-you can avoid mistakes and get it right the first time. MyLoanModificationCenter.com

By: Becky

Becky — Tue, 13 Sep 2011 18:24:50 +0000

Here is yet another chase home loan modification complaint. We applied for a modification with chase after I lost my job due to health issues. After months of sending in documents and filling out forms, then redoing it over and over because they would lose it, or misplace it or switch case workers, one went on vacation only to never return and our paperwork was found unattended on a desk not being worked on at all, so yes, we had to resend in everything AGAIN! This went on for months before I got a call saying ooopps we didn’t qualify because we refinanced our loan with them in 2009. And there was a cut off date to being able to have a loan re-modification, anyone after a certain year could not have one. Really? Well ok, I guess we will tough it out and see what happens then. But why couldn’t SOMEONE just LOOK at the year we got our loan and say no in the first place? The worst part is, we didn’t qualify and I get this letter saying they placed my loan in some kind of escrow account and they paid for homeowners insurance and I now have a larger payment and have to pay them for it or be delinquent!!! I HAVE insurance of my own, never late delinquent or anything, They don’t pay my taxes or insurance, never have. How can they do this if I didn’t GET the loan?!!! Now I have this mess to try to fix.
My advice is to not even inquire about a remod from chase. They do not have competent people or good business practices. Turn off the electric, turn off the tv and phones, sell your belongings, anything extra that you don’t NEED to survive, try to sell your property, eat top Ramon soup every night for dinner, but make that loan payment! Chase isn’t going to help you.

By: Kat

Kat — Thu, 08 Sep 2011 18:42:38 +0000

Who is this admin speaking, sounds like one of the many robot-like agents that work for CHASE. I’ve been trying to work with CHASE for three years and I’m still getting the run around. Until people get wise and take all their accounts from CHASE and leave them with nothing, they won’t be able to get any more OBAMA BAILOUTS! They are just stuffin their pockets and acting like some charitable organization while they let their current mortgage holders that are upsidedown lose their homes. Just check out the JP Morgan CHASE website and see all of the great works they do in giving money away here in the good ole USA and overseas.. What a joke. CHASE told me from one of their angry customer service loan reps that CHASE never will do loan forebearance for any mortgage holder. In other words, will never reduce your bloated principal. A loan mod will never work with CHASE as they will never give a new appraisal and start you with a new loan, even if you qualify for a lower amount. They would rather see you do a short sale, lose your home and sell it to the next guy cheap. CHASE has no intention of working with anyone. CHASE just keeps trying to get info from you to apply for a loan modification you will never qualify for so that you will keep paying something on the loan or just stay there till they get another buyer. As for NACA, they can’t get CHASE to do anything either. It was the Attorney General of California who went after Wells Fargo and CountryWide’s BofA to get them to finally work with anyone. And oh yes that was so great, my neighbor just got a loan mod thru NACA for his B of A mortgage and the workout on it was so terrible that he is paying way more for his house than if he would have moved and gotten a new loan for a better property. And oh by the way, that was several months ago and he still hasn’t gotten any paperwork from BofA for the finalization on his loan. These banks aren’t in it to help consumers, were here just to help them from getting these houses vandalized. And oh yea, they will take any money they can and still get from you and still tell you don’t qualify for anything from them. If you don’t believe me, just keep trying to work with CHASE and see where it gets you. If the government doesn’t step in and shut CHASE down they are just going to keep playing the same old game that they have been. When I was disqualified for one loan mod, the rep told me that I should submit one every week just to see what happens. How’s that for servicing mortgages. So everyone here is on the same page sounds like, CHASE is not going to re-do anyones loan. I’ve been pre-qualified by another mortgage lender but because CHASE put one late payment on a loan I no longer have because of bankruptcy, I can’t qualify for a loan. I called two days ago demanding they take it off and they swore I owed for my whole total mortgage. I’ve been here paying a payment trying to work something out with them for three years. When I finally give up, I try and get anlther loan thru the VA, I found out that CHASE put a late payment on my credit for something I no longer owe. I spoke to a rep in Texas and they said they would call me back and the rep even gave me a phoney extension number, but guess what, I get a call back today from someone in that same office in Texas asking me to submit a new loan mod application because my loan had been discharged thru bankruptcy. My fellow mortgage holders, you can’t reason with this horrible company. They don’t get that people are not going to sign a loan modification for a principal balance that is 4 to 6 times more than what the current market value is. Good luck all you people who have these terrible loans. Just make sure that you don’t ever do any business with them in the future. Last week their CEO Jamie Dimon, who by the way most people thought when OBAMA got in office would become the new finance director for the USA but our beloved Mr Tim Geitner won that spot, was on TV crying for more money as they aren’t making as much profits as they would like to. Could you imagine the CEO of CHASE running things. I believe CHASE is the worst run bank in all of history. If they wanted to make money, they would work with the people they have been ripping off for years. Trust me, they won’t help.

By: carolc

carolc — Wed, 07 Sep 2011 18:40:05 +0000

been doing the same with not knowing whats happening send paper work after paperwork still nothing . i even told them i can start making payments but not the past because of being on ssi disapility after my job said i was disapiled. i have my attorney paid and overpayment to job half way done but chase wont work with me i cannt lose this house and start over it cost me to much money and dont know where to go. lets get a class action suit going or something. if any one knows what to do please tell me ok

By: testowe

testowe — Sun, 21 Aug 2011 15:46:21 +0000

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By: Matt

Matt — Mon, 20 Jun 2011 21:17:21 +0000

Well at least i’m not alone in this, if there is a class action lawsuit out there i would love to get on board. Chase is by far one of the shadiest companies i’ve done business with in any arena. The worthless loan modification i got from them would leave my interest rate the same and increase my monthly payment by 100 dollars. What kind of crack are you people smokin!
Why in the name of all creation would I apply for a loan mod higher than my current payment.