I have a question?

[jackmom1484]

I filed for Chap. 7 bankruptcy end of last year and it was discharged in Feb. 2009. I have been employed at the same job for 2 1/2 years but got behind on one mortgage payment in February due to a stupid error by another bank with my checking account. I ended up paying all sort of NSF fees and that's what got me behind in my mortgage by one month. I've been paying every month, but am still one month behind. I can't get caught up. My ratio is 41% of my income right now for my mortgage and it should be 32% or lower. So.........my question is: Do you know if I can get a loan modification from Chase with the bankruptcy on my credit? Also, I have a tax lien from the IRS on my credit report. I am currently in negotiations with them and have made an Offer in Compromise. Has anyone been in this situation?

[Evan Bedard]

Hi jackmom1484 welcome and thank you for joining the forum.

I filed for Chap. 7 bankruptcy end of last year and it was discharged in Feb. 2009. I have been employed at the same job for 2 1/2 years but got behind on one mortgage payment in February due to a stupid error by another bank with my checking account. I ended up paying all sort of NSF fees and that's what got me behind in my mortgage by one month. I've been paying every month, but am still one month behind. I can't get caught up. My ratio is 41% of my income right now for my mortgage and it should be 32% or lower. So.........my question is: Do you know if I can get a loan modification from Chase with the bankruptcy on my credit? Also, I have a tax lien from the IRS on my credit report. I am currently in negotiations with them and have made an Offer in Compromise. Has anyone been in this situation?

Those marks on your credit report should not affect whether or not you qualify for a loan modification. If Chase questions the BK just let them know that it has been discharged in Feb. Have you already applied for a mod through Chase?

[jackmom1484]

Evan, thanks for the feedback. This is a wonderful site. No I have not applied for a modification. My loan is 5.25 interest, which is good but it is also an adjustable. I have about 5 1/2 years left before it adjusts so I want to address this adjustable mortgage. I'll keep you posted after I talk to the folks at Chase. I'm working now, but I'm off on Friday so I will call them then.

[Evan Bedard]

Good luck and keep us posted!

[jackmom1484]

Evan: I called my mortgage specialist at Chase on Friday and he called me back on Monday. He gave me the number to the Chase Modification Office in my area. I called and they were kinda snotty and just told me to go online and find the forms, fill them out and send them in. They said I would be called for an interview once they received them. The interview locations are pretty far from where I live and I told them that so they said might be able to do the interview over the phone. I took a look at the forms and it's pretty clear what I need. The ususal info, bank statements, copies of payroll checks, tax records, etc. My question for the day is: What should I write for the hardship story? I know each situation is unique but I'm at a loss for some good wording. Any advice, phrases that they like to see? I'll be working on this project all week and would appreciate any feedback. Thanks.

[Evan Bedard]

Hi jackmom,

Here are quite a few very good examples of hardships for you to follow:

Examples of a Hardship Letter