Juan came to see us on August 1, 2013. They had a sale date for August 8, 2013. They were 2 years behind on the mortgage. The delinquency started when Juan lost his job in 2009 and did not become re-employed until 2011. During this time however the taxes, which were always escrowed, were not paid by Chase Bank, and the property was sold at a tax sale.
So while Juan was on unemployment during this time they also had to hire a lawyer to keep them from being evicted. They had been paying on the mortgage during this time because of Juan’s wife, Reyna, who is not on the mortgage, but does contribute 100% of her self-employment income towards all household bills. On July 2, 2013 we had called and talked to the servicer and they had told us they would not be able to stop the sale at this point in time, because of how close to the sale date we were already.
Over that weekend Juan and his daughter went into the local branch and talked to Neeshond who got Chase to push back the sale date 30 days and review them again for modification. We then talked to the single point of contact who was requesting several additional documents. We submitted the new modification through Hope Loan Port in September of 2013. The file was then submitted to underwriting in October 2013. The sale date was pushed back to November 2013.
While the File was under review the sale date was changed several more times and additional documents were requested and additional questions were asked over the next several months. Reyna talked with Judith, the new single point of contact, that they were denied modification again because there was not enough income. This however was not the case since they could show that they could support the current payment and even a possible increase in payment of a modification. They were told that their only option at this point would be some type of repayment plan with a large down payment of between $15,000-$17,000.
In May 2014 Chase was saying that they were denied due to not enough income, we escalated the case to HUD-NCS. We also at this point had to submit a new RMA to Chase since they were denying them based on not enough income. By June of 2014 the file was back into underwriting and should have a decision in 30 days. The sale of the property was also suspended for the 5th time by this point. Also in June of 2014 the foreclosure activity on the property was suspended while they were reviewing the file.
In Sept. 2014 and October 2014 additional income documents were requested, there was some confusion about Juan’s employment status. In November of 2014 we were informed that Chase had made a decision on the most recent request for modification. After almost 2 more months of Chase not needing any documents and not giving us any updates, Juan was approved for a HAMP trial modification in January of 2015.
In May 2015 they received permanent modification documents. The new interest rate is 3.5%for 30 years and their new payment is $1,129.52.