Last Hope with EMC Chase Mod: NACA

[Stressed_EMC_Customer]

Well, we're about to give up with EMC Chase modifying our loan. We have been at it since October 2008. They still have the same story that our file is in underwriting since June. Our negotiator never returns our calls, we complained to Fannie Mae, wrote to our senator, etc.

We are going to attend the workshop with NACA tomorrow. Are there any success stories with them or any tips? We haven't received a confirmation for registering for the workshop from NACA (is that normal)?

This is our last effort, it is a totally consuming and draining process and we can't take much more.

[Hodgini66]

If you absolutely cannot afford the payments and you are subprime or just suffered an interst rate reset and especially, IF the house is upside down, what do you have to lose by stop paying?

What I am suggesting is playing hard ball.

Either that or pull your hair out trying to pay for something you will lose in the end anyway?

Your credit will sufffer and possible foreclosure could follow, so proceed with caution.

[Stressed_EMC_Customer]

We can make 1 more payment without being late. Of course, we are living on credit cards though (and have been for some time now). I figure one more payment on time and we'll have no choice but to be late or stop paying (since credit cards are close to maxed out). Did you stop paying? If so, for how long and what have they done?

[Chased around and around]

Stressed, I myself stop paying in Feb. I did just recently pay my second loan payments in June and July. The chase woman who is working on the second said if I did make a payment it would keep the loan from getting charged off and going to the loss mitigation dept. I really don't see how they can charge off a second when it's not a line of credit. Plus she slipped and said they cannot foreclose on the second.

No talk of a payment plan just yet so I will not make anymore payments til I see a NOD.

I also was using my CCs to help us get by, after three years I came to the conclusion this is not the way to live, mortgage poor and month to month.

As I see it now, they will have to work for me since I am no longer attached to this condo...

[Hodgini66]

Careful folks...

As soon as you miss the house payments, one month later your Credit Card rates will jack up to 29.99% like mine did. They'll probably also start charging your over-balance fees as well, right after they lower your credit lines due to "credit profile" related information. Be prepared for those letters too, just don't react too much. We as a nation ARE now in a credit crunch.

Stop the hemmoraging of using credit cards.

Save your precious blood for another fight and another day.