Still no final mod on my 1st (private investor). Made 7 MHA trial payments.
The 2nd owned by Chase had me on a in house "trial" for the last 10 months. Woke up new years day to find that i could no longer see my 2nd account online. Called Chase and they said they had "written it off"... no warning every month they said keep making trial payment, we are weaitng for the 1st final terms and then we match those... its our "Business as usual" plan... etc. I raised hell when they told me the loan was charged off to collections, and they retrieved it somehow... it appeared back online and they said it was now going to underwriting for final approval as they no longer needed to wait for the 1st to be finalized to offer terms on the 2nd. ("new program") Im thinking... ok? lets see what happens now...
Today I get a fedex... its a permanent offer on the 2nd. YOUR NOT GOING TO BELIEVE THIS!!!!!
Loan amount $80,000
P&I payment $540
$12000 Balloon payment after 15 years.
Balance - $75,000
New Principle amount $80,500
10 years interest only payment $350
30 years P&I payment $440
ARE THEY CRAZY????!!!!!!!!!
I have already paid $32,000 in P&I against the original loan amount of $80,000... now they want $42,000 in interest ONLY over the next 10 years then the P&I starts, another $158,000 over 30 years... loan matures in 2050!!! Not only will I be too OLD to care at this point, I will have paid $232,000 for a $80,000 loan... I dont think so.
How does this help me? It does not it only helps CHASE!
Thinking of letting 2nd go back to collections... can the 2nd foreclose if I agree to the 1st terms (if they ever come) and do not pay on the 2nd? This was a purchase money loan.