CHASE, WHERE IS THE HOPE?

After the news was released on how six of the major mortgage servicers were going to offer a 30 day pause to homeowners that are behind on their mortgage in order for them to work out a loan modification, I thought, finally, The Lenders are joining in the effort and we should start to see good results for our clients. NOT

Let me explain, Leslie was a victim of circumstances, loss of job & car accident plagued her normal existence. When Leslie tried dealing with her Lender directly she hit a brick wall. With a new job in toe Leslie call us to try and work out an agreement with CHASE, to help her keep her home.

Leslie’s expenses exceed her income slightly by $28. When I discussed with CHASE the possibilities of a modification to her loan and reducing her interest rate by ½ % which is currently at 8.65% and still would keep the rate at prime, I was told that they don’t do that. In order for Leslie to reduce her rate she would need to refinance. “She can’t refinance, the value of her home is much less than what she owes” So he says “sorry other than selling her house, I am afraid we can’t do anything for her, she does not qualify for any of our programs.“

Now is it just me or did I read that CHASE along with Bank of America, Wells Fargo, Citigroup, Washington Mutual and Countrywide Mortgage where all part of The Hope Program, so where is the HOPE. A total of $28l is what stands in the way of Leslie being able to keep her home.

CHASE would rather loose thousands of dollars in a short sale or on a foreclosure than modify this loan. When I asked the representative to transfer me to a supervisor he insisted that no one would be able to help me. I argued with him some more, demanded to talk to a supervisor and ultimately he hung up on me.

In a time when other lenders who were not part of the initial Hope Program are slashing principle balances and reducing rates for three years to stop the bleeding, I can’t understand how it benefits a lender not to work with homeowners.

Now in CHASE’s defense, I will say that I have not called back to talk to another representative and although he insisted he was in Ohio I honestly think he was somewhere in the Middle East so I literally may have better luck next time. And we should kep in mind that most homeowners will not call a second time.
S
Stay in touch for my follow up.