The rest report is a product and not something that is needed all the time after review and if it's something that will be a benefit we suggest it. The rest report is a outstanding tool and the results have been great thus far. It tells you what income u need it if what you have is spot on for all mod programs big time saver.. Lol on the chase loan that was comedy. Made a good laugh for the nite, we need to stay humorous don't let these banks get you down!!Chase has been great since coming to our office and giving us a great point of contact for our files.Last chase was done in 2 weeks and 2 days before 31 days I'll be posting mods waiting for a section to just post mods"Thats right 715.00 is the loan safe discount which is a drop in the bucket after most have missed several mortgage payments. Unfortunately for me, the money IS a problem. It's seems even frustrating now knowing that my numbers add up - but I can't afford the $3500.Maybe I should go to my local chase branch and ask them for a personal loan. ;-)
No, a loan modification will NOT change the recourse status of your loan. So if your loan was non-recourse it will still be considered the same once the modification was finalized, only a refinance will be able to change the new loan to recourse since it is no longer a purchase money loan. Since the rate that you receive as the final rate of either a permanent step rate modification or a permanent fixed rate modification is tied to the Freddie Mac Prime Market Rate, and what it will be at the time the modification is made permanent, they would not have this information at the beginning of the trial payments. They would need to wait until all the trial payments were made on time allowing for the inception of the permanent modification to see what that rate would be.If a non-recourse loan is modified does it stay a non-recourse loan? Why when offered a trial modification do the banks not tell you the interest rate the final loan would be if you make your trial loan payments?
This isn't something that would be indicated in the mortgage agreement, however, it is on the 1099-A and the 1099-C box 5, so not sure if that is what they were referring to.CAT,
I was talking to an IRS guy today that works in the foreclosure department. He wanted me to find out if I am "personally liable" for my mortgage. I am thinking since we are a non-recourse state that I am not but I am not sure what words to look for in my mortgage agreement. Your thoughts?
I see you have already posted another thread on this topic and Evan has posted there as well.CAT,
I think with my loan I am either personally liable or I am not personally liable. Before I get a 1099A or a 1099c in 2014.........I am trying to figure out if Chase sees me as personally liable or not. It is my understanding that that will make a difference as to whether I may have to pay taxes regarding my foreclosure.
Did you send me a help line in WA in an earlier thread? Maybe I could call them. I would rather not have to call Chase.