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how long can you stay in your home without paying the mortgage?

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by shelleyils, Mar 11, 2011.

  1. shelleyils

    shelleyils LoanSafe Member

    I posted a few days ago about our paperwork getting ready to go to the QC dept. I would guess that when I call them in a few weeks, they will say it got kicked back to some other dept. because they need updated bank statements and pay check stubs. Once we send those in and it goes to the UW, it will sit there for a while until more documents are needed then the process starts all over again. Since we've been at this for almost 20 months, how long can we stay here? I have to face the fact we will probablly end up moving, but we don't have the money to do so in the next few months. I just have a feeling that if we do get approved for a mod, they will take the 20k we are behind in and add that to our monthly payments making them much more that the original payments.
  2. kriptik

    kriptik LoanSafe Member

    If you to the point where you know you can't save your house or don't want to, stop paying and save. 20 months is a long haul.
  3. shelleyils

    shelleyils LoanSafe Member

    When we started this whole process, we have been put on a forebarence plan once for three months. After that we had to fill out another packet and wait. Then we were put on another forebarence plan for three months. Then we had to fill out another packet. Our paperwork has been in and out of UW since july. A few month ago we had to fill out a packet once again. When we started this, I was under the impression that the modification would work like this, they'd reduce your payments to 31% of your gross income and tack the arrears to the back of the loan. I guess I was just too naive that think chase would do this! From what Ive read, a lot of banks make it much higher than 31% and add all the arrears to your monthly payments. I guess now we'll just have to wait and see.

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