Advice on how to screw Chase as best I can

[smit5454]

After all of the crap we have all been through, my moral standards now do not include Chase.

If they don't approve my mod after 100's of hours or calls, faxes, sleepless nights, etc., could I do the following.

I have it rented now for about the same as I owe. Can't sell it since its under water.

Thought! : Maybe I'll collect the $2500 rent check, but stop paying the mortgage. I can then knock off $2500 a month in credit card debt, and just handle the calls and manage it enough with forbearance, etc., to not affect the people renting the home. 12 months from now my CC's will be 1/2 gone, and I can walk away from that MF'r.

What the hell, I have nothing to lose! Credit rating is about 500 probably. Was upper 7's 2 years ago before this real estate market %^%*% storm.

Any thoughts? Could this affect my current home?

[briknope]

I would inform the tenants that the lease won't be renewed. I'm kinda doing the same thing. I stopped paying on the house I lived in and banking the money. Either rent or possibly do an owner finance or seller carry down the road. No foreclosure notice yet, so I got a while.

[Chased around and around]

I looked at a huge 3000 sq ft house in Laguna Beach with a awesome view for $1200.00 a month. The owner said he is not paying his mortgage and the rental is from month to month.

I see in the papers this happening more and more in my area.

Well all I have to say if chase doesn't work with me, even the copper plumbing will be missing from my place when I leave. I paid for it, I installed it, I'm taking it with me. Being a contractor can be a good thing...

[rachel_p]

Just make sure you are honest with your renters.

[BudgetCutsinOC]

I know alot of people that are doing that exact same thing. My neighbor has been out of his house/stpped paying mortgage and renting it for 14 months. Talk abour double dipping!! A genius!!

Of course he gets paid cash! You have to HIDE your money or you will get screwed!!!

[SwillerAlesbane]

Don't become what you hate...please. We have enough c-bags in the midst running Wall St., Banks, and our political offices.

If I were you I would....

1. Inform the tenants rent agreement is moving from month to month....I would *NOT* tell them you are defaulting on the loan. The renters could easily stop paying you and force you to evict them and then THEY get the benefit of living for free.

2. I would save my money and allow the CC companies to go to collections.

3. I would declare chapter 13 BK or Chapt. 7.

[BudgetCutsinOC]

Originally Posted by Chased around and around

I looked at a huge 3000 sq ft house in Laguna Beach with a awesome view for $1200.00 a month. The owner said he is not paying his mortgage and the rental is from month to month.

I see in the papers this happening more and more in my area.

Well all I have to say if chase doesn't work with me, even the copper plumbing will be missing from my place when I leave. I paid for it, I installed it, I'm taking it with me. Being a contractor can be a good thing...

AMEN brother,, I am going to rip down my patio cover and take the garage doors off. ITS MINE!!!

[evo13]

I love your thinking budget! If chase does me bad everything is coming with me even the banisters! We spent around 32,000 to get this home right, just to have it drop 100,000 over night. If they don't modify they will be left with a 262,000 house. I will take the rest. I love this forum, im getting my nerve back now thanks to u! GO BUDGET!

[caldwellb02]

evo - just make sure you put something in its place. If you have custom bannisters, get some cheap ones to replace them. You don't want them thinking you trashed the house because I've heard they can come after you. You don't have to leave the expensive stuff. Just replace it.