Modification Nightmare

[river22]

***,

I have a question, I am waiting for Chase to give me an answer on the loan modification. I am now going on 4 months of not paying the payment to Chase. I talked to Chase on monday my rep from executive resolution said that she recieved all my paper work and that I would be hearing somthing soon. I am 2 months behind on my 2nd TD. It is not a bank but with the seller of the property I bought. The seller carried a note on my property. The deal was to refinance the property in 2 years and combine the 1st and second together. Here we are 2 years later and I am not able to do that. My finances have changed for the worst, my credit is ruined and I am doing the best I can. If Chase dosnt modify my loan I will not be able to keep the home. I have tried to keep up with the payments on the 1st and the 2nd for as long as I could but ultimatley I have used up all my resources and I am stuck now. My question is, The seller sent me an email last week and said that if I dont catch up the 2 payments that I am behind then they will start forecloser on the 2nd. I dont have the money to do that and I dont even know if Chase is going to modify the loan. I talked with my attorney and she said that the 2nd cant foreclose unless they pay off the 1st. Im not sure what to do but I need to have both loans modified to be able to keep the home. I have considered filing for B K chapter 13 but from what I understand it caps out at a little over 1 million in secured assets. If that is the case I wont be able to keep the home anyway. I need some help on what I should do. Even if Chase modifies the first I still have the problem with the second.

Thank you ,
river22

[Moe Bedard]

Mike,

that is definately a tough one................your attorney is correct about the second though..............have you informed the seller of this and have you discussed a modification of terms with him? Is he willing to modify the terms of the note?

[diana0806]

Hey river22, any update on your re-submitted mod? I am in the same boat. I was given bad mod. After getting runaround for 13 months. You can see my horrible journey with chase on my thread. We have to keep fighting. We will prevail!!!

[river22]

***, Diana,Snapple& Zoey, Hi everyone. I havnt posted in a while but I have been following all your post. I have been fighting with Chase since March of 2008. I just received a fed ex package from Chase on wed June 17th 2009. The paperwok says Forbearance Plan Agreement They are asking me to return agreement with new finacials, hardship letter by 7/1/09. Payments of 6700.00 per month have went down to 5200.00 per month. They are not asking for any down payment. This letter does not clarify if taxes & insurance are included. Payments of $5200.00 per month starting July first for 3 months. The letter also states that after the final payment of the forbearance plan, regular payments will become due in addition to any delinquent payments, fees and or charges and if my account is not current once the forbearance period has ended, collection and or foreclosure activity will resume. prior to the conclusionof the forbearance plan, I am supposed to contact Chase for other work out options. This letter has been sent from the Homeowner's Assitance Department. What do you think about this ? Im not sure what to do now. The plan does not clarify if Chase will modify the loan after forbearance. Should I decline this offer? I will let you all know what my rep says on Monday.

Thank you.

[snapple candy]

river,
nice to hear you are hanging in there. This doesnt sound like the MHA trial plan. Cant remember details of your loan with them. Is it fannie mae or freddie backed? Doesnt sound great if they want to bump you back up after 3 mths and pay delinquent amounts but if you are happy with payment, give it a shot and hope they will modify in the end. You can always ask them to roll back payments into end of loan and they should go for it. Even under MHA plan, we dont know for sure if they will modify and under what terms. Its a crap shoot...wait and see approach.If you feel you qualify for MHA program, I would decline and demand a reeview under that plan. That what I did. Finally got it.

[river22]

How would I know if I qualify?

[snapple candy]

river, first is your loan fannie mae or freddie mac backed? do you know if your loan owned by outside investor with Chase servicing the loan?

go to : www.financialstability.gov

[snapple candy]

sorry, Making Home Affordable - Home

[river22]

Hi Snapple,
Chase owns the loan I dont know if it is backed by fannie or fredie mac.

[river22]

Have you made your last payment yet and if so have they sent you a loan mod?