| Re: Going to attempt a Countrywide Loan Mod, advice needed please
Given the situation on the single family residence being underwater relative to the first loan alone, my sense is you are facing a serious issue with Chase. Frankly they can't be expected to do much relative to the property other than let it go, as you appear headed to do, back to ING through the foreclosure of the first loan. The other problem you face with Chase is that $250K is just too large to fall through the *****s. My recommendation, but you already know that, is to seek the "short sale" path and hope for the best. If you find a buyer, perhaps Chase would be willing for a small portion of the sales proceeds, to go along with the sale and accept the money as a full satisfaction of the debt. It is certainly worth a try.
Your exposure on the condo exists because of the refinance. That exposure, given that the first loan will likely follow a non-judicial foreclosure path (just like the holder of the first will do on the SFR).
My recommendation is that you talk to a bankruptcy lawyer and get some ideas relating to that path. We are talking about sizable debt and there may be some benefit in choosing that path.
Daniel |