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Profile picture for Brian3649

Chase

I have a Chase Interest Only loan up in 2013, current on payments and underwater.  Not allowed to pay done principal and rates will be higher in 2013.  Chase will NOT modify or refinance.   Any suggestions?

  • April 30 2011 - Irving Park
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Answers (11)

You should seek help, just not here... Here is not real answers, just make believe...
  • April 30 2011
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You got caught with one of the many BS mortgages that all the wonderful lenders were offering back during the bubble years. Actually it was the lenders who created the 'bubble' by offering loans like these to anybody who had a 'pulse' from 2000-2006. Now most of them are foreclosures and short sales. The banks are not interested in helping you out most of the time because they are making big $$$ now and just write it off or sell the 'toxic loans' to the Feds at a discount and continue to rake in the big $$$.

You should speak with a few agents to do a market analysis to see how far under water you are and then decide if it is worth continuing to pay this interest only nonsense loan in hopes of the market rebounding in a few years or cut your loses and sell short. This will damage your credit, but allow you to save money during the next possible 12 months while the bank processes the foreclosure paperwork. You might want to speak with your accountant also to see how your over all financial picture will be affected.

  • April 30 2011
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Profile picture for Connie Klemme
have you simply tried to refinance with other banks?
is there a pre-payment penatly?  you said it's not underwater so a refinance with someone else ought to work for you. Perhaps I am missing something.  Contact a reputable lender today and see what they can do for you.
  • April 30 2011
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Phillip...what about the realtors that said..."if you can't get them the loan...I will send them to xyz loan officer...they will get it done" I can't stand it when re professionals attribute the bubble to any one group as if they or others in there profession had nothing to do with it!
  • April 30 2011
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Profile picture for Xcapital Inc

Hi Brian,
If your loan is Fannie Mae or Freddie Mac owned (with Chase servicing), then you may be eligible for a Fannie Mae Refi Plus or Freddie Mac Relief Program loan.  There are some guidelines that you have to fit into, like anything, but they are structured to help qualified borrowers who are underwater.  The first step would be to know if either Fannie or Freddie owns your mortgage. (Zillow will not allow me to put in links so just do an internet search for Fannie Mae lookup and Freddie Mac lookup)

If you find out one of these entities owns your mortgage then make sure you know what date your current mortgage was closed and contact a lender.  They should be able to research these programs for you.  Each of these programs do offer appraisal waivers (sometimes), so there's a chance you may not even need to pay for an appraisal.  The lender should be able to come to that conclusion before charging you any fees.

Good luck!

Tim

  • April 30 2011
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Profile picture for Matt Laricy
Its a terrible situation to be in. You can speak to a few other lenders to see if they will help you out but it will be tough. You can try to sell it as a short sale but there are penalties for doing so.
  • April 30 2011
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Profile picture for Blue Nile
"Actually it was the lenders who created the 'bubble' by offering loans like these to anybody who had a 'pulse' from 2000-2006." -

Actually, it was NAR that created the bubble by lobbying congress, HUD, Fannie, Freddie, Gennie, FHA, USDA, etc. for these nothing down no qualification loan criterion.

Sure, Congress is trying to blame the lending industry, but that is because without the legislation and polices that Congress set, it wouldn't have happened.  And without NAR, Congress would not have made those foolish decisions.  NAR is one of the largest lobby groups in the country for a very good reason... the don't care about the country nor the consumer, they only care about their members.
  • April 30 2011
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I know you capitalized NOT modify or willing to refinance, but I think you should keep trying between now and then-policies, people and regs will probably change. Persistence and a lot of phone calls and writing are necessary to get them to pay attention.
  • April 30 2011
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I would suggest looking up your loan at the two links below. If you show-up on either of these sites you qualify for a refinance. My guess is you don't as you most likely have a Chase held mortgage due to the terms of your note.

FANNIE MAE

FREDDIE MAC
  • May 01 2011
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Profile picture for Daniel1950
This is just a rip off. Part of the plan that was started years ago.  We are going to see it play out to where the rich want us to be. No one is going to help us. 
  • May 02 2011
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This loan was most likely originated at WAMU and then sold to Chase when they bought WAMU. Sounds like you may have taken out an Option ARM.  IF you would like to reach out to me I have a couple of former co works that now work at Chase. Provide me with some info such as name, address, loan # , loan balance, approx value and estimated credit score and phone #. I can reach out to one of my friends at Chase, they recently made some changes to thier relief products.
  • May 04 2011
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