Upside Down Mortgage

Chase Loan Modification Trial Period

Question: Need help with Chase bank loan modification problems?

Has anybody else run into this issue? After getting the runaround from Chase two weeks ago, we received our loan modification documents in the mail last Friday. Only problem is that they are asking for a trial period payment on April 20th and another one on May 1! We just paid our mortgage on April 1 and are current on our payments at this time. When I called Chase to try to figure out what happened, they told me there was nothing they could do and I should try to borrow $1100 from family and friends to make the double payment (quite possibly the dumbest advice ever). What I don't understand is that the loan modification program is suppose to give you a 90 day trial period with 3 monthly payments at this $1100 rate. Does anybody have any suggestions on how to fix this besides contacting my congressman? (I'll be doing that first thing in the morning)

Answer: Chase received the HASP guidelines from the President on April 6th. They will start instituting the new rules. It sounds like you were offered the "old" Chase loan modification.
The new program lowers your payments and interest rate but does not change the outstanding balance.
No one makes a triple payment under the new program. That defeats the whole point. But you do have to have been current for the last 12 months..

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