Here's a quick recap of where I stand right now:
First off Chase is my lender. We're 4 months (about to be 5) late on mortgage. I'm behind almost 10K. I attended the Save the Dream event and after going over my budget (to get me down to 31 percent debt to income ratio) my mortgage would have to be cut by about 1,000 per month, which seems like I'd have to get approved for 2 percent interest and either have the loan extended to a 35 year mortgage or have a small principal forgiveness. I met with a Chase rep who was EXTREMELY (can't say enough good things about him actually) nice. He submitted everything and told me I'd hear from him the next day (today.) Sure enough, he called today (two hours earlier than expected too!) He said everything really looked great but for some reason the underwriters needed a copy of my first pay stub of the year (not sure why.) I faxed it over immediately and he said he'd call me around 6. I once again heard back from him right on time. He said that everything still looked really great but they just haven't received an answer yet. When I first met with him he gave me the name and phone number of the Chase rep that we would be dealing with in the future, he then told me that I'll have to wait until Thursday to hear from that agent and hopefully they'll have an answer then.
My question is, does this sound promising? Does anyone else have a similar experience? My hope is that if they were even asking for just a pay stub from the beginning of the year that means there is a real shot of them approving us. I'm thinking it's kind of a trivial document to ask for so if they weren't going to approve us we would've been denied already. I also know we might be panicking a little early because it didn't seem like Chase was doing any on the spot modifications the day we were there but that doesn't make it any easier...
Thanks for any and all help!
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