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I Requested Loan Modification But Chase Increased My Monthly Payment

by Shelly
(San Diego)

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.


Mortgage Loan Modification Answer:

by 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.

Go to the FasTrac Hardship Loan Modification Pre-Qualification Form and completely fill out the form. I want to see what you actually qualify for on a loan modification, even if you can now make the $2100 monthly payment, requiring a repayment plan is a valid hardship and by itself would qualify you for a hardship loan modification.

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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