Loan Modification Advice From Third Party Killed My Chase Modification - I Want To Keep My Home

by Jacqueline OHare
(Hesperia, CA)

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>Loan Modification Advice From Third Party Killed My Chase Modification - I Want To Keep My Home

I refinanced in 2006 to build onto my home and took an additional loan on my 401k at $700/month. I have another 10 months before the 401k is paid off.

I have been trying to get Chase to work with me for a very long time. Each time I called for help after receiving letters stating I should call if I might have trouble making the payment.

Each time Chase stated that there was nothing they could do to help me.

After a year and half of struggling with the payments, I contacted a third party to help. Seems they were able to work with Chase but there was a mix up and I received a Notice of Sale on my garage while trying to work out a modification for 10 months. I was informed by the third party that when they contacted Chase, they had misplaced the request and that they were sorry.

After that I received a Chase mortgage loan modification package with the trial period payment schedule for 10/2010, 11/2010, and 12/2010.

The third party told me the final Chase loan modification agreement would come in December with new terms of 2% for 40 years with a minimum reduction of $50,000.

When the new terms came in December, they were not even close to the terms I was told about. The loan closure date was the same (30 years from the original agreement) with 5.75% fixed (which is better then the adjustable I had) and balance increase to include all the interest and fees accumulated over the process (additional $25,000) with a $20,000 drop in the balloon payment due at the 30 year expiration date of the loan.

I asked about the change in terms and she said she was going to send Chase an extensive document about why the terms are not acceptable and I should continue to make my trial period payment. (5 so far, six wasn't cashed yet)

Chase notified me that my loan was in jeopardy if I didn't respond about the final paperwork. The third party said this was normal and not to worry about it (which was extremely bad advice), that if Chase refuse she would just start over and apply again.

While this was going on, the same third party had been helping my Step Daughter and her family with a modification. I was told that they didn't know the modification had been refused and they received a notice about the sale through an eviction placed on the house.

I immediately tried contacting my third party (who I believe has skipped town). No answer on any of my phone calls and emails. My husband even showed up at the house of the third party and did not get an answer. Also left many notes all over the doors to the house to contact up.

I received a notice to call the Chase's assistance department for help. I called Chase and spent many hours being transferred around and disconnected. I explained that I had no idea what was going on and wanted to know my options were.

I was informed there was a hard denial on my account and that I would never be able to apply for modification again.

My husband spent another 6 hours being transferred around, insulted, and disrespected. He tried to explain the situation. 90% of the reps had heard the same story over and over again and didn't want to hear it from him.

My only options are to reinstate ($26,000+fees) or liquidate.

I do want to keep my house and I would do anything right now. But I have no way to pay the lump sum they requested.

Is there any hope.

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

My first advice is >apply for No-Up-Front Fee Hardship Loan Modification to see if you qualify.

If Chase sent a government loan modification program offer, such as HAMP, they will not make the same offer again if you turned it down. The agreement Chase offered was not bad if it lowered the payment and you could afford the new monthly mortgage payments.

If the Chase loan modification offer was made under HAMP but did not follow the government guidelines (this happens very often) it may be possible to have it corrected and accepted by Chase.

When To Accept A Chase Loan Modification Agreement

This should have been gone over with you before a counter offer was made to Chase. You possibly could have had the fees, penalties and additional interest waived but if the new payments already offered are affordable it is best to accept the offer.

Making a counter offer to the first loan modification agreement is common practice but not always needed if the first offer will make it possible to keep your home.

If the first offer raises your payments or is still too high and unaffordable then make a counter offer but do it immediately. This is not a matter of getting the best deal possible, it usually is a matter of keeping your home or losing it to foreclosure.

Word Of Warning On Loan Modification Guarantees

No one can guarantee the interest rate and principal reduction a lender will modify your loan to. If you pay an upfront fee a money back guarantee can be made but this is not the same thing.

Chase or any other lender very rarely, if ever, make principle reductions on first mortgages (I have heard of it but I have never seen it). Principle reduction is more likely to occur on a 2nd mortgage (this I have seen and is not uncommon).

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