New Mod came today!!!

[roamer]

I am hoping that my writing this success story will give other hope.


After 6 months of dealing with the constant requests for paperwork from Chase they finally sent a mod agreement to us. Since i have not seen any others on here talking about it being on a second or equity line i thought i will let you know that they are doing them on equity as well. Our loan through Chase was from an equity line that we had taken out, we don't qualify under the help for homeowners on this loan but they moved our equity line from 1% balance payments each month ($530 at 3% interest) to interest only for 5 years ($129 per month 2.85% interest) then after 5 years the loan will revert back to normal.

This may not sound great but when I called the loan mod department today and informed them that we are waiting for our first mortgage to finish their mod which is under the help for homeowners, there response was that once the first does the paperwork they will then re-mod this equity line to fit in the HFH requirements which should lower the payments even more (not sure how much more they can go)

I am so glad this is finally happening, my wife and I were self employed for the past 4 years and when the economy went downhill so did our businesses (Interior Design and remodeling), my wife has been able to find a job but i have been unsuccessful for the past 11 months. Well our monthly income went from around 6k per month to $1800, its nice that this is finally going through.

[caldwellb02]

This is amazing news roamer. So you got your mod on the second before the first? that's the first time I've heard that. I do have a couple questions?

- are you current on your payments for both the first and second?
- Is your house underwater, and if so by how much?

[roamer]

When we went into the mod we were behind 30-60 on first and 60-90 on equity. Chase actually contacted us with a local rep who wanted to start a mod, our first was started about a week later once we got the packet in the mail.


For being underwater, YES!!! I am in AZ and we have lost 50% of our home value (actually more based on comps). If our first doesn't do a write-down on balance then we will be owing 140k on a house that is now worth zillow 135k/comps 80k.


Our first was through state farm which is very conservative and we didn't take out much we had alot of equity before the bubble burst.

[Evan Bedard]

Congratulations on the modification!

[prindia]

Originally Posted by roamer

I am hoping that my writing this success story will give other hope.


After 6 months of dealing with the constant requests for paperwork from Chase they finally sent a mod agreement to us. Since i have not seen any others on here talking about it being on a second or equity line i thought i will let you know that they are doing them on equity as well. Our loan through Chase was from an equity line that we had taken out, we don't qualify under the help for homeowners on this loan but they moved our equity line from 1% balance payments each month ($530 at 3% interest) to interest only for 5 years ($129 per month 2.85% interest) then after 5 years the loan will revert back to normal.

This may not sound great but when I called the loan mod department today and informed them that we are waiting for our first mortgage to finish their mod which is under the help for homeowners, there response was that once the first does the paperwork they will then re-mod this equity line to fit in the HFH requirements which should lower the payments even more (not sure how much more they can go)

I am so glad this is finally happening, my wife and I were self employed for the past 4 years and when the economy went downhill so did our businesses (Interior Design and remodeling), my wife has been able to find a job but i have been unsuccessful for the past 11 months. Well our monthly income went from around 6k per month to $1800, its nice that this is finally going through.

Congrats and good luck...

[shade]

Key is to get the first modified which many people have been having huge issues with getting. ood luck.