Chase in Arizona

[OneLife]

Hello everyone,
I would like to ask you, guys, if anybody had a successful mod with Chase on the second house (not a primarily house) in Arizona?
Currently we are in the situation where the law firm took $6000 for their service on our two houses for the loan mod and 5 months later closed their doors. We lost our money as many as other trusting people who paid for the services that never received. Also we still can't get our files from them. So, from now we are on our own.
The process with GMAC on the primarily house is moving along. We are waiting package from them for the new mod loan. I really hope that we get the papers in time (before october 1st) before paying our new mortgage
amount.
The story with Chase is about to start for us. We have been told before by Chase rep. that they don't do mod on the investment property and it is our problem what to do with the payments. Every year our mortgage is increasing by 10% and we are getting a growing negative balance of the loan each year. In this case we cant keep up with those numbers and rental doesn't pay off all expenses. We are ready to walk away from this house in Arizona, but before doing it wonder if we have a chance to get a reasonable mod of loan at all???? We are late on our first payment.
Thanks everyone for your comments.

[Evan Bedard]

Hi Onelife welcome and thank you for joining the forum.

We are ready to walk away from this house in Arizona, but before doing it wonder if we have a chance to get a reasonable mod of loan at all???? We are late on our first payment.
Thanks everyone for your comments

It is going to be very difficult achieving a modification on your second property but it is not impossible. I would suggest to continue trying to modify the property as long as possible. If it just absolutely does not work out you may want to consider a short sale on the home. Always make foreclosure the last option possible...

[OneLife]

Even Bedard, thank for the response. Short sale won't work simply because we owe $315,000.00 for the house. Real selling price for it between $150,000.00-170,000.00. Short sale is pointless in our case.

[Evan Bedard]

Ok yes you are right, I did not know the value had lowered by that much.. If you download our free e-book it will help you begin the process for a modification. I would continue trying for a mod because that may be your last option other than walking away. It is going to take a long time to complete the process so you must have patience and also you must stay on top of your lender like white on rice. Many times people will get denied because of lack of follow calls to their lender...