Profile picture for SantaCruzDream

Denied HAMP because investor does not participate...

I make payments to Chase every month but, US Bank is the investor.  US Bank DOES participate in the HAMP program but, I have been denied for the HAMP program through Chase because 'my investor does not participate'.  I am also current on my loan.  Help.

  • August 08 2011 - US
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Answers (10)

Profile picture for ps2714
found this on CA attorney general website. Still not sure if there is any way to compel non participating investors to participate. I may try and speak with a real estate attorney.

You probably do not qualify for relief under the settlement unless the investor for the loan or the owner of the loan agrees to allow it to be modified. However, other options may be available to you. We suggest that you call HUD at (800) 569-4287 to speak with a housing counselor regarding your circumstances.

  • January 02 2013
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US Bank DOES participate in the HAMP program.


Are you sure they are the investor?
  • January 02 2013
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Profile picture for ps2714
How do you find out if your investor should have been listed as aprticopating or sue to get them on the list?
  • January 02 2013
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Profile picture for ps2714
Once you find out who your investor is (whether serviced by Chase of Bof a or other) - how can you make them participate = either by lawsuit or by correction of process if they were supposed to be named a a participating investor?? any Ideas? I qualifiy for all parameters exepct that fact that my investor is not listed as participating : (
  • January 02 2013
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What most likely is occuring is the same thing that happened to me.  I was never provided or told to check mynpv.com to see if I passed the net present value test (NPV Test).  This free site provided by the Department of the Treasury was irrelevant.  Although Chase and US Bank both particiapte within the Home Affordable Modification Program HAMP, and they do both run a free hamp report to see if you qualify they told me [promotion removed by Zillow moderator] was not going to be looked at - even though I passed.

Turns out, that Chase acts as a servicer for the loan securtization trust, US Bank acts as the Trustee and the loan is alleged to be owned by certificate holders all around the globe.  The truth of the matter is MyNPV is relevant because there is a benefit to modifiy my loan and now I am fighting them under TILA and FDCPA for committing perjury.  Turns out, my loan was never assigned to the Trust as they claim.  You should get some good software to document the process and learn about TILA, RESPA and FDCPA.  These trusts are a big scam and the Seller Bank and Trustee are implicit in fraud for selling securities backed by collateral that was never put into the Trust and can no longer be assigned since the cut-off date was Febraury 08, 2006.  Fight them all the way to the curb, stand up for your rights.  They are lying and getting away with it.  Moreover, you should file suit agaisnt them before defaulting.  Go to the free treasury website [promotion removed by Zillow moderator].  It is [website removed by Zillow moderator].  If there is a benefit to modify and you can expose them for REMIC violations which will cost them billions in income tax to the IRS, you may get something.  If there is a benefit to modify based on the NPV test.  Fight all the way.

  • September 01 2011
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I agree, don't default, even if some rep at the bank suggests you do, before consulting with an attorney familiar with HAMP. Sometimes the reps at the bank are minimum wage earners who aren't experienced or well-trained.
  • August 26 2011
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Profile picture for oregonlady4jc
Don't default!  If possible try to refinance.  I just lost my home because GMAC would not accept partial payments and strung me along the year believing I was "qualified" to get the modification but then said they did not participate, then had me redo paper work because it was lost...then said I didn't make enough money even though the housing helper said I did.  Their last excuse was that I had an "Oregon Bond" on my loan which denies me any other help. Needless to say, they make more money by foreclosing because of the insured loan repayment and then they get to sell it again!!  GMAC was the service agent of the loan for HUD and had no intention of ever working with me.  Had I known this in the beginning I would have found someone to refinance, now my credit is ruined and am waiting for my eviction. :( 
  • August 26 2011
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US Bank and Chase both participate.  Sometimes the answers you get initially are erroneous (via both human and computer error).  Also, just because your your loan is with one of them doesn't mean that it IS eligible for a multitude of potential reasons.  It's a possibility that it's not eligible for a different reason but that's the one that shows up. I'd try again. 
  • August 22 2011
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You may need to make some more calls and escalate to a manager level and then make some more calls....Hamp participation is voluntary. Before defaulting you may want to consult with a lawyer specializing in foreclosures or loan mods.
  • August 19 2011
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Profile picture for SantaCruzDream
Wondering if I need to go into default before getting any relief.  Any feedback is appreciated!
  • August 19 2011
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