After almost 4 years, 2 trial payments, 7 denials, motivating inquiries to Chase from the Treasury Department, HUD and Fannie Mae sparked by a letter I wrote to President Obama asking for a autographed picture for my 1st grade class room, I finally signed a "Wacked Out" permanant modification agreement with Chase. This has been the worst experience that I could hope to ever go through short of loseing my life! I think that the real motivating factor for me not going away was becasue I did not have anyplace to go and I was detemined to hang in the process until I either received a modification or the programs ended. I figured that I had from 2008 until President Obama's term was up before the Chases of the world would finish us off. Anyway, while looking for some information on how to handle my 2nd mortgage that Chase also has I found this forum and I needed to share.
I was an origianl WAMU customer but before Chase purchased their assets I had my second with them. I know you guys don't want to take this jounery so I will make it quick for those of you that think that modification is the way. I will share my very personal horror story in numbers. My new loan is at $126, 000. (109,000.00 bal at default 6% 15 or 20 years amortized I had 10 years paid on the loan) 4% interest for 40 years! I know that this is a bad financial deal for me but I make only a percentage of what I use to when I got the loans, now my credit is horrible, I am upside down and I'v over 50. I cried when I read the final modification terms ( I had no idea of them while in the trial payment). I had to be remined that if the market and my income picks up I can always make extra payments. Now that I am over that, I still need to deal with the second mortgage. Through this forum I realize why I have not heard from Chase on regarding the second mortage. I filed bankrupt in 2005 and I don't recall reaffirming on it but I did on the first mortgage. While working on the modification back in the day, I was told that Chase "wrote off " the second and that means that they are not collecting on it but they still have their lien. My question is should I contact Chase at some time about a "settlement" or just let it ride. I understand the position of the those of you who say don't do anything but my concern is "will the interest" accrue?
Hey, guys don't feel sorry for me at least I am not homeless and that was the primary objective. It would have been nice to not be paying "rent" but one thing at a time. For those of you who are not my same financial situation, I say to you do not get too "emotionally attached" that you can not walk away. The lenders are taking advantage of us at our most vunderble time!