I would like to participate in the suit as well.
Here is my story…
We purchased our home in 2005, at the peak of the South Florida real estate boom.
Six months later I lost my high paying job. Less than a year later my husband lost his job forcing us to supply our lack of income with our savings.
Fast forward to September of 2010, with our savings running out and my husband unable to find a decent paying job (temping at barely above minimum wage) we reach out to Chase for help. We were told that since we were still making payments they were unable to help us. So we asked them if they would help us if we stop making payments and their reply was that then we would be in default and they would foreclose. No mention of any programs was made to us.
January 2011 – savings are dried out, we have made our last mortgage payment and are now leaving paycheck to paycheck, which scares the living s%$t out of us!
I want to point out that our credit scores were well above 700, close to mid-700s at this time.
The calls from Chase start fast and furious and insulting as well! One representative going as far as telling my husband to “get a job bum or I’ll come and take your home!”
We finally get to speak with a decent Chase rep (tongue in cheek) that gets us on the road to a million forms. Takes us about six months of back and forth with forms, faxing, FedEx, faxing, signing, gathering, more signing, more FedEx etc. Chase agrees to lower our payments by $1, 000 per month, something that we can live with and buy groceries. About two weeks ago I contacted our Chase rep because I had some questions and was informed that they had not received the final original application so once again we run to FedEx to send it. We then receive a letter saying that we refused the loan mod and the only option we have now is short sale or foreclose. I call the rep again and she informs me that the application was rejected because Chase did not receive our paperwork on time. We have FedEx proof that the documents were received and signed for by a Chase employee. Then last Friday we received a letter from Chase informing us that we did not qualify for the loan mod because the loan with Chase is not a first lien. We have only one loan on our home and it is the one with Chase.
Just this morning I called our contact at Chase and was told that we now need to re-start the loan modification application process all over again. I also asked her if we should continue to make the trial payments amounts and was informed that Chase will need the full amount…well HELLO!!! Don’t you think that if we could make the full payment amount we would NOT be having this conversation??????
We are very frustrated and at the end our rope and don’t know what to do at this point. Our home is worth less than half of what we owe. We are not bums but hard working Americans affected by the crappy economy. Between my husband and I we have purchased and sold over 10 primary homes during our lifetimes, always making mortgage payments on time all the time and are not looking for a “money making” opportunity just some help.
Thanks for reading my post and good luck to all.
Discouraged in South Florida [email protected]