Where Do I Start/Advise Needed Please

[jennyanne]

Hi, I posted this in the load mod forum but was advised that I should probably post in the Chase forum as well for a more specific response to my question/situation.

Just discovered this forum and it's already been very helpful just by reading others posts. I'm looking for advice on what I should do or if there is anything I can do. Here's my situation. My husband and I have a mtg loan through Chase, fixed rate of 6.5%. My husband lost his job in July and is still currently unemployed. I was laid off a year ago but have been at my new job for 4 months making 37k/yr. My income is the only household income. We also just had a baby last Feb. We have had our home for right at a year now and despite hubby losing his job have managed to stay current up until this month. We have not made Oct pymnt and do not think we will be able to before it goes 30 days past due and don't know when or if we will be able to make Nov paymnt either when it comes due. My husband is looking for a job and interviewing and is appealing his unemployment benfits but who knows when he'll get a new job or if he'll win his unemployment appeals case. So, my questions is where do we start in either getting a loan mod or what options or programs are there to help us stay current or if once we do go past 30 days late at the end of the month, how we can get help getting caught back up and staying current. We have an FHA conv fixed rate 6.5% loan and have had it for right at a year. Our paymnts are around 1112.00/month. Principle balance is 117588.00 and it originally appraised for 119500.00, original loan amnt was 118732.00. Just need to know what I should do. I tried calling Chase but they couldn't give me any advise other than to keep making pymnts if I can and to fill out an application and fax it in. It seemed like a blanket response so not sure what I should do. Any help or advise is appreciated!

[rachel_p]

My opinion:
If you feel like you are in need of a lower payment, then go ahead and get started. It's a looooong, stressful process with a lot of heartache involved.

I would also recommend that if at all possible, you stay current with your payments during the process. I haven't seen any difference between those who are current and those who are behind. You will have peace of mind if you are current.

Good luck. Definitely read through this forum. So much information. You need to be prepared for what you are about to deal with!

[BadBobMo]

My opinion:

We have not made Oct pymnt and do not think we will be able to before it goes 30 days past due and don't know when or if we will be able to make Nov paymnt either

1. Keep researching this site you have a lot of work and calls to be made regarding your home. Go stright to the HAMP web site and input you numbers to see if you are edgeable. https://www.hmpadmin.com/portal/index.html
2. Don't fill out HAMP doc's until you know how the numbers will work in your favor.
3. Fight like hell for that unemployment, you can use it as income to help save your home. Also it will help with a hardship letter you are going to have to write.
4. It look's like you will be 2 months behind real soon so unless you have $$$ source forget being current.
Just my opinion but you will have fight harder than others, one thing is you are not under water.

Our paymnts are around 1112.00/month

Break your payment down or list it as shown and many here will guide you!
1. PI=
2. Taxes=
3. Ins.=

[jennyanne]

Ok, I did some reading through posts last night as well as checking my account online with Chase. I looked at the possibility of taking out a Heloc but it says our home's value is now 116000.00 not the 119500.00 it appraised for last year. Our principle balance is $117588.00 so we don't qualify for a Heloc although after reading other's posts, I am grateful that we're not as upside as some.
Our payment amnt breakdown is :
P&I - $750.47
Taxes- $254.37
Ins - $54.58
Mtg Ins - $53.21
We have my husband's unemployment hearing on Thursday and are praying he wins that because that's a over 2k that he will rcv that will help us out tremendously but it would still be another 4 wks or so before he would rcv those funds if he does win. I'm wondering if a forebearance might be more what we would need rather than an actual loan mod. Does anybody know if Chase offers forebearance and if so how many months can you skip, does it count against your credit, and what are the drawbacks to a forebearance? Also, if I do get a forebearance plan, can we still apply for a loan mod or is it one or the other?