Chase Home Loan Modification Application - Hardship Letter

[Down and Out in SJ]

Greetings!

Location: San Jose, CA

Purchased a 2/1 condo in August of '05 for $365k.

1st: 5-year ARM @ 5.125
2nd: 15-year ARM @ 6.875

In the past 2 months I've seen 2 units sell on my block for $185k and $180k. I'll save the sobs because my story is very similar to a lot of people on this board.

Chase made available a form that Chase customers could fill out, called a Borrower's Assistance Form. In it there's a section to describe my hard ship.

So...this thread is going to be kind of all over the place, but...

1) How many of you suggest just walking away from the place? I've lost ~50% on my investment at this point, and I feel like I'm throwing money away.

2) What would be a good write up for a "Hardship" for someone who...really doesn't have a hardship per say? Can anyone supply me with some examples?

3) I've got a lot of reading to do here, but I was hoping someone could maybe summarize some of this content, and forward me to a specific portion of the site.

Thanks in advance!!

[Evan Bedard]

Hi Downandout,


Welcome and thank you for joining the forum..



Check out this link there is many examples for you to follow :Examples of a Hardship Letter

[Down and Out in SJ]

Hi Evan,

Thank you much for the reply.

I will definitely check out the link; I have a feeling this is the start of a long and bitter-sweet relationship with your forum

Take care.