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!