Posted on 07/25/2011 5:44:56 PM PDT by Chunga85
DO NOT CIRCUMVENT OUR OFFICE - ALL CORRESPONDENCE REGARDING THIS MORTGAGE SHOULD BE DIRECTED TO US.
Dear Chase,
We have sent HUNDREDS of pages of documentation to you since November 2010.
The borrower came to us because they did the same and were ignored. We are going to try one more time to obtain a modification for our clients before we turn to the court system for relief.
Your company has run rough-shot over our state's title statutes, and violated them as if they did not exist [and not only with regard to this particular property]. Unless you offer our clients an acceptable loan modification with a principal write-down to a new balance of $100,000,000.00 within 45 days, our intent is to amend our existing complaint to include acting in bad faith and outright fraud. The way you have treated our clients is disgusting and you should be held accountable.
(Excerpt) Read more at foreclosurehamlet.org ...
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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