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 Not enough hardship? How bad does it have to get? View next topic
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Dud?


Joined: 17 Aug 2010
Posts: 1
Location: Hawaii

Not enough hardship? How bad does it have to get?
PostPosted: Tue Aug 17, 2010 11:24 pm Reply with quoteBack to top

After toeing the line with Chase Loss Mitigation for 7 months, two different cancelations due to late or no notification and endless paperwork I learned today that Chase has, in its Wisdom, decided I do not have enough hardship to qualify for a loan modification. Never mind the fact that our business has lost 70% of its revenue, that we have stopped taking any salary 8 months ago to keep the boat afloat, our P&L shows a loss of $37K in the first 5 months of 2010 and that I am taking cash out of savings to keep up payments (as advised by Chase), now things just aren't bad enough for a loan mod.

I provided personal banking records and business banking records. The balances in our business accounts are quite high, 7 figures, but that is not OUR money. These accounts reflect temporary balances as payments come in and then go out to our creditors; distrubutors and the like.

Now I'm thinking I should just stop paying the mortgage. I hate, really hate to do that. But how else does one wake these guys up?

Chase told me I could reapply. Should I even bother? My mortgage payment is >70% of our income, house loan is $495K, market value is $375 tops. We want to stay because we live in a beautiful spot on Hawaii and planned to stay forever but that may not be possible unless things get a lot worse, according to Chase.[b][/b]

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syntheticheroin
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Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: Not enough hardship? How bad does it have to get?
PostPosted: Wed Aug 18, 2010 12:54 am Reply with quoteBack to top

they lie about everything to everybody .. turns out they get paid more if it defaults .. imagine if you took out 50 mortgages on your house + 5 insurance policies and burned it down.

MAKE PAYMENTS TO A LAW FIRM FAMILIAR WITH THESE ISSUES.

try a quite title, you never know.

Make it a Great Day.

Scott

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