I want to make a settlement offer on my Chase 2nd, any suggestions?

[eagle7]

Hi all, I see a lot of good information here, so thanks to all who share here!

I am in California, have a 1st of 238,000, 2nd HELOC of 187,000. Both were WAMU loans, adjustable, so rates are low, but have high caps. Home value maybe 260-280k? I am current on payments BUT: I am filing Ch.7 due to too much consumer debt, and I am going to stop making payments on the 2nd this month.
I am self employed, I got behind because my income was way off for a couple of years, and is still not what it was.
SO: my questions are:
1. Will Chase even talk to me before I am late on my payments?
2. How long has it taken you who have successfully settled with Chase for the whole settlement process?

I would like to pursue a loan mod on the 1st, because it still has a cap of 12%, so eventually could be nasty, but it is currently at around 3%. Do I need to be late on the 1st to get them to talk to me? Can I do a loan mod on the 1st at the same time I am trying to settle the 2nd?

Thanks for your help!

[Evan Bedard]

Welcome and thanks for joining the forum.

1. Will Chase even talk to me before I am late on my payments?

Unfortunately, no I have never seen any lender even begin talks about a settlement until the account is multiple months behind and at risk of being charged off.

2. How long has it taken you who have successfully settled with Chase for the whole settlement process?

Once you fall far enough behind on your payments, it could be anywhere from just a couple of weeks, to a couple of months for the process to be complete.

I would like to pursue a loan mod on the 1st, because it still has a cap of 12%, so eventually could be nasty, but it is currently at around 3%. Do I need to be late on the 1st to get them to talk to me? Can I do a loan mod on the 1st at the same time I am trying to settle the 2nd?

Yes you can go ahead and pursue both options at the same time. For a loan modification you are not required to be late to receive assistance, however you are going to find it extremely difficult to get anywhere whole up to date on your mortgage..