Posted on: 21st Feb, 2010 06:18 pm
My Scenario:
1st: $630,000 (BOFA, modified 6 months ago for 3.25% till 2014 ARM!)
2nd: $160,000 (Chase purchase loan, horrible experience in getting mod done. 11.24 % on 15/30 year term.)
Total loan amount $790,000 with ZERO down.
Current House value: $450,000
Spoke to lawyer.
3 options given.
LOAN MOD on 2nd: May able to save $500/month but loan amount still high and WAY Over the value of the house.
SHORT SALE: Banks have to approve it. Uncertain.
Chap13: Strip 2nd mortgage?! Keep house.
Last 2 carry severe credit negativity but may have to bite the bullet on a perfect credit to save 100's of thousands of $$$ and sanity.
Spoke to CHASE and amazingly they rather have me SHORT SALE the house?!?!?!
I am not paying the 2nd for the last 6 months and WILL NOT PAY. Hoping that it goes to collections and/or settlement.
Any info on CHASE 2nd mortgages settlement would be very helpful.
Thanks.
1st: $630,000 (BOFA, modified 6 months ago for 3.25% till 2014 ARM!)
2nd: $160,000 (Chase purchase loan, horrible experience in getting mod done. 11.24 % on 15/30 year term.)
Total loan amount $790,000 with ZERO down.
Current House value: $450,000
Spoke to lawyer.
3 options given.
LOAN MOD on 2nd: May able to save $500/month but loan amount still high and WAY Over the value of the house.
SHORT SALE: Banks have to approve it. Uncertain.
Chap13: Strip 2nd mortgage?! Keep house.
Last 2 carry severe credit negativity but may have to bite the bullet on a perfect credit to save 100's of thousands of $$$ and sanity.
Spoke to CHASE and amazingly they rather have me SHORT SALE the house?!?!?!
I am not paying the 2nd for the last 6 months and WILL NOT PAY. Hoping that it goes to collections and/or settlement.
Any info on CHASE 2nd mortgages settlement would be very helpful.
Thanks.
Welcome Guest,
If you short sale your property, it is your first loan which will be satisfied first. If there is an extra amount resulting from the sale of the property, then the amount will go to the second lender. If the second lender's due is not completely paid off from the sale, he will ask you to clear off the dues from your pocket.
If you short sale your property, it is your first loan which will be satisfied first. If there is an extra amount resulting from the sale of the property, then the amount will go to the second lender. If the second lender's due is not completely paid off from the sale, he will ask you to clear off the dues from your pocket.
So you have Chase for your 2nd!
I have Chase for my house, when mine was refinanced, Bank One took on the loan then about 2 years later Chase bought it. The loan amount was $85,125.00, the terms was 9.13% and in 15 years I have a balloon payment, which the 15 years is up in Jan. 2015.
I am going to being acting on a deed in lieu soon with them. I am not to sure if they will do it or not. I don't know if they would do a short sale, I tried to modify my loan last year, but they never acted on it.
I owe just over $77,000.00 on my home now, and my house needs a little cosmetic things done on it, but I know I am not able to sell it for what I need.
I am not behind on my house at this time, but it is only a matter of time before I stop making any payments on it.
My husband has got a house of his own and I will not be able to pay for my house on my own.
I am praying that Chase will work with me this time, they didn't before! So I was shocked when you said that Chase said they would rather you short sale your home.
Thanks for that info!
I have Chase for my house, when mine was refinanced, Bank One took on the loan then about 2 years later Chase bought it. The loan amount was $85,125.00, the terms was 9.13% and in 15 years I have a balloon payment, which the 15 years is up in Jan. 2015.
I am going to being acting on a deed in lieu soon with them. I am not to sure if they will do it or not. I don't know if they would do a short sale, I tried to modify my loan last year, but they never acted on it.
I owe just over $77,000.00 on my home now, and my house needs a little cosmetic things done on it, but I know I am not able to sell it for what I need.
I am not behind on my house at this time, but it is only a matter of time before I stop making any payments on it.
My husband has got a house of his own and I will not be able to pay for my house on my own.
I am praying that Chase will work with me this time, they didn't before! So I was shocked when you said that Chase said they would rather you short sale your home.
Thanks for that info!