Didnt know which forum was better for this one (FC or CH7), so I guess I ll go here. Also, this is another of my "mainly this is a place to vent and share my experiences with others post" as Im pretty there is nothing more I can do....but always willing to hear suggestions from others!!
As some know from other posts I filed CH7 on 4/20/11. I was behind on my mortgage, but was hoping I could still have my lender (Chase) just agree to the repayment plan we had set up before I filed. Well...no go on the payment plan. Chase says once I filed that is no longer valid, now they said that isnt to say they will not eventually agree to some new plan but the original plan is no longer valid.
Chase has already filed for a motion to lift stay (pretty quick!), but that is pretty standard fare from what I understand. Chase had NOT filed any official foreclosure paperwork prior to my filing. SO, I got the form from Chase that I and my attorney signed allowing us to speak in spite of the stay being in effect since my goal is to keep the house if possible.
Anyway, as I said the repayment plan no longer in place, and they say my current options are either pay arrears in full (Im unable to do that at present) - OR - I MUST start with an attempt at loan modification. I guess if they will give me one that would be ok - but I read nothing but horror stories about this loan mod process.
SO, I sent the paperwork back applying for a modification - it actually looks like MAYBE I barely qualify depending on how they look at the numbers. My current payment is over the 31% of income level so I would qualify - but that is including some short term "extra" escrow payments for taxes they are taking this year - my house was brand new so during the first year they didnt take any and are now making up for it. Once those go away my "normal" payment is right at that 31% threshold so I probably wouldnt qualify. But in any case, from all I read at worst case scenario this will buy me some time before they start any FC proceedings so I might as well apply, right?
As I was talking to the Chase SUPERVISOR (have already learned the normal CSRs are basically useless!!) and he was explaining everything, he said - on his own - that not only will the FC proceedings be delayed while they review my mod application etc, that the MLS will ALSO be halted! This was good news to me, because not only would that slow any possible official NOD being filed til at least after my CH7 discharge, if Chase was so inclined (doubtful they are in big hurry here in AZ I know), BUT my main concern is that I of course will be liable for any attorneys fees that are being generated for the MLS etc.
Of course I immediately called the attorney who filed the MLS for Chase and told him I was in the mod process and that my understanding was that his actions were to stop (again Im not as concerned with the actual filing etc as I am with how much it is costing me in the end!! Less lawyer work means less money!). The atty of course said, that is true, but only AFTER we are notified and confirmed that you are actually being "reviewed" for the modification.
SO, I ask him what that means? I tell him I have turned in the paperwork at Chase's request, and they are supposed to notify of whether I am approved for a trial mod or whatever. What else does he need? He tells me (and I here him typing in the background) that he is checking with Chase as to the status.....oh brother!!
SO, I can tell already this entire process is going to require constant supervision from me to make sure that not only does the mod process move forward (for better or worse), but that the right hand knows what the left is doing. Otherwise I can foresee my "additional" amounts due to Chase before I can cure any default skyrocketing! This is important because it is very possible that as all this drags on for months more, and I am able to save some bucks, I may end up just curing the default or entering into a new and revised payment plan if the modification is not approved.
I ll update this as it goes....but I can tell it will be fun few months. Just as TRYING to give one of my cars back to the bank has been already!
Im chalking all of this up to "consequences of my past actions".
Thanks for listening!
As some know from other posts I filed CH7 on 4/20/11. I was behind on my mortgage, but was hoping I could still have my lender (Chase) just agree to the repayment plan we had set up before I filed. Well...no go on the payment plan. Chase says once I filed that is no longer valid, now they said that isnt to say they will not eventually agree to some new plan but the original plan is no longer valid.
Chase has already filed for a motion to lift stay (pretty quick!), but that is pretty standard fare from what I understand. Chase had NOT filed any official foreclosure paperwork prior to my filing. SO, I got the form from Chase that I and my attorney signed allowing us to speak in spite of the stay being in effect since my goal is to keep the house if possible.
Anyway, as I said the repayment plan no longer in place, and they say my current options are either pay arrears in full (Im unable to do that at present) - OR - I MUST start with an attempt at loan modification. I guess if they will give me one that would be ok - but I read nothing but horror stories about this loan mod process.
SO, I sent the paperwork back applying for a modification - it actually looks like MAYBE I barely qualify depending on how they look at the numbers. My current payment is over the 31% of income level so I would qualify - but that is including some short term "extra" escrow payments for taxes they are taking this year - my house was brand new so during the first year they didnt take any and are now making up for it. Once those go away my "normal" payment is right at that 31% threshold so I probably wouldnt qualify. But in any case, from all I read at worst case scenario this will buy me some time before they start any FC proceedings so I might as well apply, right?
As I was talking to the Chase SUPERVISOR (have already learned the normal CSRs are basically useless!!) and he was explaining everything, he said - on his own - that not only will the FC proceedings be delayed while they review my mod application etc, that the MLS will ALSO be halted! This was good news to me, because not only would that slow any possible official NOD being filed til at least after my CH7 discharge, if Chase was so inclined (doubtful they are in big hurry here in AZ I know), BUT my main concern is that I of course will be liable for any attorneys fees that are being generated for the MLS etc.
Of course I immediately called the attorney who filed the MLS for Chase and told him I was in the mod process and that my understanding was that his actions were to stop (again Im not as concerned with the actual filing etc as I am with how much it is costing me in the end!! Less lawyer work means less money!). The atty of course said, that is true, but only AFTER we are notified and confirmed that you are actually being "reviewed" for the modification.
SO, I ask him what that means? I tell him I have turned in the paperwork at Chase's request, and they are supposed to notify of whether I am approved for a trial mod or whatever. What else does he need? He tells me (and I here him typing in the background) that he is checking with Chase as to the status.....oh brother!!
SO, I can tell already this entire process is going to require constant supervision from me to make sure that not only does the mod process move forward (for better or worse), but that the right hand knows what the left is doing. Otherwise I can foresee my "additional" amounts due to Chase before I can cure any default skyrocketing! This is important because it is very possible that as all this drags on for months more, and I am able to save some bucks, I may end up just curing the default or entering into a new and revised payment plan if the modification is not approved.
I ll update this as it goes....but I can tell it will be fun few months. Just as TRYING to give one of my cars back to the bank has been already!
Im chalking all of this up to "consequences of my past actions".
Thanks for listening!
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