Profile picture for Hbev

we qualified and applied for a loan modification chase turned us down is there an org to help?

We did all the paperwork but were still turned down for a modification by Chase. We are upside down and cannot wait for market to turn- and do not want to sell, is there an organization that can help?
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May 31 2010 - Beverly
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Answers (12)

Profile picture for pflotz
Yes, try the US Congress.  Write you congressman, write your senator.  Ask Chase who owns your mortgage now.  Ask if it is subject to a buy sell agreement.  If yes, then when they take your house away, the FDIC will make up the difference between what they sell your house for and what your mortgage was.  AND they will come after YOU.  We have been fighting with Chase since 11/08, and their last proposal was a modification to 10.5% plus $43000 in arrearages stuck on the back end.  Of course, they sold the note to Deutsche Bank, who won't talk to us. 
Ask them for a "misapplication reversal", they have to give you back what you paid during the trial modification period.  Take your money, rent a nice house down the street, and watch your tax dollars make Chase whole so management can buy another house in Bermuda.  Gotta love this system....................
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September 16 2010
There are 2 government run programs out there to assist homeowners and help them keep their home.  HAFA is one of the programs.  If you google it make sure its the dot gov.  I am pretty sure is called makinghomeaffordable
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September 04 2010

I understand your frustration.  Whether doing a loan modification or a short-sale Chase isn't the easiest bank to work with.  When applying for a Loan Modification it is similar to applying for a Loan.  The banks are going to look at your Debt to Income Ratios and your complete payment history.  Are you currently behind on your mortgage or any other payments?

Did you use an attorney to complete the modification?  If not, 'The Loan Workout Group', out of Londonderry NH might be able to assist you.  They specialize in Loan Modification and Short-Sales.

If you're looking for more help please feel free to email or call me directly.

Best of luck!


 

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September 03 2010
Profile picture for VINTAGEHOME
They probably denied you because you are underwater on your mortgage and they know the housing market isn't going to rebound any time soon.  A short sale could leave you open to paying back (to the lender) the deficiency on the amount the house sold for, when it sells, if it sells. PLUS the taxes (taxed as income) on the deficiency. Whatever you do, don't go try to find a loan modification "company" to assist you.  They cannot assist you because the banks are not approving loan modifications (not ones that could benefit you in the long run).

Like most people in your situation, bankruptcy might be your only option.  I hope not, but I tried everything and ended up filing BK and losing the house anyway.  There really isn't much hope out there.  Believe me, I've spent the last year trying......
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September 01 2010
Keep trying!! ask them again and try to find out the reason why.
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June 13 2010
Are your present mortgage payments less than 31% of your gross monthly income (combined if you have someone else in your loan). 

"Qualifying" means that:
•    The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
•    The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill).
•    The home may not be investor-owned. 
•    The home may not be vacant or condemned.
•    Borrowers in bankruptcy are not automatically eliminated from
consideration for a modification.
•    Borrowers in active litigation regarding the mortgage loan can qualify
for a modification without waiving their legal rights. 
•    First lien loans must have an unpaid principal balance (prior to
capitalization of arrearages) equal to or less than: 
o 1 Unit: $729,750
o 2 Units: $934,200 
o 3 Units: $1,129,250 
o 4 Units: $1,403,400

... and having been turned down can only mean that your Front-End debt ratios are less than 31%

Unless otherwise, then that's a different story. Yes, there are orgs that can help. There are a lot easily visible, few are hidden in plain sight. Regardless of who you go to,  have them provide you with verifiable results.

Be safe.
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June 13 2010
You have 31 days from the date of denial to dispute current denial.You need to understand specifically why you were denied before reapplying.  Chase is tricky but they do get done.  NACA does not participate with CHase yet but they may know who will and you can try the state and HUD.  Best of luck.
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June 03 2010
Profile picture for wetdawgs
So, if I'm understanding the reasons they gave you, they feel that you can afford the current mortgage.   Is that not the case?  

We'd all prefer not to be underwater or prefer to have a lower interest rate, but if they think you are able to pay, they aren't giving away the store.  It is really really hard to get a modification. 

 
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May 31 2010
Profile picture for Hbev

- hardship is not of a permanent nature
-income exceeds the maxinmum for the lending program,
 the letter then stated that we may qualify for a refinance since our loan is current- when we tried that we were told we would not qualify because the value of our home is below that of which we owe...

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May 31 2010
I agree, you should have been given a reason why you did not qualify. If you do not qualify for the loan mod a short sale is still an option to help you. If you need help in that matter please let me know as I am a short sale specialist and can help you.
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May 31 2010
Try the following web site http://makinghomeaffordable.gov

There is a lot of info there that may be of use to you.

If you have any luck there please post your results to this request.
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May 31 2010
Profile picture for wetdawgs
Did Chase give you a reason that you were turned down?   If not, please inquire. The reason is important for knowing what the next step may be.

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May 31 2010
 
Related Questions
we qualified and applied for a loan modification chase turned us down is there an org to help?
Profile picture for pflotz
Latest answer by pflotz
September 16 2010 | 12 answers
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