Chase Mortgage Modification Plan
82Chase Mortgage Modification Plan
There are many banking and mortgage loan companies in the US and one of the largest is Chase, or JP Morgan Chase. As major mortgage brokers, the Chase bank is now playing a key role through the Chase Mortgage Modification Plan. As the both the economy and property market remain sluggish, more and more American homeowners are falling into financial hardship and needed a mortgage modification loan to help them out.
However from feedback given over the past year, the results from homeowners who have participated in the various Making Home Affordable plans are a mixed bag. Many have been rejected from a mortgage modification offer, some have to submit their papers several times because it was lost, outdated or entries incorrect. In the end, many critics have deem the entire program a failure and foreclosure is still on the rise.
Some positive experiences shared by homeowners who have undergone the Chase mortgage loan are as follows: The bank mortgage officers are professional and knows how to help us, the modified mortgage rates are very competitive, the other add-on banking and mortgage services are very comprehensive, you can request for help regarding the application for chase mortgage loan modification using their website to save your time, you can complete the entire chase mortgage loan procedure online.
Planning for Your Chase Mortgage Modification Application
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The only complaint about the Chase home mortgage loan is that the waiting time is quite a while, this is reasonable since many qualified homeowners are applying for the chase mortgage modification in order to have an easier time repaying their mortgage on top of other high interest unsecured loans with bad credit. These compare favorably with the other home affordability services offered, such as the WashingtonMutual mortgage loan modification.
Prior to applying for the Chase home mortgage loan, you can also call them up for any queries you may have so that your loan modification application is complete and accurate. You can read through the many experiences of applying through the Chase mortgage modification, especially on what they did to get approved and what went wrong and caused them to be rejected for the Chase loan modification program. Make sure you read the terms and conditions of the Chase mortgage loan plan carefully to decide whether you will really benefit from having your mortgage loan terms modified.
If you are not in any financial hardship at the moment and get afford your monthly mortgage payments, you will have a lesser chance of getting this Chase mortgage modification loan since it is really intended for homeowners that are behind their mortgage schedules, cannot afford their bad credit home mortgage loan and are about to lose their homes through foreclosure. What this means is that if your income level has fallen such that your monthly home mortgage payment exceeds 31%, this is a clear sign of financial hardship since you do not have much disposable income after more than one third of it is being used for the mortgage.
On the other hand, you probably need more than a Chase mortgage modification to help you even after bringing your monthly payment to 31%. For example, this is a percentage mortgage modification and does not consider the actual amount of your income. If all you have left after applying the Chase mortgage modification loan is $500 every month and you have several kids as well, you need a change to frugal lifestyle and maybe a better paying job as well.
Many people are now pushing for a mortgage debt forgiveness program to encourage homeowners to continue their monthly payments, especially for those with underwater mortgage. At the time of writing, Chase Bank has not expressed their interest in participating in this program although Bank of America and others have.
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there are those that are genuinely helping homeowners, but since there are considerable money to be made, there are bound to be sharks trying to run away with the remaining dollars from homeowners trying to get a mortgage modification plan from chase
The Obama administration should ban all the big Banks from doing any new Mortgage business until they get it right.
I agree with HPM, I am currently in the loan modification process and have been going on 6 months now. my loan is also in foreclosure and I cant seem to get any help from anyone at that bank. i have been given several different 1-800 numbers and everyone I talk to says something different. Chase bank has offered me NO help what so ever. I just found out today that the reason I am about to loose my house is because I applied for the mod. and the "trial payments" I made were just held in suspense until they accumulated a full payment. I am about to walk away from my home as well thanks to not getting what was said I would get from Chase bank. I will never do any business with a corrupt bank like Chase again!
We filed for a HAMP with Chase August 2009. Been denied twice, reasons: first time, unemployement not considered a long term hardship. second time, we weren't more than 60 days past due indicating no financial hardship.
Contacted the Congressional Oversight committee, they are doing an investigation on Chase.
Applied for a modification in MArch 2009. Made my 3 trial payments and then was drug out for a full year before they turned me down for ? Reason. THey gave me a list of 20 reasons? After the trial period I asked the collection deprtment how long it would take to get a decision and I got vague answers and I could never get to the person who was actually working my Loan Mod. I aslo asked if I should continue making payments and the collector said that I shouldn't as the payments would only go into suspence and then be used to reduce the principle balance. I called evry week for a full year and got the same story.... Now they send me a letter stating that I need to come up with 23,000.00 or I face foreclosure.
I'm hiring an attorney! & I would also like to get ahold of the same congressional oversite commitee.
they deined me and told me i dont make enough money to keeep my house and now that i am back to working 40 hours and week insted of 24 hours a week that i worked in winter time they just decline and didnt realy explain all of it i been under modification for atleat 5 months if not more and i am 3 months behind if any one can help me call me 609 271 6010 thanx
Watch out for Chase. Even though they ask for the total Mortgage AND home equity loan payments when determining if you might be qualified for assistance, they only use the Mortgage payment in their final calculations. I feel ripped off and tricked. Chase sucks.
Hello all,
Just a quick comment to save some of you a lot of grief. I called Chase in Feb 09 and explained that my income had been reduced by a couple thousand a month and that my savings would soon dry up leaving me with a mortgage payment I could not afford. I love my home and want to stay in it so I researched the MHA program and discovered that I did qualify. I contacted Chase to start the process and was told since I am current on my mortgage and have equity in my house that they could do nothing for me except to refinance me and charge me $20,ooo.oo in closing costs. They told me my other option was to stop making my mortgage payment and after a few months I would then qualify for modification programs. They were almost right. After a few months I did qualify for modification programs, but all they have been able to do for me since Feb 09 is offer me modification trial payments in 3 month increments. They tell me I am done and that paperwork will be sent out to me and I never receive anything. Now 18 months later I am still making trial payments and if I call Chase 10 times I will get 10 different answers as to why I have received no closing papers but am approved for government backed mortagage modifications.
