Where we are at with Chase

[novemberbg]

We are in the middle of a BK (just some background)
We have been trying to get a mod since February and after going round and round to all the different departments...
We have sent countless emails..
Anyway last week they called and wanted to schedule a conference call with us. So on the call was our negotiator and a bunch of loss mitigation specialists etc on the call.

They basically told us our "new" payment would be higher than what we are paying now!

Long story short, there is nothing more than can do that they have guidelines and have to adhere to them. Its all so ridiculous. Now we arent having a problem getting anyone to call us back but what they propose makes NO sense.
Our current payment is 3687.00 (interest only).
Paid 806k in Dec 2006 (put 20% down)
Loan balance is 698k
Brokers Price Op is 525k

They proposed to us an interest only payment of 3685.00 and then in 5 years it jumps to 4700.00
WHAT THE #%^@%$ Is wrong with these people???
Given the BK, we can just ride this out and walk and they cannot come after us for the balance when we do sell BUT we have to be current (we are now about to be 3 months behind) So we can make up what we owe and stay current and ride thru OR we can stop paying get more attys involved and with a good lawyer not get foreclosed on for a year.

Im heartbroken. I want to keep our house and I love our neighborhood. We have 4 kids (all under 6) and the thought of moving is gut wrenching BUT my husband says we would be stupid to stay, and I see his point too... its just to rent we will pay almost what we are paying now so why not stay and ride it out???

This has been the most ridiculous, illogical process. Why they want this asset back I have no idea.

[diana0806]

Hey novemberbg, i was in the middle of bk13 when i applied for loan mod. In nov. 07. Told 5 months later i needed a relief of stay to get a loan mod. I have been at this for 21months. Read my story. Call executive resolution team. Maybe you qualify for obama plan. Most people at chase, from my experience, talk for there bottoms. Are heartless. E-mail james dimon. They are destroying families. Keep fighting!!!!!!!!!!! I still am. Do not give up hope. I was told one time to live in my car. Nice lady. These people at chase think we have all day to keep calling. Executive resolution team is were i found a great guy who is helping me. We will prevail!!!!!!!!!!

[Blackcandt]

novemberbg,
you are not alone. We are in the middle of Bankruptcy as well and I was told our modification is in final review with their attorneys and will be mailed to us once they ok it. I have no idea what our payments will be and we have six children and the thought of moving is really hard. My husband feels the same as yours and to be honest somedays I do as well. I will not catch up on my payments and reaffirm our home in the Bankruptcy because I will be locked into a payment that we simply cannot afford. How did you get them to even call you for a conference call? I wish you the best of luck and keep fighting.