Replies to This Discussion

Permalink Reply by joe beauchamp on August 15, 2011 at 11:00am

I would **love** to hear about the value and successes of efforts like you mention.  Anything that helps level some of the playing field with the <fill in blank> people who took us all to the cleaners would be great to hear about.

A couple of things here - you might have success with a forensic audit.  A lot of loans were improperly handled by mortgage companies - skipping federal laws, etc.  The audit looks for these illegal activities of the mortgage lender.

2nd, go to the basics to look at your situation.  I am unfamiliar with your situation and would want to get more background.  This was charged off and sold, meaning, that Chase sold the debt for pennies on the dollar to LBPS.  Charge off jerks generally leave out any ethics - both to the homeowner's detriment and their own.  They play hardball which does not optimize their payoff, but they think it does.  So, if you owe $100K, maybe they pay $30K maybe $10K, I don't know, but they would make a ton of $$ if you paid them what you owe.  They also think that a quick payoff at $10 is much better than a commitment to pay $100 over 2 yrs, etc.  Poor logic, but they expect you to do a BK or skp town or something, so a quick $1 is safer in their minds than a monthly payment.  If this is accurate, knowing it gives you an edge in talking with them.

Collection types come in different varieties - total jerk - stupid, thinks a ball bat is they way to bargain, like talking to a wall.  Way at the other end is the guy (usually manager or higher) who can understand that on average, they make very little, or the bank would have kept the loans, and that if you are offering to pay them in full, eventually, they are on top of a gold mine.

When you talk to them, listen more than talk - what is this guy's triggers?  He keeps pushing for a quick 1 time payoff - is that what gets him the bonus (probably)?  What can scare him?  Wasted time with $0 and a rap on the head at the end of the month from his mgr. 

If you don't understand why he says something, ask - be nice, look for as much info as you can get.  If you understand what he is saying and have gone through your numbers, you can probably point out how an aspect of what you are offering is better than what he expects.  $X/mo to his credit.

He is not prepared to be reasonable - will likely come back with some big payoff now (which actually would be cheaper to you in the long run - too bad you can't do it and make him happy while paying him LESS.  And this will bring you to that point where he has an absurd demand and you can't do it.  Straight forward, no waivering, no whining - no, I cannot do that.  I did not want to do a bankruptcy - I wanted to pay what I owe but you make that impossible.

The "normal" collector will walk it right up to the wall and lose getting anything.  If you find this dead response, after time for him to really respond, ask for / demand his manager.  Again, escalate only after being nice doesn't get you there - you want to hear the manager confirm what this guy says (telling him something like that is more likely to get you to the manager than calling him a jerk and demanding to talk to his manager, right?).  Some of this is to understand that frequently, if you have a nimrod in the way, you can get around him.

Other than this somewhat generic info, I can't help much.  Good Luck!

 

Permalink Reply by Barbara Wing on August 15, 2011 at 1:05pm

Wow Joe, I really appreciate your comments.  When I mentioned that I needed a PERMANENT loan mod with taxes and insurance escrowed, I was told by Seterus to contact my insurance agency and have them send the insurance bill directly to Seterus ??  I was told that this action would save me over $70k in forced placed insurance. 

joe beauchamp said:

I would **love** to hear about the value and successes of efforts like you mention.  Anything that helps level some of the playing field with the <fill in blank> people who took us all to the cleaners would be great to hear about.

A couple of things here - you might have success with a forensic audit.  A lot of loans were improperly handled by mortgage companies - skipping federal laws, etc.  The audit looks for these illegal activities of the mortgage lender.

2nd, go to the basics to look at your situation.  I am unfamiliar with your situation and would want to get more background.  This was charged off and sold, meaning, that Chase sold the debt for pennies on the dollar to LBPS.  Charge off jerks generally leave out any ethics - both to the homeowner's detriment and their own.  They play hardball which does not optimize their payoff, but they think it does.  So, if you owe $100K, maybe they pay $30K maybe $10K, I don't know, but they would make a ton of $$ if you paid them what you owe.  They also think that a quick payoff at $10 is much better than a commitment to pay $100 over 2 yrs, etc.  Poor logic, but they expect you to do a BK or skp town or something, so a quick $1 is safer in their minds than a monthly payment.  If this is accurate, knowing it gives you an edge in talking with them.

