Refinance through Chase Homeowner Relief, please help? (pay, taxes, rate)

[urbandeco]

I got a packet in the mail from my mortgage co, Chase. Its titled Chase Homeowner Relief program. I called them and asked them why they now want to refinance my loan. I asked for one last year and they declined it based on the value of my loan prob being lower than what I owe. The man from Chase said basically, once I refinance they will sell my loan.

Anyway, I am unsure if I should go ahead and do this. I live in So Florida. I owe about 230,000 on my house. It will probably assess for lower, say 200,000. My interest rate is currently at 6.25%. If I refinance, I will NOT have to pay any closing costs and once all is said and done, my balance will still be 230,000. I will now have to pay PMI, which I dont now. Overall, my payments will go from 1900 to about 1750 a month (including, mort, PMI taxes and insurance. My current loan is also at 30 years. If my loan is underwater, lets say by 30,000, Chase said they will place this portion into a lien payable when the sale of the house or I think has to be paid within 15 years at 0% interest rate. So bottom line is I will save a few 100 a month, but have to pay PMI. Am i missing something here? Anyone have any tips on this?

[maschuette]

I'm not sure what you should do, except for one thing, never use Chase again, their crooks.

[anonymous1001]

I agree! I will NEVER EVER use Chase again after my refinance nightmare with Chase!! They are the definition of incompetence. Whatever you do...go elsewhere!!!