VA HAMPed by Chase

va loan on a disabled veteran handicap constructed home! I applied thru chase for a modification since refi is a no with the home value gone down in michigan! I’ve waited since april till tomorrow> sept 1 to find out I have a ginnie mae and they work not with the obama modifcation government plan.SOOO turned down ! Recent kidney war related transplant has lowered income with added expenses along with wife becoming disabled which when working was part of the loan finacials soo with her change in income also I could benefit greatly with a moification! WHATS UP with the ginnie mae not being on board?? Dave

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Hello Dave,

The Obama plan for ‘loan modifications’ covers the following:

“The agencies will seek to apply these guidelines when permissible and appropriate to all loans owned or guaranteed by the federal government, including those owned or guaranteed by Ginnie Mae, the Federal Housing Administration, Treasury, the Federal Reserve, the FDIC, Veterans’ Affairs and the Department of Agriculture.” (emphasis added).

One thing I’ve noticed about Chase is that every time you call them you can get a different answer based on the person with whom you speak.

Thanks for the questions and hope this helps.

Paul