Third Attemp On Chase Loan Modification In Two Years????

by Confused
(Indiana, USA)

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Third Attemp On Chase Loan Modification In Two Years????

I have tried for three Chase loan modifications in the past two years. We were not behind on our 1st or 2nd mortgage when we first tried to modify our loan but my husband's income was dropping and we were in interest only loans on 1st and 2nd mortgages.

Chase denied loan modification after 9 months because we were not behind on mortgage payments but did show a hardship.

The Chase loan modification on the 2nd mortgage kept telling us they could not do anything until the loan modification on the 1st Chase mortgage was decided.

We reapplied for mortgage loan modification for the second time and were again denied.

We paid mortgage payments on time with my parents help, but finally said no more assistance and decided we could not pay our mortgages.

We met with a couple of advisers on our financial situation and were advised to continue trying to modify or possibly file Bankruptcy.

My husband, a self employed real estate appraiser, saw the down turn so tried to be proactive with the first two Chase loan modification requests.

We had to find another income so started another business a year ago.

We did try to refinance before our first Chase loan modification requests but our house value declined and owed more than our house was worth. $230,000 on 1st Chase mortgage and $90,000 on 2nd Chase mortgage with home value around $250,000 at best.

Finally, we sent in everything for our third Chase loan modification request a year ago.

Just like past years, Chase keeps requesting additional documentation. Chase has over one year of bank statements, tax returns, etc. on this loan mod request and still no word on if they will do a modification or not.

The modification on the 2nd mortgage kept stating they will not modify until the 1st mortgage is modified.

I just found out a day or two ago, the Chase 2nd mortgage has been charged off and today received another request for a 4506T since the one Chase has on file is outdated.

Not sure what to do now? We have tried to do this ourselves and after two years of trying to modify, I am exhausted with the whole process.

I just want an answer on this final modification.

I have had 3 acct managers. Never was there ever mention of a charge off from Chase. Last I talked to my account manager for the 2nd, she said to contact her when the 1st has decided.

I don't know what to do since the charge off has been place on the second?

So frustrated with how long I have been working on this?

I understand why people say its easier to just let it foreclose... Thanks for listening.

Chase Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

This is a tough one since interest only loans often modify to higher payments as they include principle payment. Charging off the second may make it possible to modify the first now if you can afford the monthly modified payment.

It sounds like you stopped paying your mortgages completely, which is fine but you need to be setting aside what you can afford for mortgage payments and do not spend that money. You will need that to deal with Chase or have the money you need to move into a new place as a last resort.

Stop Paying Credit Cards Before Mortgage If You Want To Modify

One point I should bring up, if you stop paying your mortgage you should stop paying credit cards. Chase will not modify your mortgage if you are paying off cards. Unsecured credit comes after secured credit in priority as far as Chase or any mortgage lender is concerned.

Yes, that will increase the stress level but you can get an investor to buy the defaulted debt, after two months, then pay him off at much reduced pricipal, interest and payments in 2-4 years, which will stop the collection calls. (Just get a credit repair service after the modification and credit card handling)

Run A Net Present Value - NPV Test To What Options You Really Have

Download the NPV Test spreadsheet and play with the variables to see your options on lowering payments and getting a loan modification approved.

The playing with the variables on the NPV Test will be very revealing to you and really let you know exactly where you stand financially. (This test is based on the HAMP model and is downloaded from the FDIC site.)

You might also want to see what you can do to lowering your property tax and lowering home owner insurance costs.

You also sounded like you are about at the end of your rope with the whole process but if it really is possible to save your home you may want some professional help so go ahead Apply for No-Upfront Fee Hardship Loan Modification. (you can also check off on the application regarding credit card handling, vehicle modification and bankruptcy to see what you are eligible for.)



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