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Please do not misunderstand me, we want to own our own home but also want to be happy with the home we own and live in. What happens if we turn down the offer..
We get foreclosed on, we move and probably never are able to buy a home again?
Chase puts on our credit the remaining balance after what they can get for it? |
If you turn down the offer it is possible you may be able to get another modification, but it is very unlikely. You can try to sale the home through a short sale which will have less of a devasting affect on your credit.
If your home goes through foreclosure your lender will more than likely issue you a 1099 for the deficiency balance..