Loans, Debt & Credit - View Single Post - Joining the "You do not Qualify" club. Questions.

dnathan · 08-13-2009, 12:50 PM

Hi Priv8Pilot,

We just got the same letter with the same verbage about equity. Since Chase offers no accessible "Guidelines", it's something they made up to shovel our requests off their desk.

How much have you paid in equity?

We bought our home for $440 with two loans and paid one off. The remaining loan is $305K interest only. We're upside down with our home worth $265. If they have to sell our home at $250, say, they will walk away with $385K in value -- a gift from me.

A guy who works at Chase says they don't look at current home value when considering equity, just what you've paid on the loan. Their primary consideration is how they will come out when we foreclose.

If you stopped paying, you would proverbially put the gun to their head, and they would decide who had the bigger gun. IMO, your equity is the deciding factor.

08-13-2009, 12:50 PM	#10 (permalink)
dnathan Member Join Date: Apr 2009 Posts: 25 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Joining the "You do not Qualify" club. Questions. Hi Priv8Pilot, We just got the same letter with the same verbage about equity. Since Chase offers no accessible "Guidelines", it's something they made up to shovel our requests off their desk. How much have you paid in equity? We bought our home for $440 with two loans and paid one off. The remaining loan is $305K interest only. We're upside down with our home worth $265. If they have to sell our home at $250, say, they will walk away with $385K in value -- a gift from me. A guy who works at Chase says they don't look at current home value when considering equity, just what you've paid on the loan. Their primary consideration is how they will come out when we foreclose. If you stopped paying, you would proverbially put the gun to their head, and they would decide who had the bigger gun. IMO, your equity is the deciding factor.