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Chase Home Lending Vice President calls about letter to David Lowman seeking answers

May 12, 2010: 3:30 pm: Deana DeLaura (214) 626-2671 called from the Chase Home Lending Executive Office, allegedly in response to my asking for a response to my April 19, 2010 letter to David Lowman. I asked if she was Shawnte Trowlsdell’s direct supervisor. Ms. DeLaura said she was not but she was a “manager in the division” and had reached out to help. They were in the process of “composing a response to my letter” and wanted to let me know they were working on it. I found this very hard to swallow.

It seemed more than coincidental that my numerous letters to Jamie Dimon at Chase (dating as far back as December 16, 2009) had been unanswered, my letter to Mr. David Lowman was already in-house for almost a month and yet suddenly a supervisor just took it upon herself to reach out, shortly after a Wall Street Journal reporter called Chase looking for answers. I didn’t buy it for one minute. No one had bothered to acknowledge any of my prior letters (I’d learned they were all placed in my “Hardship Letter” file from Natalia Carrillo [Chase Home Finance ]) so why the sudden about-face?

Perhaps it would take the Wall Street Journal to get answers from Chase about my loan modification – that was just plain wrong.


7 Responses

  1. I’m so angry with chase, I was going for a refi ” harp loan” I was told that I was locked in to a 4.375 rate
    and I would pay no points for a 15yr fixed. Infact I was supposed to get a $300 credit at closing. I was told
    That I would get this loan exaxtly as offered if my appraisal was
    $208 or more which I had to pay for. My home was appraised for $250K,
    So the chase agent told me congrats you got it!!

    The added a point to closing which will cost me around $2600.
    How can they do that , do I need a lawyer. Because I’m getting a good loan, they
    feel its ok to steal from me. I’m pissed. Any suggestions

  2. hi, I been trying to get a loan modification over a year, it’s the same thing they keep sending me a letter saying they are giving me a new person to be assigned to my case, I’m so mad, there’s got to be a way to beat chase and get a modification without the B.S

  3. Also I keep sending the same paperwork over over and over again and again, I wish that the shoe was on the other foot and chase owner was trying to get a loan modification, He will be put through the same B.S. that I am, all it is they are making alot of money off of everyone that has a high interest rate and a 1st and 2nd mortgage, it’s got to stop, and everyone that has a mortgage throuh chase will be automatic refiananced to a 2.5 rate and lower their payments so that people can afford to stay in their homes, where is the president on this issue, NOT a thing is being done to help the people this is not the U.S. of A, we the people has rights and get a free loan modification from chase.

  4. Relief Refinance Mortgages

    Supporting Sustainable Homeownership Through the Making Home Affordable Program
    The Freddie Mac Relief Refinance MortgageSM provides broad market availability with two options that help borrowers who are making timely mortgage payments but have been unable to refinance due to declining property values.

    Both the Same Servicer and Open Access options under the Relief Refinance Mortgage offering allow unlimited loan-to-value (LTV) ratios for fixed-rate mortgages, and relief from standard mortgage insurance requirements to provide qualified borrowers with expanded refinancing opportunities.

    A portion of our Relief Refinance Mortgage offering, mortgages with LTV ratios greater than 80 percent, represents our business implementation of the Home Affordable Refinance Program (HARP).

    Relief Refinance Mortgage – Same Servicer offers simplified appraisal and borrower eligibility requirements.The mortgage being refinanced must be serviced by the Seller, or an Affiliate of the Seller and the Relief Refinance Mortgages must be originated by the Seller/Servicer or an Affiliate of the Seller.

    Relief Refinance Mortgage – Open Access requires full underwriting by submitting mortgages for assessment through Loan Prospector®, offers simplified appraisal requirements, and may be originated by any Freddie Mac-approved Seller/Servicer. The mortgage being refinanced may be serviced by any Freddie Mac-approved Seller/Servicer.
    Through these two refinancing options more borrowers will have options to refinance into mortgages that better position them for a successful long-term homeownership experience.

    Complete requirements for Relief Refinance Mortgages – Same Servicer can be found in our Single-Family Seller/Servicer Guide (Guide) Chapter A24. Requirements for the Relief Refinance Mortgages – Open Access are outlined in Guide Chapter B24. Additional resources for Relief Refinance Mortgages and the Making Home Affordable Program are provided below.


