President Obama Help Me to Get Chase's Attention, Finally a Modification!

[Chase, Chase and Me]

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!

[Annie Mac]

You are not alone. I could have written almost the same posting you have. I was also Wamu, now Chase, four years of loan modifications, and I never even got a trial payment plan. You know the details. If you can pull a credit report, you will be able to see what the status is of your second, or at least what Chase has reported. Chances are it has been charged off. I never filed bankruptcy, but it sounds as if you didn't reaffirm the loan, you are not paying towards the loan. I am also over 50, and I have a theory that Chase has been especially stiff with older homeowners because it is harder to lift off to a new location. I wouldn't count on Obama to save this...we are the change we have been waiting for. Remember, Obama declared Jamie Dimon an example of an excellent banker. There are some good postings on the bankruptcy thread which might help you gain more understanding. There are many of us Wamu to Chase people floating around here, so welcome and it is good to have another person who is not giving in easily.

[Chase, Chase and Me]

Thanks for the replyvand Barack might have thought him good before he heard from Me but now he knows! (smile)

[KimberlyS]

Hi Chase, Chase, and Me- I have learned a ton by reading the threads about "settling your second mortgage" -there are a few different threads and they all have great info. Strategy for Settling Your 2nd

The thread is huge! I read it a few pages a day and I've learned so much!

I wrote down a list of questions and they've all been answered within the first few pages.