Chase contacted us about loan modification

[kcfaninin]

HI,
We filed Chapter 7 on 1-5-10. Received a letter today from Chase requesting we contact them regarding our intentions of retaining or surrending our home.

We do want to keep the home and we were in a trial loan mod before but, didn't complete the trial payments prior to filing.

Chase stated that the previous loan mod in now null and void and asked if we wish to apply for another one. This would benfit us because our income is less then when we applied the first time.

Is it possible to start this process after filing Chapter 7 but, before discharge? Our 341 is scheduled for 2-3-10. How will this be viewed by the trustee??

Our initial mortgage payment was $2325, trial loan mod payment was $1635. I lost my part time job which my take home was $2200/mo. I would expect our new mod payment would be even more appealing!!

Any thoughts would be appreciated.........

[MC9199]

I was also contacted by Chase to reaffirm, after filing and before the 341. You will have time to go through this with them provided you get all your paperwork in to them soon.

I got a modification offer from them before my 341, but since I didn't qualify for any modification with them, I am not reaffirming (house is upside down, and I can keep the house as long as I continue to pay).

I don't think there will be any problem with the trustee over this. I'm pretty sure that reaffirmation paperwork can be filed after the 341 if need be (but before the discharge) - hopefully someone more knowledgeable can confirm this.

[kcfaninin]

I was also contacted by Chase to reaffirm, after filing and before the 341. You will have time to go through this with them provided you get all your paperwork in to them soon.

I got a modification offer from them before my 341, but since I didn't qualify for any modification with them, I am not reaffirming (house is upside down, and I can keep the house as long as I continue to pay).

I don't think there will be any problem with the trustee over this. I'm pretty sure that reaffirmation paperwork can be filed after the 341 if need be (but before the discharge) - hopefully someone more knowledgeable can confirm this.

Do you mind me asking why you were turned down for a loan modification? Hoping we still have a chance with our decreased income.

[ready2file]

HI,
We filed Chapter 7 on 1-5-10. Received a letter today from Chase requesting we contact them regarding our intentions of retaining or surrending our home.

We do want to keep the home and we were in a trial loan mod before but, didn't complete the trial payments prior to filing.

Chase stated that the previous loan mod in now null and void and asked if we wish to apply for another one. This would benfit us because our income is less then when we applied the first time.

Is it possible to start this process after filing Chapter 7 but, before discharge? Our 341 is scheduled for 2-3-10. How will this be viewed by the trustee??

Our initial mortgage payment was $2325, trial loan mod payment was $1635. I lost my part time job which my take home was $2200/mo. I would expect our new mod payment would be even more appealing!!

Any thoughts would be appreciated.........

Please do keep us posted with this! I'm starting my trial mod with chase next month...$2500 to $1530 as the new payment and wondering if I should wait for the perm mod or file during the trial.

[kcfaninin]

Please do keep us posted with this! I'm starting my trial mod with chase next month...$2500 to $1530 as the new payment and wondering if I should wait for the perm mod or file during the trial.

HI,
We couldn't wait for our permanent loan mod prior to filing. We needed the full $2325 mortgage payment for our means test. We do not plan to sign a reaffirmation agreement. Our attorney checked the box that said "other" and wrote plans loan mod after discharge. We were gambling on the fact that that Chase would work with us.

We really want to keep the home but, have negative equity. This is a blessing in disguise that we received this letter. Hopefully Chase will follow through with their offer.

[ready2file]

HI,
We couldn't wait for our permanent loan mod prior to filing. We needed the full $2325 mortgage payment for our means test. We do not plan to sign a reaffirmation agreement. Our attorney checked the box that said "other" and wrote plans loan mod after discharge. We were gambling on the fact that that Chase would work with us.

We really want to keep the home but, have negative equity. This is a blessing in disguise that we received this letter. Hopefully Chase will follow through with their offer.

Interesting....I'm wondering if I'll even last that long...b/c sure don't have time for lawsuits and judgements and I'm a defense contract so I maintain a clearance...I'd like to keep my adverse events to a min!

Good Luck!

[kcfaninin]

Interesting....I'm wondering if I'll even last that long...b/c sure don't have time for lawsuits and judgements and I'm a defense contract so I maintain a clearance...I'd like to keep my adverse events to a min!

Good Luck!

I have heard bad things about Chase, saying one thing and doing another, but they have been nothing but wonderful to us. We weren't even current on our mortgage prior to filing. So, there is hope out there!!!

We were like you, anxious to file before the lawsuits starting rolling in. If you need your high mortgage payment in order to pass the means test, then I would suggest filing before your loan mod is complete.

[ready2file]

I have heard bad things about Chase, saying one thing and doing another, but they have been nothing but wonderful to us. We weren't even current on our mortgage prior to filing. So, there is hope out there!!!

We were like you, anxious to file before the lawsuits starting rolling in. If you need your high mortgage payment in order to pass the means test, then I would suggest filing before your loan mod is complete.

Yeah I ran into that...saying one thing...then telling me they lost my package....and I had to do it over...twice!

Thanks for the info - sure is appreciated. I think I'll take a shot at filing during my trial mod...just wasn't sure if a mod was an option after filing.

[MC9199]

Do you mind me asking why you were turned down for a loan modification? Hoping we still have a chance with our decreased income.

Because of income basically...I think your mortgage payment has to be higher that 35% of a gross income or something. Even with a 2nd mortgage I didn't qualify. With a decreased income, I think you are MORE likely to qualify.

I think they are way too strict about income guidelines and debt to income ratio. And this is why many people do not reaffirm mortgages, as I understand it.

Also I am not behind - I think you have to be behind to be considered for modification.

Keep everything you send them, including airbill, delivery confirmation,
etc. (I gave up faxing them stuff, they would always lose it) ... they do lose paperwork (I almost think they do that in purpose - not acting in good faith or whatever.)

[ready2file]

Because of income basically...I think your mortgage payment has to be higher that 35% of a gross income or something. Even with a 2nd mortgage I didn't qualify. With a decreased income, I think you are MORE likely to qualify.

I think they are way too strict about income guidelines and debt to income ratio. And this is why many people do not reaffirm mortgages, as I understand it.

Also I am not behind - I think you have to be behind to be considered for modification.

Keep everything you send them, including airbill, delivery confirmation,
etc. (I gave up faxing them stuff, they would always lose it) ... they do lose paperwork (I almost think they do that in purpose - not acting in good faith or whatever.)

I agree!!

[Snax]

Also I am not behind - I think you have to be behind to be considered for modification.

Citimortgage wouldn't even talk to us about it until we had stopped paying for 3 months. On the other hand, our "3-Month Trial" on the modification was over in September, yet we have not seen nor heard from them in any way as we continue to make payments at the trial modified rate 4 months later.

That has me wondering whether we will even hear from them when we eventually file for a 7.

[newguy79]

I am currently filing a chapter 7 BK. My 341 is in 2 weeks. However, before I filed, Chase sent me a summons for court. Soon after I got this, I eventually filed. I had to then have my attorney write a letter that I had to take to the circuit clerks office to have a official stamp put on it and mail it to the attorney representing Chase. Now here's my question. Today in the mail, their attorney's office sent me a letter with the court case # ect. on it, stating that the proceedings in this court are stayed pursuant to 11 U.S.C. Sec. 362. What does this mean? I am going to keep my home loan and continue to pay, but don't know exactly what all this means. Since I'm going to continue to pay, do I have to still go to court after my 341, or will they be contacted being told that I'm going to stay current on the loan? Any help on this would be greatly apprciated. Thanks.