Sunday, May 2, 2010

Step 5

Mail the completed Financial Information by FedEx or UPS (up to $40.00) overnight.  It is incredibly important that you have proof that you mailed the stuff.  They often deny receiving information.  They are very large companies and things do get lost.  You must be able to track it and prove that they received it. 
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We sent the first package, as directed, to the lawyer, by FedEx overnight with tracking and so on.  Soon, we received a letter from Chase Bank telling us that our application for a mortgage modification under the HAMP (Obama Plan) was declined 'because we failed to send in the required documentation and information'.  There was a phone number in the notice so I called it.  The bank then said that they did get the information and documents (anyway, we had a proof of mailing) and:
1.  We did not qualify for the Obama Plan,
2.  That we did qualify for the "Special" Chase Bank Mortgage Modification Plan,
3.  That our monthly house payment would be 55.67% of our income, that is, $1,620.00
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That same day, I also received notice from the bank's lawyer that my information was incomplete (we mailed in exactly what the lawyer told us to send in) but that if we did it all over again it would be okay.  This time they wanted 4 months of bank statements (not two).   We now know that the bank can only require two months of bank statements, but at the time we didn't know it and it was no big deal anyway.  But, it was stressful because the bank made us send everything is all over again,   The next day we sent out everything for the second time.  This time I sent out two packets, one to the bank and one to its lawyer.  Of course, everything was sent out overnight, this time by UPS, at some expense with all the tracking I could pay for.

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