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May 13
Chase Home Lending Executive Office
3415 Vision Drive
Columbus, Ohio 43204
From: Michelle [email protected]
Glen Allen, Virginia 23059
Dear Chase Executives:
I have been on your Trial Loan Modification programs for over 12 months, patiently and committedly doing every requested step Chase asks me to perform towards receiving the Home Affordable Modification Program (HAMP) since applying on March 19 and received my first Trial Plan dated May 7.
I successfully entered and completed the trial period plans on the “Trial HAMP Agreement” dated May 2 and then you had me Agree to a 2nd Trial through the fall. I am sure you can understand that I am at wits-end with trying to finalize this “trial” to permanency – No one at Chase will tell me if I qualify for the final HAMP Loan but you keep my credit score down and keep accruing your arrearages each mont. Chase keeps telling me if I send in one more document, I will get the permanent loan. I keep sending in the documents in Good Faith and you, the Lender are not acting in Earnest or Good Faith because you are now precisely 9 months behind on providing me an answer one way or the other if I am accepted or denied to the permanent loan. You fail to communicate this at all and provide no explanation. You continue every 2—3 months to send me a “Request for 4506-T Form”, for which I have signed, faxed back and even Fed-Ex back to you in May August December January March and May! Why is Chase sending this request out, almost at random?
I have met all of the qualifications for loan modification through HAMP. I am the owner-occupant of my home, the mortgage balance is below the limit, my original monthly mortgage exceed thirty-one percent of my income, I am not in foreclosure, I paid on-time and the correct amount through my Trial Programs, I had good credit prior to the Analyst directing me to “skip” a mortgage payment to qualify for Trial, I live in a stable community, I have certainly demonstrated financial hardship, and I have met the obligations of the trial periods. At this time there is no need for further delay in this process. I need final approval of permanent loan modification to continue to provide a home for myself and my two young children.
I know you are aware of the precarious position in which I find myself. Since the beginning of I have lost my employment and my marriage, and are now raising two young children when my husband moved to Maryland.
In summary, I have submitted requested documentation numerous times only to be told that I need to submit the same things yet again and again every 3 months in order to be considered for permanent loan modification.
Putting all of that aside, on May 7th and May 11, I submitted all of the requested documentation again through my attorney. I enclosed the two main things that Ms Reed in Executive Resolutions repeatedly stated was needed for me to finally receive my Permanent Loan Modification: A quit claim deed from my former spouse, which has been signed by him and recorded in the Clerk’s Office of the Clerk of the Circuit Court and the Child Support Consent Order, as Ms * requested must be ‘signed by a Judge’ awarding me permanent child support in the amount of $2,000.00 per month. To make matters worse, after I produced this document, then on May 7th, the Analyst stated that Child Support was NOT valid income for Permanent Loan Modification; As a single mom with a child under school age, I definitely feel discriminatedby her statements. I understand that according to SD 09-07, it must be considered as valid documentation of income. “Alimony, Separation Maintenance, and Child Support Income. Borrowers are not required to use alimony, separation maintenance or child support income to qualify for HAMP. However, if the borrower chooses to provide this income, it should be documented with (i) copies of the divorce decree, separation agreement or other legal written agreement filed with a court, or a court decree that provides for the payment of alimony or child support and states the amount of the award and the period of time over which it will be received, and (ii) evidence of receipt of payment, such as copies of the two most recent bank statements showing deposit amounts. “
Please understand that in essence, my life choices for the last 14 months have been predicated on Chase’ finalization of the permanent loan. I could have made the choice to sell my home on my own if last spring Chase had not “sold me” that through my hardship, I had a ‘better option’! Each phone interaction, Chase provided assistance on what to do next to lead me down the continued path of staying put with the belief the permanent Loan Modification would finally be coming based on the public-facing HAMP guidelines.
I understand you apply a NPV formula to each property to determine the Investor benefit of whether it is in your best interest to foreclosure or to provide a client with a Loan Modification. I was told, in writing and verbally, to have my estranged spouse sign off on a Quitclaim Deed and for me to also verify my income so to finally move into permanent status after 1 year of waiting. So, after months of effort, I finally got my estranged spouse to quit off the Deed, per Chase instructions on the permanency of the Loan Modification. Everything I do is towards this end.
As I understand the laws, if you fail to respond again within 30 days of my submission for permanent loan application you will have again been in violation of the requirement to inform me in writing if I was accepted into the permanent loan and if not, the reason code as to why. Confirmed at Chase’ receiving dock on May 10 by a Mr * and confirmed on the phone by HOPE counselor and * in Loss Mitigation, as Chase confirmed the following documentation for Review. Supplemental Directive 10-02 to HAMP requires lenders to respond to borrowers’ applications for loan modifications under the terms of the program in a timely manner. I have now been attempting to complete this process for over one year. I have now obtained the last requested documentation. It is imperative that my final application be promptly processed and forwarded to Fannie Mae for final approval. I am in exactly the situation of borrowers the HAMP program is intended to assist, and is unable to keep my home without the loan modification for which she has applied.
1. Signed authorization
2. Multiple copies of the previously submitted Borrower’s Assistance Form and supporting documentation.
3. Copy of the recorded quit claim deed, along with the recording receipt from Henrico County.
4. Copy of the Consent Order entered by the Juvenile and Domestic Relations General District Court for Henrico County, Virginia establishing the child support obligation owed.
5. Copy of determination of eligibility for unemployment benefits from the Virginia Employment Commission, showing monthly unemployment income 9 month period
6. Copies of tax returns for 2008 and 2009.
7. Copy of original Trial Plan agreements.
8. Copy of Virginia Unemployment Commission documentation on my unemployment income award letter, # of months available to me (over 9 months).
9. Copies of cashed child support checks.
10. Bank Statements.
11. Utility bill.
12. Name change form with legal documentation - was submitted in October.
Pleadingly,
Michelle [email protected]
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