The paper chase for a Chase home loan modification

April 28, 2010, 12:00 pm: I faxed a 60-page document to the (866) 282-5682 number on the Chase Homeowner’s Information Packet as Natalia Carrillo asked. I truly can’t imagine how anyone could address the paperwork requested by Chase without access to an office or a free copy and fax machine. I certainly can’t imagine anyone with a restaurant, retail or assembly-line job, or any position where their time is monitored or they are required to be at a work station, completing, copying, submitting and tracking the documents Chase requires. Looking back, I realize I have sent the following large packets to Chase, not to mention “incidentals” (faxes and copies I’d not really kept count of):

  1. February 18, 2009: 34-pages by Certified Mail (initial modification application)
  2. March 13, 2009: 34-pages by fax (replacement for lost copy of 2/18/09 modification application)
  3. May 23, 2009: 53-pages by fax (re-submission of 2/18/10 modification application with updated content per  Washington Mutual request)
  4. December 11, 2009: 46-pages by Certified Mail (new submission of Chase loan modification application)
  5. December 11, 2009: 46-pages by fax (copy of above, sent via fax as a back-up)
  6. March 16, 2009: 19-pages by fax (updated statements requested by Chase)
  7. April 28, 2009: 60-pages by Certified Mail (complete re-submission requested by Chase)
  8. April 28, 2009: 60-pages by fax (copy of above, sent via fax as a back-up)

Each set of documents must be copied so I have something for my records, and while the Chase fax number is toll-free, the Avalon Library charges $1.00 a page to send a fax; Staples is five miles away and the nearest FedEx is 22 miles away. Copies are not free and neither are faxes.

On the flip side, Chase seemed reluctant to commit to anything on paper. It had taken me a full six months to get a copy of a letter allegedly mailed 8/25/09 with a one-sentence  denial “explanation”:  “Your property equity exceeds our program guidelines.” The second letter from Chase, sent March 5, 2010, merely said: “We are unable to offer you a Home Affordable Modification because we are unable to verify that you do live in the property as your primary residence”. This was especially maddening – due to my loan size, I only qualified for a Chase in-house program; the Home Affordable Modification had never been available to me. Residency was quickly established with the March 16, 2010 fax of voting records & tax returns and the modification re-opened, but no more letters came from Chase…

As a single woman with no children and a job that offers somewhat flexible working hours, I find the paperwork  daunting. How could anyone with a family and a conventional job be expected to jump through these hoops? While the size of my loan and the fact that I still have a job, albeit at half my original salary, may not engender sympathy, the obstacles are the same regardless of loan size. Who has the time, the facilities and the ability to chase a loan modification? Especially when they are holding down one, two or even three jobs and scrambling to make ends meet, or actively seeking work?

Why is it so hard so obtain clarity and get straight answers on the loan modification process, and why are all the “qualifications” and the “formulas” a big secret?  Borrower’s Assistance at Chase is a wolf in sheep’s clothing, an elaborate masquerade designed to deceive the media, the government and the American people.

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10 Responses

  1. we are in the same boat with chase. the most frustrating thing in the world. we were told they would make a decision within a week, that was a month ago. since then they said that they needed more documents. They want you to give up or get forclosed on whatever comes first.

    • I strongly suggest you get a HUD-approved counselor to negotiate on your behalf. I suggest credit.org; it is free and even though they are in CA, they cover the entire US. The delays are a stall tactic designed by Chase to take your every last dollar and then your home. Be sure to get a HUD-approved organization. Also see if your state has any remediation programs to both help bring the loan current if you are behind and to help mediate with Chase. I was unaware of these options and wasted valuable time.

