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| Loan Modification Learn everything you need to know about loan modifications. Can't refinance? Are you in a ARM mortgage that's adjusted or about to? Late on your mortgage? Then this section for you! |
This is a discussion on Hi there. I am new here & need some help within the Loan Modification forums, part of the Foreclosure Forum category; Hi, I am trying to do Loan Modification on my house for approx 5 month now. Currently I am 2 ...
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| Junior Member Join Date: Oct 2009
Posts: 1
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Hi there. I am new here & need some help Hi, I am trying to do Loan Modification on my house for approx 5 month now. Currently I am 2 month behind on my payment. Yesterday I received 2 letters from BOFA 1st letter stated that if I will not pay 3 month +late fees for all 3 month they will be asking for the full loan amount by 11/2/2009 2nd letter said that my loan has been sold to BOC starting November I called and spoke with my negotiator and was told that I need to be 4 month behind on my mortgage payment to quality for perm loan mod. I have no idea what to do now... Is that true that I need to be 4 month behind in mortgage to get deal from Mitigation department? I am confused... Please help! |
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| Senior Member Join Date: Sep 2009
Posts: 153
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Hi there. I am new here & need some help The first letter sounds like what is called an "Intent to Accelerate." Basically this is just what it sounds like and is pretty standard. I cannot tell you what to expect from Chase because unfortunately they seem to treat everyone differently with no rhyme or reason. I would guess that your information is entered into a computer system (whose parameters are thus far a COMPLETE mystery) and it spits out information on your particular situation. We gave up on dealing with Chase and went to NACA as a last resort before we pack up and walk away. We were told by Chase to default before they could offer a mod of any kind so we did. Then their reps told us in both August and September that we were pre-approved for a trial mod and they would send the paperwork. I still haven't seen a FedEx truck in my neighborhood for months. Our experience has been that this whole thing is a game of chicken with Chase. It's not right, but it is what it is. Oh, and you might try copying your original post and pasting it in the Chase thread....might get some more traffic and help.
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