If I could have done it all over again I would have paid the $20,000.00 in refinancing cost and refinanced with another bank. Good Luck to you all.
I am going through the same thing with chase! Im been trying to modify my loan, been paying my monthly amount they told me, I thought everything was going along fine. But it's been 8 month's now, and im getting scared il lose my home anyway, even though im doing everything they ask! I get a different answer every time i call. What can I do? please help
I'm in the same boat with Chase. We called in January 2009 before we got behind but were struggling. They told us they couldn't help until we were 60 days behind, so we deliberately got behind but saved the money to pay it once we got help. We applied for the loan mod in March 2009, were told not to make any payments until we were given the loan mod; 7 months went by, all the while a $350 late fee being applied to our account each month and the help was this: $83 off the original mortgage payment, yet we were responsible for the late fees. So, instead of helping, they raised our payment by over $250 a month. Each time we called for information or status, we were told to stop calling; one lady even told my husband to "quit hogging the lines sir, we'll contact you when we're ready". We promptly put the house up for short sale, almost a year ago. We have had zero interest, every other house in our neighborhood is up for sale. In March of 2010 we applied again for the loan modification; got zero response from Chase. Last week we were served the forclosure papers, with a court date next in December. Not one of the "customer service" people has ever been helpful, infact, most have been down right rude, demanding to know the entire story every time and then offer the advice to try again for a loan mod. We are so fed up with Chase that we have canceled all credit cards and bank accounts with them. They can have the house, good luck selling it! We would have been willing to stay and pay the entire loan if you had just worked with us! Our original request was just to move two mortgage payments to the end of our loan so that we could get ahead of our bills and not be struggling every month. Instead, we got almost two years of living for free in a house that we love! We've been able to pay off all the rest of our debts and replace a beater of a car that we wouldn't have been able to do otherwise. Chase is the epitome of the financial crisis in America and needs to be reprimanded by the government. Take our tax dollars and screw the home-owners to pay your bonuses....why don't you take some of the collections department folks and stick them in the modification department, might be a better use of your labor and resources.
As lawless and corrupt Chase Bank is, they need to be tried before federal court for numerous instances of blatant mortgage fraud,stealing the public's money from the federal government and then refusing to constructively help homeowners in need. Statistically, out of 486,000 Chase mortgages in the US that qualify for loan modifications, it should be of no surprise that only 14,000 modifications are underway, however only half have been approved by Chase, the rest in a perpetual "trial period", which represents a pathetic 0.014% total loan modifications approved by Chase. Chase Bank, in addition to violating the law and accepting government hand-outs, you're also grossly guilty of fraud. If I were the judge, justice would be swift . . . lifetime incarceration to all Chase officials and their collaborators. SHAME ON YOU CHASE!
I am in the same situation with CHASE. It has been 2 years going on three. I had never missed a payment but couldn't refiancne to get a 30 year loan as oppesed to the 15 year one my ex husband and I had when we were married and could afford it. They wouldn't refiancne me and I have been getting tossed around in the supposed modification process that is hurting me more than helping. AND..I can't refiance so therefor I cannot remove my ex's name from the mortgage and he is forcing me to sell if I don't remove it. I don't know what to do. CHASE has made my life absulute hell for the last 3 years.
CHASE has completely turned my life upside down! I was only a half a payment behind when this all began. When I tried to pay what I had CHASE stated that they didn't take partial payments. They started adding fees so I could never get caught up. When I made a payment the large fee and interest was taken out first and put into a deliquent balance. This balance just kept building up becuase they wouldn't work with me. They let fees and interest build up before they would consider a modification. When I applied the papers were lost twice and more large fees and interest were added while they got the paper work together again. By the time I was able to get the modification I the balance due increased to over $6,000.00 which was mainly due to their ridiculous fees. My payment went up because added the deliquent amount to the loan and would only finance for 23 years instead of thirty because I had already lived in the home for seven years. So now I'm struggling even more!
People who are trying to be responsible and make arrangements shouldn't be so misled. A partial payment should be accepted but then again they can charge a higher fee and interest if they don't. This should be illegal!
My husband was laid off year ago. I was struggling to make the current payment by myself. I spoke to an attorney who told me that the Chase will help me with a modification but I first had to miss a few payments. Did that, got the foreclosure letters, and signed the modification papers. I received a letter a few days ago that they rejected the modification because my husband was unemployed. I either have to let the house go into foreclosure, try a short-sale, or try to get a refinance, or payoff the loan completely. I do work for a reputable company and my husband does collect unemployment check. We could make a mortgage payment but not the high current one we have now. Our other bills are paid on time - so what's the problem?
2 words: Chase sucks! They shouldn't call it a modification; they should call it an avoidication! I've been working with them since Jan 2010; I've sent in everything requested at least 6 times! Rates were so low a few months ago when it would have made sense to modify my loan, but rates are back up now. In the 14 mos this has been going on I could have paid off my mortgage with the money that Chase is paying these rude idiots to answer their phones!!!
Hope Loan Modification
HPM 2 years ago
I guess he must be speaking of a different Chase mortgage the one I have had experience with is about the lowest life form you can imagine. The so called mortgage professionals are rude, aggressive, threatening, and have left me with the impression that they have no interest in helping us remain in our home. I have no interest in remaining a customer of these people and will walk away from my home, rather deal any longer with these scum who take government handouts, and do little to nothing to keep people in there homes.