Settling a 2nd with Chase - Loan Modification Forum

iauqboy · 10-12-2009, 05:20 AM

Hi all, thanks for the great website.

My situation: 80/20, Chase is the holder of both loans. About $200k 1st, $50k 2nd, 3mos late on both. House is worth maybe $190k at this time, I live in FL. NOD not yet received. Have been attempting a loan mod on the 1st mortgage for about 6mos without any progress. Reading this forum, I see I'm not alone. Chase offered payments of $930/mo on the 1st while they review the information I have sent many, many times.

I'm interested in making a settlement offer on my 2nd mortgage, as I have some cash saved. Is there a form letter available people have used to start the negotiation? Or a contact at Chase? I feel I'm in a good position since I'm clearly upside down on house value, enough to ensure the 2nd will receive next to nothing if I foreclose. Plus I will be forced to walk from the house if a settlement can't be reached and am prepared to do so.

Thanks again.

Evan Bedard · 10-12-2009, 09:33 AM

Hi iauqboy welcome and thank you for joining.

Quote:

I'm interested in making a settlement offer on my 2nd mortgage, as I have some cash saved. Is there a form letter available people have used to start the negotiation? Or a contact at Chase? I feel I'm in a good position since I'm clearly upside down on house value, enough to ensure the 2nd will receive next to nothing if I foreclose. Plus I will be forced to walk from the house if a settlement can't be reached and am prepared to do so.

I would sugges just to give the loss mitigation dept a call and let them know you would like to settle your second mortgage. Many lenders are willing to accept about 5-20% of the remaining balance on the loan..

caldwellb02 · 10-12-2009, 09:36 AM

Hi all. I'm interested in knowing the outcome of this one. My second is owned by WaMu/Chase and I would have enough to pay 5-10% to get it off the books.

I've been having such a difficult time even getting a trial mod from them that I have been thinking of writing a proposal for the first and the second (not writing off the first of course) and submitting. I've never been that straightforward with them. Anyone done that with Chase?

pbharris4 · 10-12-2009, 09:10 PM

caldwell...if you plan on filing BK (read on another thread) than don't pay anybody anything without talking to your lawyer first.

famlena · 10-12-2009, 10:35 PM

I have 80/20 both with Chase. 2 weeks ago I offered an 11% settlement to the HELOC. My offer has not been assigned to a negotiator yet. The rep taking the info said that they will need to do a BPO first. Also, I got a call from them today requesting for 2 years tax returns & 4 months bank statements. They said they needed this info before a negotiator can be assigned. This seems very odd to me why they would need this info. I am only interested in a settlement not a loan mod since I was declined perm mod on the 1st.

I was finally declined my perm mod with the 1st last Thursday. I was previously disqualified because of my hardship was not permanent, then 5 months after my trial mod payments I was declined for insufficient income, which I disputed and now of course they said that the income wasn't the issue it was that my house still has equity. I don't understand how that is with both loans combined I am over 100k underwater. The market value is about $20k more than the 1st mortgage. I guess to them that means my house has equity.

iauqboy · 10-13-2009, 10:06 AM

Thanks for the welcome and the replies.
I neglected to mention that these loans are with Chase Home Finance. Which number would be best to try? I will report back any progress.

Thanks again.

Evan Bedard · 10-13-2009, 10:09 AM

Quote:

Thanks for the welcome and the replies.
I neglected to mention that these loans are with Chase Home Finance. Which number would be best to try? I will report back any progress.

Thanks again.

I would try the numbers below, they are the loss mitigation dept's number..

Chase (800) 446-8939
(800) 848-9136

determined1 · 10-13-2009, 10:48 AM

Famenla-I just received a request for my 07 returns also on my HELOC. I can't understand why they'd need more info then what I sent in on the 1st.

famlena · 10-13-2009, 10:57 AM

determined1 - i was told by the HELOC that even though both loans are with Chase they are 2 seperate depts. they do not have access to each other's systems.

Chase is very disorganized. the HELOC is requesting everything the 1st has already.

determined1 · 10-13-2009, 11:05 AM

Right clear on that, but I've never had to provide 07 returns on the 1st. I was agreeing with you...I don't see why they need all of that info. They have a 4506t...use it Chase.

