Loan Modification Forum - LoanSafe.org - View Single Post - Chase Loan Modification - Pre-qualified!

Kalvin09 · 04-03-2009, 11:51 AM

Dan/ ***:

At last I heard from my loan analyst today. She says that I will be put on a forebearance for 3 months with 31% DTI payment. After the 3months, and after the Obama's plan is clear, they will consider for a loan modification.

But these 3months, I will be reported as late payments to credit bureaus.

How is this helping? I think these banks are using the rules, so that they can get money from consumer as well as the Government.

If I agree to this forebearance, my credit score will be hugely affected(I guess) and then my credit card companies(some of them with Chase) will end up raising the interest rates to 30%.

If I do not agree, then I have to pay the 1900 dollars monthly. Can I request Chase that I will pay my taxes directly and to remove from their payment? Do you think that is possible?

Please let me know.

Thanks,

04-03-2009, 11:51 AM	#8 (permalink)
Kalvin09 Senior Member Join Date: Mar 2009 Posts: 69 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chase Loan Modification - Pre-qualified! Dan/ ***: At last I heard from my loan analyst today. She says that I will be put on a forebearance for 3 months with 31% DTI payment. After the 3months, and after the Obama's plan is clear, they will consider for a loan modification. But these 3months, I will be reported as late payments to credit bureaus. How is this helping? I think these banks are using the rules, so that they can get money from consumer as well as the Government. If I agree to this forebearance, my credit score will be hugely affected(I guess) and then my credit card companies(some of them with Chase) will end up raising the interest rates to 30%. If I do not agree, then I have to pay the 1900 dollars monthly. Can I request Chase that I will pay my taxes directly and to remove from their payment? Do you think that is possible? Please let me know. Thanks,