I Requested Loan Modification But Chase Increased My Monthly Payment

by Shelly
(San Diego)

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I Requested Loan Modification But Chase Increased My Monthly Payment

I have been in touch with Chase for the last seven months.

Chase has offered a trial period payment for three months however the trial period payment is $400 more then my original mortgage, $2558 vs $2100.

I have not paid my mortgage for 6 months but I am now able to pay my $2100 mortgage.

If they change my payment to $2558 at the end of the trial period I will go into foreclosure.

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

This offer is a joke and is not a loan modification, it is a repayment plan. A loan modification would lower the payment, not increase it.

You need to turn down this offer. Counter offer that you want a loan modification not a repayment plan.

An acceptable loan modification offer would take the 6 delinquent mortgage payments and tack them onto the end of the mortgage and waive all interest and penalty charges. This would make your mortgage current again without a repayment plan.

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A real loan modification will not cause you to go into foreclosure. Since you can now afford the $2100 monthly payment there is no reason that Chase should not grant a real hardship loan modification and if you qualify for a payment less than $2100/month you should take it.

Related Chase Modification Questions & Answers:

• Trial Loan Modification For 11 Months And Repayment Plan
• Chase Loan Modification Agreement Increases My Payment By $1300
• Chase Trial Period Payment Is More Than Our Normal Mortgage Payment
• Chase Loan Modification Denial - No Official Notification of Repayment Plan
• Is Chase Just Wasting My Time? Or Can I Modify My Loan?

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