Posted on: 30th Oct, 2010 04:26 am
we have a first and second mortgage. we filed and have gone through the chapter 13 bankruptcy. we have been trying for over 2 years to work with chase on modifying our mortgage (even before filing for bankruptcy) but they have not been responsive. we can pay our first mortgage but we wanted to decrease the near 7% we are paying on our second mortgage. chase put us on a program to temporarily decrease our second mortgage while they reviewed us for a "program" for modification and after many months of us inquiring and not being able to deal with any one person (we even had an attorney send a letter telling them we want to pay but we have no place to send our payment and we want an answer after a year) and there was no one department (making the temporary payments was a fiasco every month as they took us off line and we were shifted to different people and departments each month), they tell us we aren't eligible for the 2nd mortgage modification - we gave pay statements every month for a year because they were so disorganized. then they tell us we now owe for the decreased amount while they reviewed us.
in the meantime our bankruptcy came through and we had kept making our first mortgage payments and the decreased amount for the second mortgage. now they tell us our second mortgage is in with the "recovery unit" and we don't know what that means, they could not give us a person to talk to, and what does this mean related to a family in bankruptcy. we want to keep the house and all we looked for was modifying our second mortgage to obtain a better rate so we could keep paying that but chase has made this impossible as we literally had no place to make the payment on that second mortgage and a reduced payment would be possible.
does this mean it's going to collection? what do we do?
k
in the meantime our bankruptcy came through and we had kept making our first mortgage payments and the decreased amount for the second mortgage. now they tell us our second mortgage is in with the "recovery unit" and we don't know what that means, they could not give us a person to talk to, and what does this mean related to a family in bankruptcy. we want to keep the house and all we looked for was modifying our second mortgage to obtain a better rate so we could keep paying that but chase has made this impossible as we literally had no place to make the payment on that second mortgage and a reduced payment would be possible.
does this mean it's going to collection? what do we do?
k
As you've filed bankruptcy, I don't think that the lender will give you a loan modification unless your bankruptcy is discharged. Your bankruptcy trustee and your lender/creditors will give you a payment plan under Chapter 13 in order to pay off your dues within 3-5 years.