Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have my mortgage with Chase (formerly Washington Mutual). I'm currently close to 1 month (3 weeks) late on my payment. I don't see it getting better anytime soon. My hours were reduced earlier this year, all bonuses cut (due to economy), was out sick for a couple of weeks this month, water heater went out, blah, blah, blah. I'd say this year alone I'm out $10,000. I make a modest income normally, but now not so much.
Collector for Chase just called me and directed me to their remodification application on their site. Free to modify.
Has anyone tried to modify thru Chase? What was your overall experience?
Every modification is different - if your interest rate adjustable or above 7%, there is a good chance you will be approved for a modification now. If your rate is below 7% or fixed, then you have to show DEFAULT IS IMMINENT if the lender can not do anything to help you. We take on cases that are one month behind.
The way Chase works - at 30 days late you will receive a late notice. 60 days late, they sent out a notice of forbearance, which is a 2nd payment to catch up on you arrears. Then at 90 days you will receive a notice of foreclosure letter.
At 120 days - the next step is going to be determined if you are in a Judicial or Non Judicial state. In non judicial states your lender can auction off the property after 4 months of non payment. In Judicial states where they had to go to court, it can take up to a year before your home is foreclosed.
Every modification is different - if your interest rate adjustable or above 7%, there is a good chance you will be approved for a modification now. If your rate is below 7% or fixed, then you have to show DEFAULT IS IMMINENT if the lender can not do anything to help you. We take on cases that are one month behind.
The way Chase works - at 30 days late you will receive a late notice. 60 days late, they sent out a notice of forbearance, which is a 2nd payment to catch up on you arrears. Then at 90 days you will receive a notice of foreclosure letter.
At 120 days - the next step is going to be determined if you are in a Judicial or Non Judicial state. In non judicial states your lender can auction off the property after 4 months of non payment. In Judicial states where they had to go to court, it can take up to a year before your home is foreclosed.
Good Luck
Well, my rate is adjustable, just below 5%, readjusts in 4 years. So I don't know if they'd be interested in modifying. If I don't pick up more hours at work soon, like by January, I think default will be imminent.
I did commit to mailing a payment (for November) on the 25th, but I'll be short, so I'll make the whole payment on 12/2, making me 32 days late. I hate to do that, but I'll be forced to.
Well, my rate is adjustable, just below 5%, readjusts in 4 years.
You have a pretty good rate right now, even though it's going to change in 4 year on your 5/1 ARM. I don't think your lender is going to work with you. at least not voluntarily.
Lets check something....
I want you to check if your home is with Fanny Mae or Freddy Mac (they might be holding with Chase servicing your loan)
Click on the links below and put your information in..
If you your loan is through them, your mortgage could be lowered to 2% interest rate or your payment 31% of your current net income, which ever is higher.
Quote:
Originally Posted by steelstress
I did commit to mailing a payment (for November) on the 25th, but I'll be short, so I'll make the whole payment on 12/2, making me 32 days late. I hate to do that, but I'll be forced to.
You didn't say where you are, laws are different from state to state. Are you in a Judicial Sate? It can be up to a year before your bank could forclose upon you. If you are in a Non Judicial state, a bank doesn't go through the courts and can sell the home after four payments missed.
Let us know if your home is held Fanny or Freddy, and where you live....
Last edited by Modification Specialist; 11-20-2009 at 01:16 PM..
As of October 11, 2009, Governor Schwarzenegger signed new laws on how Mortgages are modified in the state of California. These new laws are to protect the home owner from being scammed. It requires lenders to have a loan modification program in place, it does not do much to actually require lenders to give loan modifications to borrowers.
It does protect, but it limits the amount of assistance homeowners can receive. It also helps any modification awarded is going to benefit the lender.
Your best bet is to complete the information on the Chase web site. Get yourself organized. Check out your home value at Cyberhomes.com (bet you are upside down).
On their budget checklist - make sure your house payment is over 31% of your income. Don't be excessive on your expenses (car, insurance, utilities, food, etc). Make a list of contact telephone numbers, call and document each person you speak to. Be prepared to continuously call these people for up-dates.
And don't expect any good to come out the 3 month forbearance that is given before modification is decided. They make sure they drag that decision out so you have to start over with the paperwork.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