Collection types come in different varieties - total jerk - stupid, thinks a ball bat is they way to bargain, like talking to a wall.  Way at the other end is the guy (usually manager or higher) who can understand that on average, they make very little, or the bank would have kept the loans, and that if you are offering to pay them in full, eventually, they are on top of a gold mine.

When you talk to them, listen more than talk - what is this guy's triggers?  He keeps pushing for a quick 1 time payoff - is that what gets him the bonus (probably)?  What can scare him?  Wasted time with $0 and a rap on the head at the end of the month from his mgr. 

If you don't understand why he says something, ask - be nice, look for as much info as you can get.  If you understand what he is saying and have gone through your numbers, you can probably point out how an aspect of what you are offering is better than what he expects.  $X/mo to his credit.

He is not prepared to be reasonable - will likely come back with some big payoff now (which actually would be cheaper to you in the long run - too bad you can't do it and make him happy while paying him LESS.  And this will bring you to that point where he has an absurd demand and you can't do it.  Straight forward, no waivering, no whining - no, I cannot do that.  I did not want to do a bankruptcy - I wanted to pay what I owe but you make that impossible.

The "normal" collector will walk it right up to the wall and lose getting anything.  If you find this dead response, after time for him to really respond, ask for / demand his manager.  Again, escalate only after being nice doesn't get you there - you want to hear the manager confirm what this guy says (telling him something like that is more likely to get you to the manager than calling him a jerk and demanding to talk to his manager, right?).  Some of this is to understand that frequently, if you have a nimrod in the way, you can get around him.

Other than this somewhat generic info, I can't help much.  Good Luck!

 

Permalink Reply by Enrique Vasquez-Plaza on August 15, 2011 at 1:50pm

Hello Barbara.  Forget about sue my mortgage...

 

LEt me tell you this.  Thank God, your loan IS NOW with LBPS (now Seterus) .  Most seriously delinquent loans are with them now.  I would be very happy! :) They are so much better. Usually 30 days to set you on trial, and final mod, just a week after the 3rd payment. No Relationship manager, and no long waiting...  They are faster and better responsive as well.  They are in my N.2 list after OWB previously Indymac , just because OWB has been in the high spots for longer. 

 

There are a tons of things to keep into consideration here.  

 

The first would be to find out here who the investor is.  This sounds like the investor may be one that is not participating on the program (something that unfortunately Chase continues to do... ) Despite you potentially qualify for a loan mod (because the first reviews are done by the services) at the times it reaches the investor, the investor declines it.  I have a client in your similar situation, (investor is US Bank along with a pool of loans) and he has now opted to do a short sale.  Also, to know that LPBS (now SETERUS) does modification and is a servicer and debt collector.  They do mods  and are actively involved in HAMP and other programs, which you can continue to participate.

 

Secondly, we must know how much you owe and how much is the income you are providing for the workout.  WE must know if is mathematically possible. I have previously provided a chart, but IF you share your loan amount and income provided, I can tell you right away.

 

Third, you mentioned something about the forced placed insurance.  You just get your new policy with whomever you want, and provide all your loan info to the agent (insurance) and if they are good, they will be able to provide the new info to seterus and seterus will make it effective.  A lower insurance payment, will make our overall escrowed payment, lower, and he math will be slightly easier for the servicer.

 

Fourth, you mentioned the delinquency is so high that they may not even modify.  Mmmmm... this sounds like he has no idea what he is talking about.  MOst banks dont have a limit in the numbers of chances you have, but  some others do. You can apply as many times as you want as long as you dont have a SALE DATE.

 

Fifth, I understand all that you are saying.  I used to hate Chase, and I can not deny that they have improved considerably.  As you know, a key factor is being patient and just send the stuff even 1000 times, despite you have lready sent it.  Also, you should make sure the income you are sending is mathematically optimal for the workout.

 

I hope this really helps you, and if you need any help, I am offering you my help for FREE-via this website- so other people may benefit from your experience.  

 

Good luck!

BARBARA WING said:

Wow Joe, I really appreciate your comments.  When I mentioned that I needed a PERMANENT loan mod with taxes and insurance escrowed, I was told by Seterus to contact my insurance agency and have them send the insurance bill directly to Seterus ??  I was told that this action would save me over $70k in forced placed insurance. 

joe beauchamp said:

I would **love** to hear about the value and successes of efforts like you mention.  Anything that helps level some of the playing field with the <fill in blank> people who took us all to the cleaners would be great to hear about.

