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I trying to modifiy my loan with Chase. Currently owe $316K1st,$38K 2nd Zillow value $200K options?

Loan Originated in 2006. 3 year fix/option payment plan. Loan will reset in September 2009 with min. payment option going up to $$$$ per month. Need any advice or hope for mod?
  • May 27 2009 - Temecula
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Answers (6)

Do the math. Even if you get a loan mod, when are you going to break even? Calculate a modest 3% appreciation going forward after this housing mess settles down. How long will it take to recoup that $154k???  A bad credit score that will be erased in 7 years is far better than losing that kind of money.
  • May 27 2009
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If you can't short sell, your hope is to modify with Chase.  Stay the course, you still have some time before the rate adjustment.
  • May 27 2009
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I believe it is. WAMU originated both loans.
  • May 27 2009
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IF you loan is fannie/freddie you may be able to refi under the making home affordable plan. Otherwise you arent going to be able to do anything.
  • May 27 2009
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$375K
  • May 27 2009
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What did you purchase the home for?
  • May 27 2009
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