APPROVED....Chase Modification SUCCESS!!

[Mike]

Hi Everyone... I'm new to the forum... I don't know where to start but this is my Chase Story. I bought my home in October 2005 here in NJ. I had a 80/20 loan with this company call Mortgage Capital in California. They then sold both loans to another lender called New Century Mortgage also in California instantly. I had an adjustable interest rate and was told I would be able to refinance in 6 months. I had two jobs and I guess that made everything go smoothly for awhile, but I got sick with a serious chronic illness and couldn't work both jobs, so I had to give up my second job because of stress and then my health condition got worse and I was forced to go out on disability,which was a significant reduction in my income. Between these events New Century sold my 80% loan to Chase with the principal Balance of $200,000.00 and kept the 20% loan (2nd Mortgage) for $50,000.00. I was happy that I had Chase Home Finance for my first mortgage until my interest rate and payments kept growing and I found myself falling behind. I filed for chapter 13 Bankruptcy in September 2006, but my case got dismissed and converted to a Chapter 7, I lost my new car and all hope was gone. I decided to put my house up for sale, but no good offers came, between this time I moved out my home and was renting for about 4 months, but I couldn't even pay the new landlord on time and renting is not my thing, so I decided to move back in my house because the Foreclosure process kept getting reschedule because I was using the Bankruptcy as a protection from foreclosure. So I finally decided to convert my Chapter 7 Bankruptcy back to a Chapter 13, little did I know that my original bankruptcy was already on it's way towards a discharge and my house was included. They allowed me to open another Chapter 13 Bankruptcy, this one also got dismissed because I couldn't keep up with the payment plan. So while I'm fighting my way through the system, I got a statement in the mail from the 2nd mortgage lender New Century stating that my loan was transferred to a new lender called NCM, I tried calling New Century but I couldn't get through, come to find out they filed for bankruptcy and sold most of their bad loans. So I called NCM to get the status of my 2nd Mortgage and I was told that my account balance was $0.00.... Holly crap, please repeat that I said and the rep responded "sir your loan was charged off and you have a $0.00 balance with NCM. Two weeks later around Jan. 2008 I recieved a tax document form stating that my 2nd mortgage principal for $50,000.00 was a debt cancelation. I'm free from my 2nd mortgage, God I wish it was the first mortgage with Chase, but I'll still accept this.. So now I only had Chase to worry about. Now I'm 24 payments behind and I finally got my discharge from my Chapter 7, but the Trustee issued a notice of Proposed Abandonment on my property because of inconsequential value to the estate in other words the trustee found that my property had no value according to the market value, so now Chase can continue with Foreclosure once again. So I applied for a loan modification in April 2008 and submitted all my paperwork from my disability check paystubs, Hardship Letter, income tax etc. And I was told that this will put the foreclosure process on hold until an appoval is made, they said it will take 60 days to complete, but I was still recieving notice that my house was being sheduled for a Sheriff sale from Chase Attorneys, this was tricky because I had to keep calling Chase to stop the sale because I was told that once in Review for a Modification all Sheriff sales should stop. The attorneys finally got the memo and adjourn the Sheriff sale until a decision was made. So here is a breakdown of my successful loan Modification Approval: On 4/21/2008 I submitted my paperwork. I wasn't told that I had to keep calling, but after a month and no news, I called again and spoke to a Rep. that said my loan was being reviewed and that I should keep calling every two weeks for an update this was on 5/23/2008. Between this time I kept getting different loan counsellors until I finally realized that any Rep can give me a status. On 6/02/2007 I called again and was told that my loan was in underwriting, but nothing has change, should keep calling back and the process is gonna take 90 days now. Called again on 6/12/08 and the rep told me that the account hasn't been assigned to an underwriter, but is in the right department. I called Chase again on 7/02/08 but their office was closed, they were updating their system, so I called the next day on July 3, 2008 and the rep told me that everything is being reviewed and that I should keep calling every 2 weeks. Called again on July 21, 2008, no new updates keep calling On August 14 I called again and spoke to a very nice young man, but still no new information On September 8 I called again, of course I wasn't expecting any new information, but I still gave it a try... Me: "Hi I'm calling to get the status of my loan modification" Rep: "Congradulations you've been approved" at this point I was speechless, he then told me to allow 2 weeks for my paperwork from FedEx. He really didn't want to give me much information about the terms if the modification, but he did tell me that I have to pay a downpayment of $4,350.00 and that my interest rate is very low and I would be happy. He wouldn't tell me if my new interest was still adjustable or fixed. He also told me that my first payment will be November 1. Now I'm here just waiting for the FedEx package from Chase... Thank you Chase for the approval... I'm very happy, but a little scared cause I still don't know what to expect... All this hard work is finally paying off... Can anyone tell me if I'm finished with this process or should I prepare for more work? What are all the steps involved with a Loan Modification with Chase? Thanks Kevin in NJ