They are paying but Chase just applies the payments to fees. They tried to get a Chase modify and were turned down due to much equity. Their credit is screwed up but they have a almost full time job. They probably have $100 K in equity but a refi may be hard due to credit that was damaged the last 2 years.
The lawyers out there are skunk, Chase is awful. Hard money lender who loan $5,000 to get them back on their feet are sharks. I do not want to play bank either.
I know a few things about demanding the copies of the paperwork, etc but that is a long shot. These people are not deadbeats. They are in late 30s.
I am trying to come up with an idea to help them. It is Christmas so you try to help. Even if it was not Christmas you still try. Thanks for any ideas.
My brother, who is a retired attorney and just about the last person on earth I would expect to even think about calling on a radio ad, called that co “Cash Call” who advertises on Levin and others, for a refi. He said it was superbly easy and they refi’ed him without any closing costs. He dropped his mort rate by about 1.5 points.
Three words: get a lawyer. It seems there are rather many nasty problems with this foreclosure/failure to modify, etc. stuff. Foreclosure law is far more arcane than one would imagine. I’m not sure how one would go about finding a good atty to handle this, but if your friend is in New Jersey freep mail me and maybe I can get you a recommendation. In other states you’d have to ask around, but that is what I’d strongly recommend. Perhaps they could go back to the lawyer that did their closing and get a referral from him or her. Just tell them to fight like hell, but get some professional help.
By law, they have the right to choose their own insurer. Chase may recommend one, but they don't have to pick it. If their payment is that jacked up over insurance, shop around.
Didn’t Chase order one of its branches to remove their Christmas tree ?
>> They probably have $100 K in equity
Roughly how much do they owe?
Put the house up for sale at a listing that reflects the equity. If it sells, then they get their equity. If it doesn’t then their equity is not real. Both they and the lender would then need to reconsider what they think it is worth.
I thought it took a year to reposess a home?
This isn't a case of the homeowner dropping insurance that the lender requires as part of the mortgage deal, is it?
In such cases, the lender is allowed to insure the house and bill the homeowner for it. In such a situation, the insurance premium will be very high compared to what the homeowner had been paying for the insurance he dropped.
At least, that's the law around here--but it might have changed in the couple of decades I was advised about it.
Ping!
It looks like from the thread that the person needing help with Chase trying to foreclose on them is in Florida.
Chase is a really scummy bank besides the Christmas Tree they supported Acorn, Obama and Sharia Finance and were good buds with Madoff to boot.
There is a freeper who belongs to a fight foreclosure site so I found some information on there that might help.
http://4closurefraud.org/foreclosure-support/
http://www.foreclosurehamlet.org/page/helpful-links
Basic Foreclosure Litigation Defense Manual
http://www.scribd.com/doc/20954236/Basic-Foreclosure-Litigation-Defense-Manual
http://www.foreclosurehamlet.org/profile/stopGOVTwaste
How did the payment get jacked up in the first place?
A mortgage contract is a contract. It can’t change like that without something was was in the terms of the contract that also changed. What changed?
I have worked for many banks. Chase is absolutely one of, if not THE, worst bank out there. They are absolutely robotic in the way thy deal with people.
More info in post # 37
Good Luck!!!