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Chase modification for investment property

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by baja14, Apr 25, 2011.

  1. baja14

    baja14 LoanSafe Member

    I have 4 rental properties (almost all under water) and my principal residence. I am concern about one specific property in Gilbert, AZ as my loan is due to reset in a year. I will not be able to afford payment at that time and I have been trying many times to call Chase and ask for a modifications. They always respond that all modifications are for principal residence only, not investment property. I am paying my mortgage on time and my credit is excellent. All I want is to get a fixed affordable rate but they will not even listen to my request. I seems like some people did get a loan modifications on an investment property with Chase in the past.... Do you know if they really do not consider investment property and if they do, how to approach them positively?
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi baja14,

    Welcome to the forum and thank you for joining.............

    A loan modification on an investment property is going to be very difficult at this time, although not impossible. The programs out today are trying to keep people in their homes, so the investor is the low man on the totem poll unfortunately.

    You can try contacting the executive team at Chase and see if they are able to help.

    Best of luck to you, I hope it all works out.
  3. Martae007

    Martae007 LoanSafe Member

    Keep at it, do not take no for an answer!!!!
  4. laboy

    laboy LoanSafe Member

    I have 2 chase loan investment properties. They do not work on mods if you're current. My other rentals were successfully modified with Cimitmortgage and they were current on payments. Chase ****s for rental modifications.

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