Is there anything we can do.
My parents house is worth no more than $400K
1st Mortgate- Ulster Savings Bank -$110,000
2nd Mortgage - Chase Bank - $ 350,000
My parents have applied for a loan modification with Ulster and Ulster has denied it because they say that Chase refuses to sign a subordination agreement, which I guess would keep Chase as the second Mortgage.
The representative at Ulster told us that most other banks have no problem signing the agreement, but Chase will not do it.
Is there anything that can be done?
As a result Ulster has actually started foreclosure and we're set to attend a Court ordered special foreclosure conference in a month.
Any advice would be appreciated.