| Re: Modification Nightmare
Hi ***,
Thanks for responding so fast. My loan is a 2 year fixed with a variable rate feature. My annual percentage rate is 10.8544
after 24 months my loan starts to adjust every 6 months. The first adjustment was in September the next one will be in march. I am not paying interest only. my first mortgage is with Chase bank and then i have a second with the seller for 131000.00. When I applied for my modification with chase I explained to them that we were struggling with the payments and that we were told by our loan officer that we could refinance the the first and second loan within the 2 years before it would start to adjust. We tried to refinance in January of 2008 and were declined thats when I started to panic and I started calling chase. Back in January my credit was great I had not had any late payments on any odf my bills, but now my credit is not in good shape. I have been hit hard from this econemy situation my business has suffered and are revenues are down I explained the situation to chase in my hardship letter I dont understand why they came back with this offer but if this is all they can do for me I will have to let our home go. I have depleated all my resources , savings etc. I am holding on by a thread if they dont help me I have no choice.
Thank you for your help , Mike |