      • Chase is fooling every home owner and they are NOT complying with the Chase Home Affordable program;They only want to keep collection practices until you can’t do it no more. Until your home is ready for a short sale. They have our papers for over a year now and they keep saying they are in the underwriting department and there is no way you can get other than a Customer Rep to tell you they have all they need but HAVE NOT MAKE A DECISION YET. Excuses and excuses, they just don’t want to modidy adjustable rate after a 2006 refinancing with a horrible loan that is costing me 4,000 dollars because it is better for them to keep me at that rate until i end up loosing the house. They are ripping off people and they are at fault because they gave me a refinancing in 2006 with no real INCOME verification, didnt ask for paystubs or income tax or W2, after sending me money from my “equity” they got me into a Subprime mortgage that now i can not afford and yet i’ve been trying to pay even though it takes all my money. NO ONE at CHASE Home Finance departments are giving you a fair answer…they are trained to keep you in the loop. They all say the same EXCUSE. The Federal Goverment ahould be aware, they are MISLEADING CUSTOMERS…HELP!!!!!!!!!!I will write to the Attorney General and the FDIC and the BBB.

      • Please try to get a HUD-approved counselor to negotiate on your behalf. I suggest Springboard credit.org; it is free and even though they are in CA, they cover the entire US. Be sure to get a HUD-approved organization. The delays are a stall tactic designed by Chase to take all your money and then your home. See if your state has any remediation programs to help bring the loan current if you are behind.

  2. I too am embroiled in the fight of my life with not just Chase but my investor FHA. I have been trying to get my loan modified since May of 2009 through Chase, I was declined in Sept. 2009 due to my payment status being current, and although I had both financial and medical hardship the case was closed. I began working with a HUD approved counselor from NACA and they submitted paperwork that was again declined by Chase for the status of my loan only being in default 30 days. I again applied for an FHA HAMP at the end of May 2010 and today got word that I was again declined for payment status that my loan is current, this is not true I am 2 months in default as of June 1st. I called FHA and was given a ticket number and told to call on Friday to find out who my HUD rep. will be, I also followed up with Chase’s Executive lending department to let them know that the information that was provided to FHA that my loan was current was incorrect and I asked could she verify this she did, I asked to have my rep. from Chase call me and I was told she no longer works in that department that I would be assigned a new rep. and to call back on Friday. I will be calling both Chase and FHA for a status as to a reps. name and contact info but I really can’t seem to understand that these financial institutions should be well aware of my loan status since they inform me of it by phone, mail and every time I call. I will not give up beating this dead horse but Chase has to be held accountable for its lending practices so I am hoping that now that HUD is involved that they will give me some straight answers as to why I keep getting declined. I have studied the HUD FHA guidelines and crunched all the numbers given the guidelines as well as HUD definitions of “Imminent default” by the guidelines to Chase, I have met with 2 FHA counselors and both have worked the numbers with me and they felt I met all the criteria for the modification so I intend to fight.

  3. They are a bunch of crooks. We submitted paperwork over a year ago and still nothing. As a matter of fact I have to re-send ALL paperwork and am starting back at square one FRESH. What they don’t tell you is that each document has expiration dates and that Chase drags their feet (intentionally) so they always overlap.
    506T- 120 days
    Pay Stubs- 90 days
    Bank Statements- 90 days
    RMA- 1 year
    Nothing is cohesive. They will send you a letter saying they need a 4506T and only that. When in actuality, your pay stubs have expired but didn’t trigger a letter to be sent. So you go and send them the 4506T…wait 6-8 weeks and then they tell you they need a copy of current pay stubs. But, little did you know that your bank statements expired and so on and so on. It is organized crime at its best. You have to ride them like a cheap suit. I strongly suggest you go into your local Chase branch and have one (try to always use the same person) of the associates fax all documents for you. This not only ensures they arrived with a confirmation page for FREE; it also keeps your face in the bank and keeps the bank employees aware of the hoops that EVERYONE has to jump through. They may get sick of you…but that’s their employers/systems fault.
    !!!GOOD LUCK!!!

  4. Anyone who has ever succeeded, please post.

  5. Go to your local Chase branch and make them fax your documents. Then have them give you a confirmation sheet that it transmitted. You then have the originals.

  6. Been trying for a mod since 2010, retained attorney, independent foreclosure review, naca,springboard, and fha complaint. Chase is trying to get a judgement 5-29-2012. Was told by springboard to reapply, income increased. Received ss paperwork from Chase. Will still keep fighting. NACA and springboard ran my financials, meet guidelines for mod. Wish me luck

  7. they are crooks. I am going on 3 years of bull with these people.

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