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Principal Reduction after Modification? CHASE???

Discussion in 'Loan Modification' started by dingo3497, Oct 11, 2011.

  1. dingo3497

    dingo3497 LoanSafe Member

    I was fortunate to get a HAMP thru Chase back in Feb 2010. Making payments on time etc. Anyone hear of a principal reduction after a HAMP thru Chase? Thanks all, this site carried me thru the difficult times during the mod. Awesome site and members.
  2. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    Some principal reduction programs work over time like an earned forgiveness. So once you pay the mortgage current for a given period the will reduce part of the balance based on that. I have not heard of any cases personally that had a completed mod and then out of the blue just reduced principal.... That would be amazing!

    Did you get one after the mod or were you curious if it is possible?
  3. keldog

    keldog LoanSafe Member

    Probably need direction to another thread, but here goes: i also have a first mortgagae on my primary with American Home Mortgage Servicing that I'm trying to do a mod on. Long story short; $800,000 plus owed, $400,000 current value. My sister just got papers in the mail for her mod from Chase that included principal reduction over a 3 year term. Her situation is $772,000 owed, approx. $350,000 value. Their offer to her was new principal of $339,000 @ 2.125% for 5 years, then 3,125% for remainder of term. Then the total forgivness of $433,000 over 3 years at $144,333 forgiveness per year! How do I get one of those, and what are the requirements? I thought all HAMP help was capped at like $720,000ish? Have you heard of this happening?<!-- google_ad_section_end -->

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