Sunday, May 2, 2010

Step 8

Out of frustration we called the "HOME OWNERS HELP HOT LINE: 1-888-995-4673".  We called Chase Bank in a 3 party conference cll to ask why we were expected to pay 55.67% of our monthly income for our house payment.  We were transferred to the Loss Mitigation Department because they thought we were already in foreclosure.  We told them that no foreclosure proceedings had yet been initiated.  After a minute Pam of Chase Bank's Loss Mitigation Department came on the line and said, "Your are qualified for the Obama Plan at a rate of 31% of your combined monthly income, which will be $1,100.00 a month.  We will send out the agreement by FedEx and you will get the paperwork soon.  If you don't get it in a couple of weeks call us every two weeks until you get it."  I asked Pam again to verify that we qualified for the Obama Plan and our monthly payment of $1,100.00 and she did.  The HOME OWNERS HELP HOT LINE Counselor was also on the line and made notes.
According to other people I 've talked to, they send in their payments, but don't get any documents at the end of 3 months.  And every month, when we make our payment by certified check,  sent by certified return receipt requested, we will also send another complete Financial Information Packet, updated to the latest full month. 


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