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.
Run a complete loan modification analysis to see all your home loss mitigation options not just your HAMP eligibility. Use the same data base and information that the lenders use to analyze if they make more money by modifying or foreclosing. See exactly what your lender will use and get a complete report of each home loss mitigation option you qualify for. Use this powerful tool to prove to your lender that they will make more money by modifying.
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.
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