A couple of things here - you might have success with a forensic audit.  A lot of loans were improperly handled by mortgage companies - skipping federal laws, etc.  The audit looks for these illegal activities of the mortgage lender.

2nd, go to the basics to look at your situation.  I am unfamiliar with your situation and would want to get more background.  This was charged off and sold, meaning, that Chase sold the debt for pennies on the dollar to LBPS.  Charge off jerks generally leave out any ethics - both to the homeowner's detriment and their own.  They play hardball which does not optimize their payoff, but they think it does.  So, if you owe $100K, maybe they pay $30K maybe $10K, I don't know, but they would make a ton of $$ if you paid them what you owe.  They also think that a quick payoff at $10 is much better than a commitment to pay $100 over 2 yrs, etc.  Poor logic, but they expect you to do a BK or skp town or something, so a quick $1 is safer in their minds than a monthly payment.  If this is accurate, knowing it gives you an edge in talking with them.

Collection types come in different varieties - total jerk - stupid, thinks a ball bat is they way to bargain, like talking to a wall.  Way at the other end is the guy (usually manager or higher) who can understand that on average, they make very little, or the bank would have kept the loans, and that if you are offering to pay them in full, eventually, they are on top of a gold mine.

When you talk to them, listen more than talk - what is this guy's triggers?  He keeps pushing for a quick 1 time payoff - is that what gets him the bonus (probably)?  What can scare him?  Wasted time with $0 and a rap on the head at the end of the month from his mgr. 

If you don't understand why he says something, ask - be nice, look for as much info as you can get.  If you understand what he is saying and have gone through your numbers, you can probably point out how an aspect of what you are offering is better than what he expects.  $X/mo to his credit.

He is not prepared to be reasonable - will likely come back with some big payoff now (which actually would be cheaper to you in the long run - too bad you can't do it and make him happy while paying him LESS.  And this will bring you to that point where he has an absurd demand and you can't do it.  Straight forward, no waivering, no whining - no, I cannot do that.  I did not want to do a bankruptcy - I wanted to pay what I owe but you make that impossible.

The "normal" collector will walk it right up to the wall and lose getting anything.  If you find this dead response, after time for him to really respond, ask for / demand his manager.  Again, escalate only after being nice doesn't get you there - you want to hear the manager confirm what this guy says (telling him something like that is more likely to get you to the manager than calling him a jerk and demanding to talk to his manager, right?).  Some of this is to understand that frequently, if you have a nimrod in the way, you can get around him.

Other than this somewhat generic info, I can't help much.  Good Luck!

 

Permalink Reply by Enrique Vasquez-Plaza on August 15, 2011 at 1:55pm

Based on your comment: "Since January 2011, I have been updating my financials with LBPS in hopes of getting approved for a loan" this tells me, there must be a lack of accuracy in what is being provided.  They take less than 30 days with a complete packet.  I have over never seen them take over 1 month to set on trial.  AND even if you have been on trials 10 times, you must go again for an 11th time, unless Obama is your uncle or something...

 

Is just the way it is.  PAtience (although it is easy to say, but this is the way I play they game...)  I dont talk to much, I make my packages I send do the talking. (clean copies, clean checkstubs, clean bank statements, signed page 2 of tax returns, "1040 wording" on 4506-t, check box c, clear W2s, dividers for each section, letter of explanation, and updated financials every 25 days.  

 

Again, good luck!

Enrique Vasquez-Plaza said:

Hello Barbara.  Forget about sue my mortgage...

 

LEt me tell you this.  Thank God, your loan is not with LBPS (now Seterus) .  Most seriously delinquent loans are with them now.  I would be very happy! :) They are so much better. Usually 30 days to set you on trial, and final mod, just a week after the 3rd payment. No Relationship manager, and no long waiting...  They are faster and better responsive as well.  They are in my N.2 list after OWB previously Indymac , just because OWB has been in the high spots for longer. 

 

There are a tons of things to keep into consideration here.  

 

The first would be to find out here who the investor is.  This sounds like the investor may be one that is not participating on the program (something that unfortunately Chase continues to do... ) Despite you potentially qualify for a loan mod (because the first reviews are done by the services) at the times it reaches the investor, the investor declines it.  I have a client in your similar situation, (investor is US Bank along with a pool of loans) and he has now opted to do a short sale.  Also, to know that LPBS (now SETERUS) does modification and is a servicer and debt collector.  They do mods  and are actively involved in HAMP and other programs, which you can continue to participate.

