NACA vs Chase Loan Mod

[ganggreen]

If someone could please provide some advice if they have a similar experience to my situation it will greatly appreciated.

I am set to begin a my trial plan with Chase in November. The trial plan is roughly 31% of my gross income. However, I have other large expenses such as paying $1,300 a month for Health Insurance that Chase does not take into consideration when calculating the trial payment.

Would NACA be able to lower my trial plan payment to a lesser amount than what Chase is asking for? Also I am certain NACA could not help me before my trial payment begins. If I wait for NACA and go through their process and not pay the trial payment ( I could make regular mtg payment which is less b/c Taxes and INS are not part of it) will Chase forever close my file for a Loan Mod in the future?

[Evan Bedard]

Would NACA be able to lower my trial plan payment to a lesser amount than what Chase is asking for? Also I am certain NACA could not help me before my trial payment begins. If I wait for NACA and go through their process and not pay the trial payment ( I could make regular mtg payment which is less b/c Taxes and INS are not part of it) will Chase forever close my file for a Loan Mod in the future?

Hello ganggreen,

Unfortunately, the sole purpose of HAMP is to bring your first mortgage payment down to 31% of your gross monthly income. Other expenses such as Health Ins will not be counted here. NACA nor any other non-profit can achieve a lower trial payment under 31% of your gross.

If you cannot afford your mortgage at this percentage you will need to apply for a traditional in-house modification.