Posted on 07/25/2011 5:44:56 PM PDT by Chunga85
But there was a reduction in the monthly payment for us. Chase just called us this morning saying that we have been approved for a loan modification. They lowered our interest rate 1.75 points. It lowered our monthly payment by $276.43.
We have been underemployed and unemployed for the last several years. We have been making our monthly payments, but with the cost of everything going up, things have been a little tight. This will make things a little easier for us.
The whole process took about two months. And dozens of faxes.
EXCELLENT! Thanks!
Good luck on the job front.
Make certain you save every shred of paper and check to see that your payments are being applied to your balance.
If they are not, your payments are landing in a "trial" or "suspense" account.
That is when you need to become concerned that you are being set up for foreclosure.
We will. Thanks for the reminder. We've been dealing with Chase for 10 years now, and have never had a problem. But I have heard that others have had major problems with Chase. No complaints about Chase from us. But we will keep an eye on them.
LOL! Glad someone gets my grammar nerd humor :)
A smile is a charm against many not so good things.
A gal my wife works with went through the process and it only took a little over a month. They knocked over $100,000 off the principle and lowered the payment by $400 a month.
That is very encouraging news! Thanks!
If you are familiar with Present Value analysis, the savings are on the back end. In my case a reduction of 2 years principle to mature. So 24 fewer months of cost.
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