Missed Payments with Chase

[azgirl2009]

Due to funeral expenses a couple of months ago, a surgery and other medical expenses, we were unable to make our mortgage payment and are now two months behind. On Oct 1, we will fall three months behind, however we will be able to make 1/2 of the 3 month arrears on October 9th. Does anyone know how long you have until they start the foreclosure process? Our loan is with Chase and we live in Arizona.

[Evan Bedard]

Hi azgirl2009 welcome and thank you for joining.

Due to funeral expenses a couple of months ago, a surgery and other medical expenses, we were unable to make our mortgage payment and are now two months behind. On Oct 1, we will fall three months behind, however we will be able to make 1/2 of the 3 month arrears on October 9th. Does anyone know how long you have until they start the foreclosure process? Our loan is with Chase and we live in Arizona.

The foreclosure process will typically begin once you have fallen three months behind. It may be postponed though while in the modification process..

Are you currently trying to complete a loan modification with Chase?

[azgirl2009]

When we contacted Chase they told us that we could make one payment by 09/30/09, which won't happen because we won't have the funds pulled together until 10/09/09. Then we would make two payments on 10/30/09, which we can do as we have an additional paycheck coming in this month.

We are currently 60 days past due and October 9th would be 69 days. This is when we would pay 1/2 of the total 3 months that is due, the other half at the end of the month.

Do they typically start the foreclosure process when you are less than 90 days?

[caldwellb02]

FYI - they aren't to my knowledge, set up to take partial payments. So if I read you right, you want to make 1.5 months payments. I don't think that will work. It would work better to make 1 payment, then another full payment when you can.......

[azgirl2009]

Gotcha! One payment on the 9th and the other two on the 30th would bring us current.

We are just worried that between now and October 9th they will start the foreclosure process even though we will be caught up by the end of the month.

[Evan Bedard]

Gotcha! One payment on the 9th and the other two on the 30th would bring us current.

We are just worried that between now and October 9th they will start the foreclosure process even though we will be caught up by the end of the month.

Are you just looking to get current on your mortgage, or are you trying to pursue a loan modification as well?

[azgirl2009]

We are just trying to get current. We fell behind due to some unforeseen circumstances and with the extra check in October, we will be able to get caught up. We are just worried that before we can get caught up (October 30th) they will start pursuing foreclosure.

[Evan Bedard]

We are just trying to get current. We fell behind due to some unforeseen circumstances and with the extra check in October, we will be able to get caught up. We are just worried that before we can get caught up (October 30th) they will start pursuing foreclosure.

Oh ok, just make sure you keep in constant comtact with your lender and make that payment on the 9th and 30th and you should be fine

[azgirl2009]

Spoke with Chase this morning and made the payment arrangement for one full payment on October 9th and two payments October 30th, which will make us current

The lady I spoke with was extremely helpful and kind. I wish I would have obtained her name so that I could refer others to call her. She was very compassionate of our situation and even told me that she had some major issues 4 years ago and could relate to "when it rains, it pours".