Successful With Permanent Chase Modification Under HAMP

Many homeowners suffer from a great problem of auction due to non payment of the installments for a long period of time. Chase Mortgage Modification is a great solution for many home owners suffering this financial distress.Chase stipulates some friendly terms and conditions to the borrower and helps in solving the problem. Chase Home Mortgage appoints a representative to discuss freely with the borrowers about heir options for modifying their loans.

How to get a new Chase modification under the Obama MHAP, If you are now struggling to make payments or think you may fall behind due to a recent change in your situation, a loan modification may help you get mortgage payments you can afford and get back on track.

Chase HAMP Loan modification success stories

Our Permanent Chase HAMP Modification as bellow:

Current Terms:
Chase Loan Balance: $175,000
Payment: $1235

Our payment before was $1600 a month INTEREST ONLY on a $220,000 mortgage, and it was split between 2 mortgage companies in an 80/20 situation. Our Chase balance was $175,000. We settled our 2nd mortgage with Citi for 10%, so our Chase payment monthly BEFORE the modification was $1235 a month interest only.

New Terms:

Yr 1-5 at 2%  $910
Yr 6 at 3%  $980
Yr 7 at 4%  $1050
Yr 8 at 5%  $1125

Give or take based on the escrow payments,They added our escrow we owe into the first 5 years of payments, and just added the amount we owe from being behind to our total balance.

We bought our home in 2006 and in Jan 2009 my husband lost his job. Our income dropped considerably and we would not have been able to afford our $1600 payment. Our house went from being worth $220,000 to about $90,000. We submitted paperwork last April 2009 and stopped paying in July. We got on the trial plan in November and that was actually the last time we even sent in financial documents. We did a trial payment of $1027.65 in December, January, and February, and received our permanent paperwork today.

We had our second with Citi and I contacted their short sale department,and told them I wanted to settle. We were 3 months late at that point. They told me to fax in a letter stating how much we were willing to settle for and why we wanted to settle, along with my financial docs (bank statements, paystubs, taxes, etc.) and a financial worksheet for our monthly expenses. We offered about 10% of what we owed. A negotiator contacted me about 2 weeks later and basically they accepted my offer and sent me instructions on how to wire the money! We are so far underwater that they would have gotten nothing had we done a short sale or foreclosed, so they were just quick to settle I guess.

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