After reading other reports I am compelled to write about our lengthly and continuing relationship with Chase Manhattan. It all started in June 2008 when the gas prices hit the roof.
My husband is self-employed, the product he builds is bought by convience stores around the nation. When the gas prices went sky high convenience stores stopped spending money in other areas. Business came to a screaching halt. Scheduled orders were cancelled by buyers and suddenly our calendar became bare.
We knew the situation was not going to be good and we started looking over our finances. We had some money in savings, which lasted us until November 2008.
We called Chase to inquire about the home modifications in June 2008 to see what our options were. At that time we were told we needed to put our home up for sale as soon as possible. We did that. The next time I called, early August 2008, and explained we hadn't had any lookers and it didn't look like our home would be sold. At this time we were told we didn't quailfy for two reasons 1) We were current on our payments and 2) our house was for sale. When I explained that the Chase rep told us to put our house on the market they replyed "We would never tell someone that." She did suggest, however, to become late on our payments.
We stopped paying on our mortgage November 2008 out of necessity. I called in ahead of time to let Chase know and to see what our options were now. I was instructed that we had to be 3 months behind and heading into foreclosure. At this point I didn't have a choice. I have three kids and they needed to eat. Actually we had one in college and one working a part-time job to cover his expenses, (gas, insurance, etc) Our oldest son had to quit college as we just couldn't cover the expenses.
So we waited...in the meantime we received collection calls from Chase that were well into the definition of harrassment. One 'gentleman' called us lazy and that even McDonalds was hiring!! Guess what buddy, McDonalds WASN'T hiring. We had been on several interviews and had sent out even more resumes.
Finally, after several mean phone calls, the Obama Plan came about in February. We thought we were finally going to get somewhere. And actually we did...for a time. We were able to set up a trial period that was supposed to be three months of reduced payments, the reduction was only $200.00 less, but they assured me this was just for three months to prove I could pay. So I don't know how we did it...a little here and a little there, we scraped up the money each month for three months. At the end of three months I called in to get our final modification. Not so fast.
They said they couldn't set it up yet because things were still too new, basically they hadn't a clue what they were doing. So they set me up on another new payment for another three months. This payment was much better and financially things were picking up a little, all is good right?? Nope...we made the three months of payments and called in. It took another month to get things 'worked out'. They sent me paper work on the NEW three month trial period and modification paperwork. I was told after this 'trial period' I would receive confirmation of the final modification. We paid the new amount each month on time. When I called to inquire about the final modification paper work I was told that the previous agreement we had with Chase was no longer valid as the paper work was now out of date.? WHAT!?!?!? It's Chase's paperwork! Is my 30 year mortgage out of date too??
So I sent in all of the paperwork AGAIN!!! I have been in contact with them every other day. I have repeatedly faxed in their requested paper work, in total they have 7 copies of each requested document!! Each time I call them they tell me they are missing paperwork and I keep getting Accelerated Foreclosure Warnings in the mail.
I have read on other sights where this is common with Chase. After all is said and done they deny the modification and you lose your house anyway. I haven't had that happen yet, but I am pretty darn close to saying..."You know what take the damn house!!" This has been a year from hell for many reasons. That homes are being modified and your home can be saved is looking to be a bunch of BS.
What really gets my goat is when the Chase comes out smelling like a rose saying we worked with the homeowner...ON WHAT LEVEL??
Wish me luck and any extra prayers you may have would be appreciated too, but to be honest after all of this I don't know what I want prayed for and quick and timely move or for the house to be saved. It doesn't feel like home....
Oh and by the way..our home appraised out at $250,000 in the beginning of 2008, it is now appraised at........are you ready for this....$120,000.00!! We owe $183,000.00!! I think it's time to pack.
