Help with mortgage that is held by a private investor

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Nyalima
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Help with mortgage that is held by a private investor

Post by Nyalima » Wed Dec 29, 2010 8:48 am

I have a bit of an unusual problem with Chase. I applied for help back in Apeil 2010 after I became unemployed. Was making payments until August when I defaulted. During that time keep in mind my paperwork was hidden under a pile of other borrowers seeking help. I was deligent, called every week to see how things were going and as many of you know it is a series of getting inconsistent and misleading information from different people not to talk of the numerous times I had to refax paper work that was already there.
Finally a relationship manager calls me last month to resend in current bank statements, I did so the very next day. Last week I called to see how everything was going since I never heard back from her again(RM). The rep on the phone informed me that the underwriter denied me of a modification since I don't have stable income. I could've told them that all this time since that was not what I was trying to get. I thought I was being put on a special forbearance until I found a stable job. He said the underwriter advised them to put me on a forebearance plan. He told me my RM would call me to explain what that entails. Well, she never called.
Yesterday, I decided to be deligent again and call. I was told to refill out another set of paperwork for the special forbearance for the unemployed. At this point I am furious. I called again and was given the same info, I spoke to 6 people who told me the same info, reason being based on experience I can't take one person's word for it. It wasn't over, I decided to call again, this time a 7th person, this is what she said "based on the condition of your loan because its a private investor who owns it, they don't participate in a forbearance plans". At this point I am even more furious. I asked her why and as carefree as ever she answered "they just don't, but you are free to send in the paperwork if you want but they can't put you on that".
My question is at this point, what are my options, what are they talking about and what should I do? I'm 6 months behind, I've been seeking help since April. I live in Indiana by the way.

Thanks.

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Re: Help with mortgage that is held by a private investor

Post by Admin » Tue Jan 04, 2011 10:15 am

Sadly you situation is all too comm on. Lack of response from banks, lenders, etc., even major banks like Chase. There are some programs and agencies in Indiana that may be able to help you. Here is a good summary. For example, options and organizations like the Indiana Foreclosure Prevention Network, a non-profit known as PathStone, Homestead Consulting Services. This like has info on these agencies, and also further explore the main site of needhelppayingbills for many mortgage and foreclosure programs. You can even try a non-profit law firm. Get info on them in Indiana using the nav bar on the left on the main site.
http://www.needhelppayingbills.com/html ... _fore.html
Nyalima wrote:I have a bit of an unusual problem with Chase. I applied for help back in Apeil 2010 after I became unemployed. Was making payments until August when I defaulted. During that time keep in mind my paperwork was hidden under a pile of other borrowers seeking help. I was deligent, called every week to see how things were going and as many of you know it is a series of getting inconsistent and misleading information from different people not to talk of the numerous times I had to refax paper work that was already there.
Finally a relationship manager calls me last month to resend in current bank statements, I did so the very next day. Last week I called to see how everything was going since I never heard back from her again(RM). The rep on the phone informed me that the underwriter denied me of a modification since I don't have stable income. I could've told them that all this time since that was not what I was trying to get. I thought I was being put on a special forbearance until I found a stable job. He said the underwriter advised them to put me on a forebearance plan. He told me my RM would call me to explain what that entails. Well, she never called.
Yesterday, I decided to be deligent again and call. I was told to refill out another set of paperwork for the special forbearance for the unemployed. At this point I am furious. I called again and was given the same info, I spoke to 6 people who told me the same info, reason being based on experience I can't take one person's word for it. It wasn't over, I decided to call again, this time a 7th person, this is what she said "based on the condition of your loan because its a private investor who owns it, they don't participate in a forbearance plans". At this point I am even more furious. I asked her why and as carefree as ever she answered "they just don't, but you are free to send in the paperwork if you want but they can't put you on that".
My question is at this point, what are my options, what are they talking about and what should I do? I'm 6 months behind, I've been seeking help since April. I live in Indiana by the way.

Thanks.

Halperin
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Re: Help with mortgage that is held by a private investor

Post by Halperin » Sun Aug 02, 2015 1:07 pm

Hello,
I recently got behind on my mortgage. I do work and just need help to get caught up. I can do a repayment program if that exist. I am not asking for charity, just a little help to pay off this investor. I need 2300.00 for last month and this month. I am at 50% disability. Thanks.

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