Trial Loan Modification For 11 Months And Repayment Plan
We have been in a trial modification for over than 9 months. Yesterday I received a letter from Chase with a repayment plan which is not help.
I have no idea what to do.
The repayment plan would be good if the economy changes in the next 5 years.
Unfortunately we are in a landscape business which is being hit very hard. Our income can change at any moment. My boss called us saying that he definitely will have to decrease my salary. Chase just sent me this letter for the repayment plan:
- Next 5 years with a lower interest at 2.87% interest rate
- Year 6 at 3.875% interest rate
- Year 7 at 4.875% interest rate
- Years 8 - 25 at 5.250% interest rate
Chase did not change the term of years for the contract, but I feel threatened by not knowing what is going to happen with my income since the company we work for is under the threat of closing.
If I signed this paper and the company closes, what piece of mind can I have?
If the company does not close and in 5 year we did not get any better financially I will be in a some situation that I am today.
Is there anyone that could give me an advice?
Chase Mortgage Loan Modification Answer:
by Chase Mortgage Loan Modification Expert - Dan North
The first question to ask yourself is "Can you afford the modified payment Chase is offering you now?"
If your mortgage interest rate currently is more than 5.250% this is a loan modification that sounds good. The bottom line is can you afford to make the payments for the next year?
If you know that your income will be reduced and know how much it will be reduced you can counter offer with the what your future gross income will be and ask that Chase make the modification based on that. That would lower your payment and may also extend the length of your loan. NOTE: There is the possibility that with another reduction in income Chase may no longer approve a modification
. With that in mind you have to decided if what Chase is offering right now is affordable even with the threatened income reduction. If you can not afford that payment, with the next income reduction, then you have no choice and do need to make a counter offer to lower the mortgage payment to an affordable amount.
You have done pretty well on getting a modification on your own so far but if you want some help in hiring a professional negotiator to get the modification you really need then contact me
. If you just want some more help so you can do it yourself get this Do It Yourself Loan modification Kit
. This is a kit I highly recommend.
If you need something in between the two above options contact me
and I can provide some other options.
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