Like many posts, I am completely overwhelmed and not sure where to turn. I received a notice of intent to foreclose on 6/22/12 from Chase.
I have tried MANY times to modify the loan, Chase has told me I am the perfect candidate but still nothing. Just keep filling out the same paperwork to no avail.
My loan is a 5yr ARM (currently 6.825%) signed in May of 2007, oddly enough the 5yrs is up this month and my new rate will be 3.75%, not sure if that still applies given the deliquency.
Short Summary is ive been with the same employer for 17 years, in sales and have taken a pay cut am now making 50% less now than I was when I got the loan and can not afford the loan payments. Over the last 2 years, I pay what I can, when I can.
Balance on the Loan is 347,000
Arrears Owed (according to chase) 80,000. I say according to chase since the arrears include property insurance, which I pay on my own. Chase has acknoweledged this but can't update the escrow analysis until the account is brought current. If only I can hit the lottery.
I want to stay in my home but the home remodification process doesnt seem to be going anywhere.
I consulted with 2 attorneys, 1 recommends filing chapter 13 and make the payments (I believe I could afford if modified or the rate DOES become 3.75%). The other attorney recommends filing chapter 7 and surrender the house.
I am terrified of each scenario and am curious if anyone has had a similar experience.
- If I file Chapter 7 and surrender, how long will it take before I have to move out?
- Id prefer to file Chapter 13 and pay my mortgage based on a home remodification but there doesnt seem to be anyone at Chase that will work with me, the paperwork and the process.
Any information is greatly appreciated.