  5. I’m glade there is a new person that stepping up and help the people in refinancing at chase, just as long as he help us and don’t help his self, we all need to step up and take notice of what is going on, now because they put someone else in david’s place it may take a few more years to get the refinancing that we all need now.If your mortgage is owned by freddie mac it’s a good chance you can refinance at a better rate and lower your monthly mortgage payments.just read the letter up above.

  6. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

    “The housing market is getting a boost with mortgage rates hovering at or near record lows. For instance, existing home sales averaged an annualized pace of 4.94 million over the first three months of this year, the most since the fourth quarter of 2009. More impressively, new home sales topped 424,000 during the first quarter, which was the strongest since the third quarter of 2008. The sales pickup is helping to support house-price gains. For instance, the Federal Housing Finance Agency reported that February marked the thirteenth consecutive month that it has recorded an annual rise in its U.S. house price index, which rose by 7.1 percent in the twelve months through February, the most since May 2006. Even with these gains, this U.S. index is still 13.6 percent below its peak set in April 2007.”

    Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit http://www.FreddieMac.com and Twitter: @FreddieMac.

    Source: Freddie Mac

  7. ess
    Federal refi program for underwater homeowners hits its stride
    Nearly 1.1 million homeowners with little or no equity refinanced last year under the Home Affordable Refinance Program, which helps borrowers who do not miss their payments.
    April 26, 2013|By E. Scott Reckard, Los Angeles Times



    Dickey Anne and Arthur Cook, who remain underwater on the mortgage for their Corona house, used HARP to get a new loan that knocked nearly 2 percentage points off their interest rate and slashed their monthly payment by $480.

    Dickey Anne and Arthur Cook, who remain underwater on the mortgage for their… (Glenn Koenig / Los Angeles…)

    The Obama administration’s Home Affordable Refinance Program is at last helping legions of American homeowners with upside-down mortgages.

    Nearly 1.1 million homeowners with little or no equity were able to refinance last year under HARP, which assists borrowers who are current on their monthly payments. That’s nearly as many as in the three previous years combined, and the latest figures show that early this year, the pace of these refis abated only slightly.
    Ads by Google

    HARP Refinance Loan 2.3%No Appraisal, No MAX LTV, 2.7 APR*. 1 Bank, Low HARP Rate, Get a Quote. HARP-Loan.FreeRateUpdate.com

    The program has become a success story after a stumbling start with slack lender participation. Banks were initially reluctant to participate in a program they viewed as risky — refinancing borrowers who owed more than their homes were worth.

    QUIZ: How much do you know about mortgages?

    HARP is now regarded as a high point in Obama’s mixed record on foreclosure prevention.

    “This is a program that has reached a lot of people — probably more underwater homeowners than anybody thought it would,” said Guy Cecala, publisher of Inside Mortgage Finance. “It is also one of the few programs that has rewarded people who have stayed current on their mortgages.”

    The program has been successful because it addressed one of the hangover effects from the housing bust: the millions of Americans stranded in expensive, high-interest-rate loans. These borrowers owed too much on their homes and could not refinance. Even the most creditworthy could not get new terms from their lender unless they had 20% equity or more.

    Obama launched HARP in 2009 as one of two government-backed programs to help underwater borrowers. The better-known Home Affordable Modification Program, or HAMP, encourages lenders to ease loan terms for borrowers who missed payments.

    HARP waives the requirement for extensive new underwriting on loans that already are backed by Fannie Mae and Freddie Mac, the giant government-controlled mortgage companies. About 2.4 million refinances have been logged under the program so far.

    Initially, the program was underutilized by banks that were worried that Fannie and Freddie might force them to repurchase any new, refinanced loans that went bad. The Obama administration revamped and extended the program in 2011, and it took off last year as banks found that making those new loans was actually quite profitable.

    There remain an estimated 2 million mortgaged homeowners eligible for the program, which has been extended to 2015. But some experts believe the program may have reached its peak potential and may begin reaching fewer and fewer borrowers.

    The program does not cover homeowners with mortgages that are in privately held securities. It also allows borrowers to use the program only once, and mortgage rates have fallen from one record low to another.

    Congressional Democrats believe the program could be revamped with new laws. Despite several pushes by the Obama administration to promote this legislation, these efforts have stalled inside the Beltway.

    Sen. Barbara Boxer (D-Calif.), who had introduced legislation that anticipated many of the changes allowed by the Federal Housing Finance Agency, said in a statement that other provisions in her bill would further streamline the HARP process and increase competition.

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