Chase Mortgage - Divorced - Need Direction

[newjersey24]

I have a situation where I'm divorced and under court ruling, the house would belong to me starting Jan 2011. The ex do not want the house. I dont mind keeping it if it makes financial sense and i will assume the loan.

Details of situation:

Chase Loan: (was WAMU/Ocwen) 80/20 Loan fixed
Interest rate 6.25% / 2.5%
The loan balance is about 350,000 but appraised at 280k range.
I was denied refinance to remove the ex off the loan. She wants to be removed.
I am behind in payments since last year.
And I am considering filing for bankruptcy in a few months.

I just heard of quit claim deed and considering trying to do this along with loan modification but not sure whats best steps.

I have looked at some loan modification services but many had such horrible ratings or known to be scams.

Can anyone give me a direction or strategy to deploy with Chase? I can give more information if needed.



Thanks
JHB

[Evan Bedard]

I was denied refinance to remove the ex off the loan. She wants to be removed.
I am behind in payments since last year.
And I am considering filing for bankruptcy in a few months.

I just heard of quit claim deed and considering trying to do this along with loan modification but not sure whats best steps.

I have looked at some loan modification services but many had such horrible ratings or known to be scams.

Can anyone give me a direction or strategy to deploy with Chase? I can give more information if needed.

Unfortunately, it will be extremely difficult to get her name removed from the account unless you are able to assume the loan, or can qualify for a refinance based solely off your financials. The only thing is a refinance requires you to be current on the mortgage and have a good payment history. Also a quit claim deed is going to remove your ex wife from the deed, but she will still be a co-borrower on the mortgage and will be equally responsible for the debt.

Have you tried to apply for a loan modification? This is something you can definitely be approved for without the assistance from a loan modification company and it can help lower your monthly payments and add any past due amounts/fees to the back of the loan..

[newjersey24]

Thanks Evan,

I tried a few months ago but was unsuccessful. I was wondering if there was another way. Maybe can do a loan modification and then a few years refinance to remove her name?

Albeit I have to strike a deal with her, otherwise Im going to lose the house. So that alone leaves a lot of "ifs".

Is there a program service that is legit that can help guide the way. I heard about Loan Mod Help Center, could they help in my situation?

[Evan Bedard]

I tried a few months ago but was unsuccessful. I was wondering if there was another way. Maybe can do a loan modification and then a few years refinance to remove her name?

Yes that is most definitely a possibility, if you achieve a loan modification and eligible for a refinance a couple years down the line you can remove her name from the account.

Is there a program service that is legit that can help guide the way. I heard about Loan Mod Help Center, could they help in my situation?

Yes there are some legitimate companies out there that can assist you through the process and LMHC is one of them. There is also non-profit agencies such as NACA and HOPE that may be able to assist you, we even have a NACA section here in the forums. However, keep in mind that with the right research and advice this is something you can accomplish on your own. This process requires some time as you will need to follow up at least 1-2 times a week for status on your account and will more than likely have to send in/fax updated or missing information multiple times throughout the process.

[newjersey24]

Loan Safe Members I got good news. I was able to do a quit claim deed and have loan modified!!!!!! The good news from Chase Loan Modification came yesterday.

They approved me for a 3 month trial modification. After 3 months it will become permanent with possible slight change by a few dollars depending on the escrow.




The payments details:
Before: $2800/mo for principal, taxes, INS
After: $2020/mo for principal, taxes, INS
Savings: $780/month


The issue I have is I dont know what actual loan balance of the property will be.
Im not sure about my second loan with Ocwen. Did they merge the loan or do I still have to pay and catch up with Ocwen? (I should had ask Chase rep)

My main reason for loan modification was to reduce the principal to current market value as it was valued at $292,296 (zillow.com). My loan balance was $350,000.


=======================================


They told me they cant tell me the principal loan owed, nor exact terms of the loan. If its 30yrs, 40yrs. etc.


Have anyone gone through this trial from Chase and how did it plan out?

I wonder if I can do a reversal calculation to estimate what the principal loan will be knowing my mortgage payment is $2020.00/mo


THANKS to all in LOAN SAFE. This is a GREAT Tool to help us home owners!!! I will update as it comes!

[KimberlyS]

Congratulations, that is great news!!!

[Evan Bedard]

Congratulations that is great news you were approved for the modification and the monthly savings are outstanding!!

Did they merge the loan or do I still have to pay and catch up with Ocwen? (I should had ask Chase rep)

The modification on your 1st mortgage with Chase will have no affect on your 2nd mortgage with Ocwen so you will need to contact and work with them separately. If that loan is in default you will want to work on a loan modification, or if you are underwater you may want to consider trying to settle your 2nd mortgage later for pennies on the dollar. Here check out the following thread it will show you everything you need to know about settling a 2nd mortgage.

Strategy for Settling Your 2nd