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CheatedByChase · 07-16-2009, 12:29 PM

I posted my story in the Chase thread under "Time to walk away from Chase" but the short version of it is that my husband and I were just told that we don't qualify for the HAMP modification. I suspect this means that foreclosure is fairly imminent.

Here are my questions:

We live in GA, which I know is a recourse state. What are the odds that they will come after us for a deficiency judgement? We have a Fannie Mae-owned loan that is serviced by Chase. No seconds and it is our primary (and only) residence. The house was appraised at $214,000 three years ago, but we owe $189,000 now and I'm sure that the value of the home has dropped. It does have PMI.

If they do come after us for a judgement, can we file bankruptcy to avoid paying it? Our credit, which used to be perfect, was trashed during Chase's little "forebearance" stunt. We owe about $4,000 in credit card bills and $15,000 on a car loan; we are not behind in any payment but the mortgage.

Lastly, is it worth it for us to wait after the foreclosure to be offered cash-for-keys? Do they do that in GA or will they just evict us?

I hope someone can answer these questions. I have been on this painful, sickening journey for almost a year now and I am exhausted. I just want this to be over with, and I don't want them to come after us even after they have our house. After all, we wanted to make our payments ... we did everything they asked us to do and they still denied our request for a mod. I feel as if I've been robbed, honestly, and I don't think I can take it if they try to do it twice.

07-16-2009, 12:29 PM	#1 (permalink)
CheatedByChase Member Join Date: Jul 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Please answer these questions I posted my story in the Chase thread under "Time to walk away from Chase" but the short version of it is that my husband and I were just told that we don't qualify for the HAMP modification. I suspect this means that foreclosure is fairly imminent. Here are my questions: We live in GA, which I know is a recourse state. What are the odds that they will come after us for a deficiency judgement? We have a Fannie Mae-owned loan that is serviced by Chase. No seconds and it is our primary (and only) residence. The house was appraised at $214,000 three years ago, but we owe $189,000 now and I'm sure that the value of the home has dropped. It does have PMI. If they do come after us for a judgement, can we file bankruptcy to avoid paying it? Our credit, which used to be perfect, was trashed during Chase's little "forebearance" stunt. We owe about $4,000 in credit card bills and $15,000 on a car loan; we are not behind in any payment but the mortgage. Lastly, is it worth it for us to wait after the foreclosure to be offered cash-for-keys? Do they do that in GA or will they just evict us? I hope someone can answer these questions. I have been on this painful, sickening journey for almost a year now and I am exhausted. I just want this to be over with, and I don't want them to come after us even after they have our house. After all, we wanted to make our payments ... we did everything they asked us to do and they still denied our request for a mod. I feel as if I've been robbed, honestly, and I don't think I can take it if they try to do it twice.