 We Are Finally a CHASE SUCCESS!!
I am really hoping that I will find the answers to help my mom on this site.
My mom currently has a loan through Chase. Long story short, my parents have had a rough five years. They are both immigrants turned citizen who spent/spend their entire life working. Because of recent health issues with my sister and I and both of their siblings, they have fallen unto some very difficult financial times. The person who refinanced them a couple of years ago said they were getting the best deal with an adjustable rate. Well just this March, that rate went from 8.5% to 10.5%. The monthly is just too difficult for my parents to afford. My mom is currently on disability and my dad is a retired from the military.
They have a lot of past due history last year due to being strapped financially because of the health issues. First I was in and out of the hospital with complications with pregnancy and next with my sister being diagnosed with breast cancer. Our parents did not turn their backs on us and helped us with the medical expenses. As if that wasn't enough, my mom's sister died of breast cancer that spread to her brain and she of course could not turn her back on her brother and did what she could to help with the costs. But another incident that really sent them over the edge financially was when my dad's sister was diagnosed with stage 4 cancer. There is no healthcare system in the Philippines, so my parents could not in their right mind not help, so they helped to treat my Aunt.
It is hard to see my parents go through this especially when all they have done is give, give, give. We tried to help them out by catching them up with their payments, which we were able to do, but they have just been through the ringer and cannot afford the new mortgage payment. When they first saw signs of financial problems they tried to work with Chase and ask if there were any programs available. They were consistently told that there were no programs and that they just had to make the payments or lose the home.
After watching Good Morning America, I learned that there was a department called Loss Mitigation, so urged my mom to contact them to see what could be done to help them. My parents, like I said, have always been hardworking, responsible citizens. The last thing they want to do foreclose on their home. They tried on several occasions to work something out. Well, they submitted all the paperwork the second week of January. My mom has been calling weekly and they keep telling her that there is no news. Then she heard that the papers had been sent to underwriting on February 19.
My mom called today to find out the status because she had been advised to make a payment when a decision had been made. (Tomorrow her loan will be 30 days past due). A representative told my mom that she HAd to make a payment and that it could not be a partial payment, it had to be in the new amount. My mom cannot pay that. The last time she made a partial payment, it was applied to her late fees and she fell even further behind on her payments. She was also told that there would be no decision for another 60 days. So what are my mom's options at this point? Does she have to make that new larger mortgage payment while she is going through a loan modification? What would be my mom's options should her request be denied?
By the way, my parents' financial situation has stabilized now that my sister's treatments are over, I have recovered, and my aunt is progressing well. So they can afford to still pay their mortgage, just not at the more expensive rate. Any help would be truly appreciated.
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Chase approved mom's loan modification package 
Helpppp!!!!! 
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