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By now Chase should have gotten back to you on the modification. I am assuming that you are trying the loan modification yourself. The only thing you can do on your own is to keep pushing and calling Chase every day and bug them until they can't stand you anymore. Also, who is your second with as you may be able to modify that one as well.
If you decide to get, loan modification attorney's will prequalify you for free and should be able to get answers for you on their negotations within 30 to 60 days and have final loan modification paperwork to you in 60 to 90.
We find that people call us all the time for this help as banks just don't seem to move quickly or at all when you try it yourself. We even find that your usually denied. Even if you are because the bank probably didn't help you or consult with you on how to complete the paperwork, our attorney firm does help and consult and so get modifications thru even if you just got denied. Plus they address you first loan and second loan.
The successful Attorney Modifications Companies will offer you 100% money back guarantee and also are almost 100% succesful with their loan modifications.
In summary, you can call until your blue in the face and bug your bank and cross your fingers or hire someone to handle it for you. Our website has alot of good tips that may help you in the FAQ section, that are very specific. The more you are educated the better you can handle your situation is my belief.
I hope for your sake that the type of ARM you obtained was a conforming one with a 2.25% margin and a ~1.4% index for a total rate of ~3.65%.
If you are having problems paying that type of ARM a refinance to a fixed rate will only increase your payments.
I guess the good news is that you are able to make the payments on your income alone even if it is tough. Your husband may have to get a minimum wage job while he looks for a better one...
You will need to contact someone and talk with them to find out if you can refinance.
Best wishes.
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Could I refinance?
babybearlove
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My home on Zillow is worth 221,000 now and we've done some major upgrades since we bought it originally for 244,000. We put on a new roof and did hardi-plank siding. Would it be better to keep pushing for the loan modification (which will only do the first loan) or refinance it all? Could I refinance now or should I wait a year? It's just getting tough, and I'm tired of barely scrapping by. I know I entered in blindly to these loans, but now I'm smarter and will not make the same mistake again.
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