Question regarding Chase mortgage

Loan Forbearance will actually give you some time. In forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. You will have to negotiate with your lender to explain this hardship and hopefully, you will get the time you need to readjust your spending and recover financially.

This is the best option for you at this moment as you are only $12k behind on your payments.

Okay, after I sent an e-mail to the CEO of Chase regarding my loan, I was surprised to have a response the next day. It seems that my loan was given to someone in the Executive Lending Office for review as well as the underwriter calling me herself.

The file was resent back to the underwriter and I was advised to ignore the forbearance. I was never even given the name of my previous underwriter, much less having them call me personally.

Hopefully something good will happen, I sure could use some good news.

keep calling every day and write everything down. the underwriter is good news but you have to stay on them. I worked on my mod since 3/09 and just got it this month.

I will. I call at least once a week to check on the progress. Question SOK, I currently will have my loan paid off in 2020. I originally signed a 20 year loan.

What exactly does the modification do as far as adding years? I don't wan't to sign another 20 or 30 year note.

If you get a loan modification, you'll find that your lender has reduced the interest rate. However, he will not forgive your principal balance. Once your interest rate is reduced, you pay a lower amount toward your mortgage. Thus, it's very natural for the lender to add extra years to your loan term so that he is able to recover his dues in full.

In future, if you've equity in your property, you can refinance the existing loan for a shorter period of time. This will help you in paying off the dues faster and you will own the property free and clear.

Latest update, I got tired of messing around with Chase for 9 months and have sent them a cashiers check for $12k. I still owe about $1600 but will be able to catch up after my tax refund in Feb. I was able to obtain a loan from my credit union.

Chase did say that was fine and that I was approved for a BAU mod, and that the terms would be sent out to me. I have two options, continue making my regular payments now that I'm almost caught up or accept the terms of the BAU mod.

I will probably go with the regular payments since the house will be paid off in 10 years.

Yes, it will be a good option to go for regular payments as you'll be able to own the house free and clear within 10 years. If you go for loan modification, the term of loan payment will get increased.