October of last year I was informed that I was going to take a large pay cut. I called Chase to let them know of this issue and that I needed to try and get something worked out with them as the ARM that I have was set to adjust in Jan 08. Chase Loss Mitigation informed me that it was too early for me to request a modification and to call in November.
November-07 I call, give all my information that they asked for (letter of hardship, my general budget info, bank statement and paystubs) To begin this process. I was told that this would take a few weeks to get moving and to call back. November I call several times with updates (little to no movement)
December-07 I am getting concerned as there is no new news. I called Chase Loss Mitigations numerous times as I was begining to get very nervous of my ARM adjusting and not being able to afford the payments. Chase did come through with good news for me towards the end of the month stating that my modification for both my 1st and 2nd were approved and we should be getting our paperwork shortly.
Jan-08 1st ARMadjusted and the payment jumped a bunch, I freaked and called Chase, they advised me to not worry about the payment as the modification was ready and our next payment will be off the modified agreement.
Jan-08 I recieved my paperwork in via Fed-Ex. The modification asked for a downpayment of $500 and some change. The needed me to sign the highlighted areas on the paperwork, get a certified check and to have everything noterized prior to returning with in so many days. I jumped all over this and got everything done and shipped back out in 2 days.
Jan-08 we recieved a statement on our 2nd mortgage with payment due dates and such, nothing on the 1st. I did not worry about these were being sent to 2 different bank locations (not sure why).
Feb-08 2nd mortgage payment was sent out no problems. 1st mortgage, we recieved a statement saying that we were late on the Jan payment and that there is a late charge applied. I call Chase loss mitigation and was told not to worry about it, that it takes time for everything to be correct and in place in the systems and that we should mail the 1st mortgage payment as we planned with the new payment amount just note the loan number on the check. This was done and sent in that day.
Feb-08 We recieved another notice stating that our Jan and Feb payment is late, that there are further charges and to submit payment as soon as possible. I called Chase, they told me that they were noting my account and not to worry. I pulled my credit report (free off the net) and find out that Chase is reporting me as late on these payments. I being at this point to call and try to find someone to help me get these taken off. This is when I find out that our 1st Mortgage modification was never approved and finalized over a $1,400.00 dollar amount missing with our required down payment. I blew a gasket over this as I sent in the amount that was asked for on the original modification papers. Come to find out that there was an accounting error at Chase in which $1,400.00 was placed in to my account in error, thus the reason why the underwriters were only asking for the 500 and some change. When I asked to send in the $1,400.00 I am told that we cannot do this and that the whole process needs to start from the beginning.
March -08 After numerous efforts to get this changed we caved in and re-submitted all paperwork. I was assured that this would be given priority due to the circumstances and that it should not take too long to complete.
March, April, May involved a whole lot of me calling them for status, with a pathetic amount of information given back. I finally recieved a new modification in the middle of May, the only problem is that the interest was 2 % higher and the payment was 600$ higher as well. I was again loosing my mind and called, I talked to my "account manager", went over all of the history. She advised me not to sign the paperwork and that she was going to submit a request for re-consideration and that this modification needed to be at the payment and terms agreed on in Dec.
May and June, I called on a minimum of 2 times a week trying to get a update as I see now that my credit has fallen from the 700's to the low 600's. I am told that I need to be patient and that once this is finalized that (though there is no guarentee) if I call customer services that they may be able to help me with my credit score issue. Yet nothing came out of these months with a modification.
July-08 I have had enough, I went to a HUD approved housing counsel to see if there is any way in hell that I can get help somewhere to get over my mortgage issue. I tell them that in the last year alone that our house value has dropped a conservative 20-25% and that no one in their right mind outside of Chase would mortgage this amount. My counselor and I called Chase together so she could get a taste of what I have been going through for the last 10 months. After the phone call with loss mitigations she was amazed at the lack of ownership and concern that these people had towards my situation. She asked me if my heart was into saving my house as most people would have walked out much sooner than this point.
Bottom line is I now feel like me and my family have lost a year of our life not knowing what the future holds. I have not been a person that believes in lawsuits in the past, but now I would love to find someone to help me take this to the next level. I would love to find an attourney that will fight with me to give Chase a taste of their own medicine.
Sincerly, can someone out there help me?
Tom
Flushing, Michigan
U.S.A.
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