Evan Bedard · 10-13-2009, 11:05 AM

Yes I totally agree Chase is definitely disorganized!

caldwellb02 · 10-13-2009, 11:08 AM

And even if you have sent them everything but the kitchen sink, be prepared to send it again. It is absolutely mindboggling.

10-12-2009, 05:20 AM	#1 (permalink)
iauqboy Junior Member Join Date: Oct 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Settling a 2nd with Chase Hi all, thanks for the great website. My situation: 80/20, Chase is the holder of both loans. About $200k 1st, $50k 2nd, 3mos late on both. House is worth maybe $190k at this time, I live in FL. NOD not yet received. Have been attempting a loan mod on the 1st mortgage for about 6mos without any progress. Reading this forum, I see I'm not alone. Chase offered payments of $930/mo on the 1st while they review the information I have sent many, many times. I'm interested in making a settlement offer on my 2nd mortgage, as I have some cash saved. Is there a form letter available people have used to start the negotiation? Or a contact at Chase? I feel I'm in a good position since I'm clearly upside down on house value, enough to ensure the 2nd will receive next to nothing if I foreclose. Plus I will be forced to walk from the house if a settlement can't be reached and am prepared to do so. Thanks again.

10-12-2009, 09:36 AM	#3 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,785 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase Hi all. I'm interested in knowing the outcome of this one. My second is owned by WaMu/Chase and I would have enough to pay 5-10% to get it off the books. I've been having such a difficult time even getting a trial mod from them that I have been thinking of writing a proposal for the first and the second (not writing off the first of course) and submitting. I've never been that straightforward with them. Anyone done that with Chase?

10-12-2009, 09:10 PM	#4 (permalink)
pbharris4 Senior Member Join Date: May 2009 Posts: 108 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase caldwell...if you plan on filing BK (read on another thread) than don't pay anybody anything without talking to your lawyer first.

10-12-2009, 10:35 PM	#5 (permalink)
famlena Senior Member Join Date: Jul 2009 Posts: 57 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase I have 80/20 both with Chase. 2 weeks ago I offered an 11% settlement to the HELOC. My offer has not been assigned to a negotiator yet. The rep taking the info said that they will need to do a BPO first. Also, I got a call from them today requesting for 2 years tax returns & 4 months bank statements. They said they needed this info before a negotiator can be assigned. This seems very odd to me why they would need this info. I am only interested in a settlement not a loan mod since I was declined perm mod on the 1st. I was finally declined my perm mod with the 1st last Thursday. I was previously disqualified because of my hardship was not permanent, then 5 months after my trial mod payments I was declined for insufficient income, which I disputed and now of course they said that the income wasn't the issue it was that my house still has equity. I don't understand how that is with both loans combined I am over 100k underwater. The market value is about $20k more than the 1st mortgage. I guess to them that means my house has equity.

10-13-2009, 10:06 AM	#6 (permalink)
iauqboy Junior Member Join Date: Oct 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase Thanks for the welcome and the replies. I neglected to mention that these loans are with Chase Home Finance. Which number would be best to try? I will report back any progress. Thanks again.

10-13-2009, 10:48 AM	#8 (permalink)
determined1 Senior Member Join Date: Mar 2009 Posts: 116 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase Famenla-I just received a request for my 07 returns also on my HELOC. I can't understand why they'd need more info then what I sent in on the 1st.

10-13-2009, 10:57 AM	#9 (permalink)
famlena Senior Member Join Date: Jul 2009 Posts: 57 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase determined1 - i was told by the HELOC that even though both loans are with Chase they are 2 seperate depts. they do not have access to each other's systems. Chase is very disorganized. the HELOC is requesting everything the 1st has already.

10-13-2009, 11:05 AM	#10 (permalink)
determined1 Senior Member Join Date: Mar 2009 Posts: 116 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase Right clear on that, but I've never had to provide 07 returns on the 1st. I was agreeing with you...I don't see why they need all of that info. They have a 4506t...use it Chase.

10-13-2009, 11:05 AM	#11 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase Yes I totally agree Chase is definitely disorganized! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

10-13-2009, 11:08 AM	#12 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,785 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Settling a 2nd with Chase And even if you have sent them everything but the kitchen sink, be prepared to send it again. It is absolutely mindboggling.

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