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Chase in FL finally successful loan modification


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6 replies to this topic

#1 chicaloca

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Posted 10 November 2011 - 12:57 PM

I just wanted to tell people not to give up and to keep trying! It took almost 2 years for them to get their sh*t together and approve me but it finally happened! It is very worth the process if you can hang in there. I think they finally have the process more organized. It took them about 30 days once I actually was connected with ONE relationship manager and actually talked to her and had constant contact with only her. She actually called me and kept in contact with me while the file was being processed and once it went to underwriting. My situation was a little unique but I really believe that if you keep being persistent and patient things do work out in the end. My payment terms now have reset my mortgage to 30 years and lowered my rate to 4%. I was in a 15 yr 4.5% mortgage with 7 years left to go. Because of several factors my taxes had tripled and I couldn't claim homestead exemption. My payment was about 1250 then jumped to 1950 and now it will be 850. Once I get my taxes adjusted the payment will probably drop at least 100.00 if not more! My house wasn't underwater because at one time I did have equity in the house but I really don't anymore since the economy went to sh*t. At least now I can keep the house and get back on track!!!

Don't give up!!!! Keep reapplying and reapplying till you get the approval!!

K



#2 kenshell

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Posted 13 November 2011 - 12:11 PM

it sounds like they made out better then you.
7 years to 30 years?
I understand your monthly payment went down but add up what you already paid and now what you will pay after the next 30 years.

#3 rackt3

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Posted 20 February 2012 - 05:00 PM

I just wanted to tell people not to give up and to keep trying! It took almost 2 years for them to get their sh*t together and approve me but it finally happened! It is very worth the process if you can hang in there. I think they finally have the process more organized. It took them about 30 days once I actually was connected with ONE relationship manager and actually talked to her and had constant contact with only her. She actually called me and kept in contact with me while the file was being processed and once it went to underwriting. My situation was a little unique but I really believe that if you keep being persistent and patient things do work out in the end. My payment terms now have reset my mortgage to 30 years and lowered my rate to 4%. I was in a 15 yr 4.5% mortgage with 7 years left to go. Because of several factors my taxes had tripled and I couldn't claim homestead exemption. My payment was about 1250 then jumped to 1950 and now it will be 850. Once I get my taxes adjusted the payment will probably drop at least 100.00 if not more! My house wasn't underwater because at one time I did have equity in the house but I really don't anymore since the economy went to sh*t. At least now I can keep the house and get back on track!!!

Don't give up!!!! Keep reapplying and reapplying till you get the approval!!

K


So, you had 7 years left on a 15 yr mortgage at 4.5%. Now, it's you've added 23 years to the life of your mortgage at 4%??

I think it's really sad to have been forced to do a "deal" like that... especially being so close to being done with the mortgage. But if that was the difference between keeping your home being foreclosed, then congrats.

#4 chicaloca

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Posted 20 February 2012 - 05:48 PM


I just wanted to tell people not to give up and to keep trying! It took almost 2 years for them to get their sh*t together and approve me but it finally happened! It is very worth the process if you can hang in there. I think they finally have the process more organized. It took them about 30 days once I actually was connected with ONE relationship manager and actually talked to her and had constant contact with only her. She actually called me and kept in contact with me while the file was being processed and once it went to underwriting. My situation was a little unique but I really believe that if you keep being persistent and patient things do work out in the end. My payment terms now have reset my mortgage to 30 years and lowered my rate to 4%. I was in a 15 yr 4.5% mortgage with 7 years left to go. Because of several factors my taxes had tripled and I couldn't claim homestead exemption. My payment was about 1250 then jumped to 1950 and now it will be 850. Once I get my taxes adjusted the payment will probably drop at least 100.00 if not more! My house wasn't underwater because at one time I did have equity in the house but I really don't anymore since the economy went to sh*t. At least now I can keep the house and get back on track!!!

Don't give up!!!! Keep reapplying and reapplying till you get the approval!!

K


So, you had 7 years left on a 15 yr mortgage at 4.5%. Now, it's you've added 23 years to the life of your mortgage at 4%??

I think it's really sad to have been forced to do a "deal" like that... especially being so close to being done with the mortgage. But if that was the difference between keeping your home being foreclosed, then congrats.



It is sad to roll back to 30 years when I only had 7 years left, but the market will take too long to recover and I won't be keeping the house long term anyways. I did the 15 year mortage when things were good because I had an 8% rate and refinanced to 15yr 4.5%. Now the payment is realistic and manageable. In the long run I will walk away with some $$$ otherwise it was as if I was renting for 12 years. I'd rather keep the house then give it to the bank.

I'm happy with it. I just wanted people to not give up. If you stick it out and play the game eventually it will work out

#5 tiggerlgh

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Posted 20 February 2012 - 08:40 PM

Glad it worked out for you.

#6 goturtlego

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Posted 20 February 2012 - 09:33 PM

We are with Cities and I agree that it helps a great deal when dealing with only 1 person as opposed to calling 50 times and speaking with 50 different people. They all give you different answers and that can completely mess things up during the process!

Anyway, to the op, good luck to you!

#7 chicaloca

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Posted 20 February 2012 - 11:15 PM

We are with Cities and I agree that it helps a great deal when dealing with only 1 person as opposed to calling 50 times and speaking with 50 different people. They all give you different answers and that can completely mess things up during the process!

Anyway, to the op, good luck to you!


Thanks!

Good luck to you too!!




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