offered 3m trial w/rental Chase in CA

[fe826]

I have been trying to modify 2 rentals (full story on thread: chances of modify 2 rentals with chase)and today I spoke to a chase negotiator regarding one of the rentals and was offered the following:

• 1st yr. 3.625%
• 3 month trial of a pmt of $1996.07 (includes property txs & home ins.)
• I must pay 10k dwn pmt
• waved late charges
• at the end of trial my case will be reviewed to negotiate a modification if I qualify I will be given the current % rate
• I should receive docs 7-10 days. I must sign and send 10k dwn pmt.

I am terrified with this offer because I am scared that in 3 months we wont qualify and I have already gave up 10k. According to the negotiator she reassured me that there shouldn't be any problems modifying the loan at the end of the trial period but I am not too confident considering their lying record.

With the current loan term we have to pay 1000 monthly out of our pocket to pay the mortgage on this rental. All we wanted was for our loan term to be extended to 40yrs so that our monthly pmt would be lowered. We currently have a fixed 30yr 5.625% rate on it. What if I go for their offer and at the end of the trial I have a higher interest rate?

Can I refuse this offer and what are the chances of getting what we need (lower monthly pmts to reduce our out pocket amt).

We very much want to save the home but wont be able to if monthly pmts are not lowered.

When is the best time to start the modification process with the 2nd on this house? flagstar is the the lender.

on a leap of faith,

[lasvegash]

I am curious...what did you end up doing? I do not think that I would send $10K without writen agreement of final modification....what were they saying were the requirements needed to qualify at the end of trial?

[HopingtoFind]

I would also be curious to find out as to what happened.

We have been told by Chase around the same time frame that they are not currently modifying investment properties. They are such liers!!!