Originally our business failed in 2009, we fell behind no income for five months. We applied for HAMP Program with Chase.
We followed all there requirements sending paperwork after paperwork, receving many phones almost one year to the date were given a loan modification. The terms were good, however we were not quailfied at 31% like the website claims we quailfied at 44.49%. The new monthly payment increased by $400.00 dollars this was no help! Now with our income reduced our payment was 50% of our monthly income, but if you talk to Chase they say we make enough money, the last time i looked i thought you live on net income.
We were desperate and we took the loan we knew that slowly we would fall behind. September 2012, we wrote a letter of hardship to Chase explaining with our reduced income we needed a mortgage of around $1500.00 per month, maybe even lower the interest rate, or maybe extend the loan out to 40 years. Originally, we sent duplicate hardship letters one to the Exceutive Office, and one to a person that was assigned to our case. The first time we sent these documents through regular mail they claim they were never received.
The second time we sent these documents it was sent certified
with a signature request, again they claim they were never received funny somebody signed for it! I releazied then they we giving us the run around. We were advised by two different customer representatives not to make payments for three months. At the time we were still in good standings the bank had no reason to listen.
Now, technically we were in default the storm of phone calls start, letters of notice with the intention to foreclosure, it seem like day after day, now they wanted us to pick up letters a the post office with required signatures WOW. After all this time no help just aggevation. We were advised on New Years 2012, that Chase will not work with us anymore, and that we should short sale. Here we are now doing a short sale in January 2013, I would like to say that this was a cheap tactic too aquire property.
This will not break my spirit, I have lost a great deal of respect for what the Financial Insutution stands for.
Since we cannot fight the banks with money we can by teaching them a lesson, we should all walk away from our homes then see what happens LOL!
Product or Service Mentioned: Chase Bank Mortgage.