So we have been trying to get a LOAN MOD thru chase since April 2009. My husband lost 2 jobs in a year and I contacted chase in March of 09 stating I couldnt make our mortgage payment. They told me to apply for the MHA Modification loan. So I go online and start the process of which I thought would be easy. We called back every 30-60 days like they told us too believing them when they said it was being worked on. We finally got scared when we got farther and farther behind on our loan and knew it would be impossible to catch up.
We got our first denial in August 2010. They denied us stating we needed to increase our income or decrease our expenses by 400$. So we did this by cutting some stuff out and increasing hours at work.
We got our second denial in January 2011. They denied us this time stating we have insufficient income. They said they found my student loans and even tho my student loans are differed they are counting them against us and as an installment loan. We are now told we need to decrease our expenses or increase our income by 559$.
We called and spoke to a counseler and she stated that we cant qualify for a MHA loan anyways because we purchased our house in April 09 and you needed to purchase it before 09 in order to qualify. Is this true? If so, why did chase waste our time for 10 months trying to qualify us for something we will never qualify for?
Also, we have a forclosure sale date set for 3/10/11 and the counseler said our only option right now is to try for a traditional loan or to put the house for sale for short sale. Are these our only options?
Any suggestions would be helpful.