 

Secondly, we must know how much you owe and how much is the income you are providing for the workout.  WE must know if is mathematically possible. I have previously provided a chart, but IF you share your loan amount and income provided, I can tell you right away.

 

Third, you mentioned something about the forced placed insurance.  You just get your new policy with whomever you want, and provide all your loan info to the agent (insurance) and if they are good, they will be able to provide the new info to seterus and seterus will make it effective.  A lower insurance payment, will make our overall escrowed payment, lower, and he math will be slightly easier for the servicer.

 

Fourth, you mentioned the delinquency is so high that they may not even modify.  Mmmmm... this sounds like he has no idea what he is talking about.  MOst banks dont have a limit in the numbers of chances you have, but  some others do. You can apply as many times as you want as long as you dont have a SALE DATE.

 

Fifth, I understand all that you are saying.  I used to hate Chase, and I can not deny that they have improved considerably.  As you know, a key factor is being patient and just send the stuff even 1000 times, despite you have lready sent it.  Also, you should make sure the income you are sending is mathematically optimal for the workout.

 

I hope this really helps you, and if you need any help, I am offering you my help for FREE-via this website- so other people may benefit from your experience.  

 

Good luck!

BARBARA WING said:

Wow Joe, I really appreciate your comments.  When I mentioned that I needed a PERMANENT loan mod with taxes and insurance escrowed, I was told by Seterus to contact my insurance agency and have them send the insurance bill directly to Seterus ??  I was told that this action would save me over $70k in forced placed insurance. 

joe beauchamp said:

I would **love** to hear about the value and successes of efforts like you mention.  Anything that helps level some of the playing field with the <fill in blank> people who took us all to the cleaners would be great to hear about.

A couple of things here - you might have success with a forensic audit.  A lot of loans were improperly handled by mortgage companies - skipping federal laws, etc.  The audit looks for these illegal activities of the mortgage lender.

2nd, go to the basics to look at your situation.  I am unfamiliar with your situation and would want to get more background.  This was charged off and sold, meaning, that Chase sold the debt for pennies on the dollar to LBPS.  Charge off jerks generally leave out any ethics - both to the homeowner's detriment and their own.  They play hardball which does not optimize their payoff, but they think it does.  So, if you owe $100K, maybe they pay $30K maybe $10K, I don't know, but they would make a ton of $$ if you paid them what you owe.  They also think that a quick payoff at $10 is much better than a commitment to pay $100 over 2 yrs, etc.  Poor logic, but they expect you to do a BK or skp town or something, so a quick $1 is safer in their minds than a monthly payment.  If this is accurate, knowing it gives you an edge in talking with them.

Collection types come in different varieties - total jerk - stupid, thinks a ball bat is they way to bargain, like talking to a wall.  Way at the other end is the guy (usually manager or higher) who can understand that on average, they make very little, or the bank would have kept the loans, and that if you are offering to pay them in full, eventually, they are on top of a gold mine.

When you talk to them, listen more than talk - what is this guy's triggers?  He keeps pushing for a quick 1 time payoff - is that what gets him the bonus (probably)?  What can scare him?  Wasted time with $0 and a rap on the head at the end of the month from his mgr. 

If you don't understand why he says something, ask - be nice, look for as much info as you can get.  If you understand what he is saying and have gone through your numbers, you can probably point out how an aspect of what you are offering is better than what he expects.  $X/mo to his credit.

He is not prepared to be reasonable - will likely come back with some big payoff now (which actually would be cheaper to you in the long run - too bad you can't do it and make him happy while paying him LESS.  And this will bring you to that point where he has an absurd demand and you can't do it.  Straight forward, no waivering, no whining - no, I cannot do that.  I did not want to do a bankruptcy - I wanted to pay what I owe but you make that impossible.

The "normal" collector will walk it right up to the wall and lose getting anything.  If you find this dead response, after time for him to really respond, ask for / demand his manager.  Again, escalate only after being nice doesn't get you there - you want to hear the manager confirm what this guy says (telling him something like that is more likely to get you to the manager than calling him a jerk and demanding to talk to his manager, right?).  Some of this is to understand that frequently, if you have a nimrod in the way, you can get around him.

Other than this somewhat generic info, I can't help much.  Good Luck!