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We applied for a modification in Feb. and we were put on a 3 month trial through WaMu. When the 3 month period was over Chase/WaMu sent us a letter stating that we were in threat of foreclosure because we were 5 months behind (we really only missed one payment in 2008). Our attorney worked with the Chase attorneys and we were put on a 2nd 3 month trial. The 3 months are up and a modification has not been granted. I call on a regular basis and always get someone different with a new excuse; missing paperwork, it's a long process, fluctuating income. I have been told to just keep paying the trial amount. But here is where it gets complicated I am only paying half of my mortgage payment. The other half is being added to my debt as "none paid" according to a Chase rep. I spoke with yesterday. I'm starting to think this is just a scam, they drag this trial along for so long that you get so behind you can't catch up!
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When your modification is finally approved they will add the past due amount back into the the loan. You will need to give them all info requested in detail. It is a frustrating process but keep your cool, document everything you send them, date, time and the name of every person you speak to. You will want to try to cut down on your debt during this Mod process. Tat is what this opportunity is for.As long as your mortgage is 31% of your income and your income does not change by 25% or more you should be fine. You want to have a budget worksheet that you can keep track of and where all funds go. Do not do any spending that you can do without especially CC debt. Be sure to call at least 3 times a week to check the status. you MUST stay on top of it. You will more likely speak to someone new most of the time and you will deal with someone saying they did not receive docs. If you stay on top of it, pay on or ahead of time it should work out fine for you and your Lawyer should be on top of this as well. They will continue to send the default notifications as long as this process continues. See if they have an executive area for Loan Mod.
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