2nd Time Needing Mortgage Assistance

leahnicole

LoanSafe Member
Oct 24, 2013
29
1
3
NORTH CAROLINA
Hi. We have not made a mortgage payment to Chase since August 28th 2017. Sept payment was missed and October will not be paid either. Our November payment is due 11/1 (in a few days) So in another month I will be 120 days past due. The Reason for hardship was due to reduced income because I had to resign from my job and unfortunately am still seeking a new job. They said to go ahead and apply to see if we were eligible for assistance?

This is our second time dealing with a hardship like this. We successfully were granted a loan modification from Chase about 4 to 5 years ago. We made all our trial payments on time and even though we hated the modification terms, we agreed to them and have never missed a payment until last month.

Since we have been down this road before and had a successful modification, I wonder if Chase will work with us again? Any advice is appreciated.

Thank you
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
It sounds like at this time you're technically only 30 days past due if you paid the August payment before it was 30 days past due. That would mean at this time you have only missed the September payment, correct? Of course I'm not the modification expert on this forum and I'm sure someone will jump in and mention something about obtaining another loan mod but I thought it would be good to post the refinance guidelines for FHA as they have the most lenient guidelines on payment history.

Housing Obligation/Mortgage Payment refers to the monthly payment due for rental or Properties owned. A Mortgage/housing obligation Payment is considered delinquent if not paid within the month due.

Late Mortgage Payments for Purchase and No Cash-Out Refinance
The file must be downgraded to a Refer and manually underwritten if any mortgage trade line, including mortgage line-of-credit payments, during the most recent 12 months reflects:
  •  three or more late payments of greater than 30 Days;
  • one or more late payments of 60 Days plus one or more 30-Day late payments; or
  •  One payment greater than 90 Days late.
A Mortgage that has been modified must utilize the payment history in accordance with the modification agreement for the time period of modification in determining late housing payments

Cash-Out Refinance Transactions

The file must be downgraded to a Refer and manually underwritten if any mortgage trade line, including mortgage line-of-credit payments, reflects:
  •  current delinquency; or
  •  Any delinquency within 12 months of the case number assignment date.
A Mortgage that has been modified must utilize the payment history in accordance with the modification agreement for the time period of modification in determining late housing payments.

This is basically stating that if you were to bring your loan current now, you would have the option of refinancing. I would personally recommend that you also don't go further than 60 days behind that way they don't initiate foreclosure proceedings. Of course we don't know that a refinance would even benefit you at this time (unaware of what terms you currently have).