[raa526]

I started the modification process with Chase last June. I was 3 months behind when we started that process. I have paid the payments they directed me to pay and submitted all of the forms and documents that were required. I submitted most of them two or three times because it has taken them so long to complete. I was just notified last week that I was denied and that I was now 7 months behind - my balance is bigger than it was when I started and I have made all of the required payments (payments that are even larger than my normal monthly payment). I have the money to make my monthly payment but just not the lump sum needed to bring my loan current - that is why I signed up for the modification. We had a medical issue that caused us to fall behind but now that things are better - we want to just get back to even and continue making our payments. No one can give me a reason why the modification was denied - I was sent a forbearance letter and they want me to pay 5,021.61 a month for the next 4 months - there is no way I can do that. Our net pay is barely that much - they have our pay stubs and can see that - I don't know what to do now. I should have never even tried the modification process - that I thought was put in place to help me.....

[admin]

There are many reasons that lenders deny loan modifications and unless you know your way through the murky waters you may end up being denied, like you and left with a higher past due balance. If a servicer tells you the investor does not modify loans I would call back to get a second opinion. If they are not giving you a reason for denial changes are you did something wrong in your submission. You need to know what lenders are looking for in many instances or you could lose your home even though you can afford your payments if you could just get current.

[John2010]

Hope this helps as many as it has helped my family, We got denied a modification from Chase, so we contacted an attorney in Tampa area, they assisted us through the whole process untill our loan modification was complete, great company and service, they charge nothing to assist you, they were able to assist in lowering our mortgage balance , our monthly payment and our interest rate down to 4.2%, it took about 6 weeks to complete everything. I called 877-968-5337 and got great service hope all goes well with your situation as mine did. good luck

[NE Settlement]

A call to Chase with a simple question can take 20 minutes before getting somebody live that actually has an answer for you. It's not uncommon that a rep can answer some of your questions but has to transfer the call to have the rest of your questions answered. This maze of departments at Chase can cause a lot of frustration but understanding a few basics about these major departments can save you lots of time in the loan modification process.

With every call its best to always note which department you are speaking with and ask for their direct phone number for future use. This will save you a lot of time when you have a question that can only be answered by that particular department. You will deal with the 3 following departments on a regular basis during the Chase loan modification experience:

1. Imminent Default Department - You will normally reach this department when your loan is between 0-30 days behind. You will also be transferred to this department if you have been playing catch up with payments recently. They are usually very helpful in this department and have access to most information and notes on your loan history. Unfortunately, they don't normally have the ability to establish a long term or permanent modification on your loan. The only options they will be able to offer are short term Forbearance and Repayment plans. Until your loan is 30 days behind its very likely that your calls will be transferred to the Imminent Default Department.

2. WayForward Department - This department is normally tasked with collecting and organizing all the documents required for the Chase modification process. Once your loan is actively in review for modification you will be transferred directly to this department. If Chase needs any further or updated documents from you, the WayForward Department will be your best source for this. However, if you need only general information on your loan, WayForward will not be able to answer these questions and have to transfer you to another department.

3. Loss Mitigation Department - This is who you want to be speaking with for the most accurate information on your Chase loan modification. This department typically handles the review process once all documentation has been received and filed and its very important if Loss Mitigation requests information, you provide it as soon as possible. Representatives in this department will typically have access to almost all loan information and will be the best source to break down the missed payments and status of any steps towards foreclosure Chase may have taken.

Chase offers many options for loan modification including all government options (Making Home Affordable HAMP). The process can involve a considerable dedication of your time and understanding these few shortcuts will help get you in touch with the correct department to give you the most accurate answers. With some hard work and bit of persistence you could considerably improve your household financial situation.