Posted on: 27th Apr, 2009 09:50 pm
2nd loan with jp chase is moving me from loss mitigation to recovery dept. what does this mean?...my home is only worth 425k we own 300k 1st loan, 250k 2nd loan.
we want to keep our home, and are actively in touch with our banks.
my first mortgage with wells fargo 300k – is under review for a loan modification-
( things look promising on that end) it has a foreclosure date of june 2nd, however the modification looks promising. every rep i talk to daily tells me that wells fargo will modify, and if they need to they will extend the foreclosure date, until a modification is reached.
this is my dilemma:
my second mortgage with jp chase ( which is a heloc) 250k was under a proposed verbal modification- , they lowered my rate by .5 point and extended the terms. i never denied nor accepted their offer. i told them i wanted to wait another week to see what my fist mortgage- wells fargo would do- i have been told tonight that this will now be going into the the chase home equity national recovery group . it is out of the loss mitigation department and into recovery. the loan modification offer with chase ( my second mortgage 250k) is not an option anymore. it is now in the home equity recovery group. what does this mean???
will this department file a foreclosure as well?
will they sue?
will they want a settlement for part of the 250k??
will recovery negotiate? what are the next steps?
please help.
[size=9:70e935e459][color=red:70e935e459][e-mail address deleted as per forum rules. thanks.][/color:70e935e459][/size:70e935e459]
we want to keep our home, and are actively in touch with our banks.
my first mortgage with wells fargo 300k – is under review for a loan modification-
( things look promising on that end) it has a foreclosure date of june 2nd, however the modification looks promising. every rep i talk to daily tells me that wells fargo will modify, and if they need to they will extend the foreclosure date, until a modification is reached.
this is my dilemma:
my second mortgage with jp chase ( which is a heloc) 250k was under a proposed verbal modification- , they lowered my rate by .5 point and extended the terms. i never denied nor accepted their offer. i told them i wanted to wait another week to see what my fist mortgage- wells fargo would do- i have been told tonight that this will now be going into the the chase home equity national recovery group . it is out of the loss mitigation department and into recovery. the loan modification offer with chase ( my second mortgage 250k) is not an option anymore. it is now in the home equity recovery group. what does this mean???
will this department file a foreclosure as well?
will they sue?
will they want a settlement for part of the 250k??
will recovery negotiate? what are the next steps?
please help.
[size=9:70e935e459][color=red:70e935e459][e-mail address deleted as per forum rules. thanks.][/color:70e935e459][/size:70e935e459]
Hi laura,
In my opinion it is a collection agency who will collect the second mortgage dues from you. Collection agencies can sue you in order to recover the debts. I would suggest you to contact JP Chase and clear out the whole issue. They will let you know what "HOME EQUITY RECOVERY GROUP" is. You can then start negotiating with them to lower your payments.
In my opinion it is a collection agency who will collect the second mortgage dues from you. Collection agencies can sue you in order to recover the debts. I would suggest you to contact JP Chase and clear out the whole issue. They will let you know what "HOME EQUITY RECOVERY GROUP" is. You can then start negotiating with them to lower your payments.
I am in the same boat. I have my first with Wells Fargo and second with Chase. Wells Fargo is cooperative and Chase continues to ignore my modification application. I do not want to refi my first mortgage - only the second. My modification app was submitted April 2009 and every time I get sent thru the list of 800 #s, I am told that my application has not been reviewed yet. I am robbing peter to pay paul until I get this resolved, but don't think I can wait any longer. I am told Chase won't even talk with me about my loan until I stop making the payments. So if I understand this correctly -I have to jeopardize my good credit and risk having my home go into forclosure, to get Chase to even discuss my loan modification?? I am not willing to do that. I have even went as far as to file a complaint against Chase to the Federal Banking Commission - I have not even received a response back from them! So here I am back at square one: Please let me know if you have remedied your situation - if so, what angle or route should I take to get Chase to work with me. Thanks -
Hi Kaye,
It is not mandatory for a person to get delinquent on his/her loan payments in order to get a loan modification. The lender can modify your loan payments if you are on the verge of defaulting the loan. However, you need to negotiate with your lender. You can contact an attorney and let him negotiate on your behalf for a loan modification with your lender.
It is not mandatory for a person to get delinquent on his/her loan payments in order to get a loan modification. The lender can modify your loan payments if you are on the verge of defaulting the loan. However, you need to negotiate with your lender. You can contact an attorney and let him negotiate on your behalf for a loan modification with your lender.
Chase is now our loan provider. I have all my accounts with them. My husband and I lost our jobs. He is working again but I havent found anything yet. We have been calling telling our situation and we get the run around. My credit card rates are now 32.99% We must submit new paper
work again (5th x) paystubs,income tax,hardship,letter other forms and I always have to download the paperwork they want. What GIVES!! I call back sameday they hang up on me???? I have written letters and with no
response. Its a big lie!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Anyone getting help from Chase?? Modication?Credit Card Rates???
work again (5th x) paystubs,income tax,hardship,letter other forms and I always have to download the paperwork they want. What GIVES!! I call back sameday they hang up on me???? I have written letters and with no
response. Its a big lie!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Anyone getting help from Chase?? Modication?Credit Card Rates???
A large number of people have complaints against JP Chase. I can understand you must be going through a tough time. But I guess you will have to be patient enough in order to get the deal.
I also have a 2nd with Chase and submitted a hardship packet several months ago (I am currently trying to get a mod with my 1st - National City). I've been calling on a weekly basis and the past two times, including today, I was told that Chase is not doing anything with 2nds and that there is no need for me to keep calling back. I was searching the net to see if anyone else has had luck when I found this post.
Chase was working on a modification on my second.........5 months ago. They dropped the ball and did a charge-off on my credit. They're HORRIBLE....they threatened to come after my home which I already secured with a modification through Wachovia, which is wonderful by the way.
My expreience with Chase is the same as Annie's. Chase has a second mortgage ($40,000 Home Equity line-of-Credit). My Spouse and I are on a "Fix Income" now and, can no longer continue to re pay. My spouse never signed for the lone. Nor, did he request and receive 'loss mitigation as I did. Now that Chase has kicked "me" out of loss mitigation, I have received a call from "loss recovery".
Can they take our home under these circumstances? My husband never signed. But he is an equal owner. What should I do?
Can they take our home under these circumstances? My husband never signed. But he is an equal owner. What should I do?
If Chase has "Charged-Off" the Equity Lone can Loss Recovery Still foreclose on our home?
Hi Irma!
Welcome to forums!
Chase has the rights to take away the property, foreclose it and recover its dues. However, as there is a first mortgage on the property, Chase may charge off the account and assign it to a collection agency. The collection agency will in turn collect the dues from you. Once the loan is charged off, Chase will not be able to foreclose the property as they do not hold your loan account any more.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Chase has the rights to take away the property, foreclose it and recover its dues. However, as there is a first mortgage on the property, Chase may charge off the account and assign it to a collection agency. The collection agency will in turn collect the dues from you. Once the loan is charged off, Chase will not be able to foreclose the property as they do not hold your loan account any more.
Feel free to ask if you've further queries.
Sussane
If you don't get anywhere with your 1st loan mortgage company, then get in touch with www.naca.com. They can help you with loan mods and refinances if need be.
If my 2nd position HELOC is with Chase Recovery Department for $205,000, what % should I offer to release the lien? Anybody know what they are willing to take?
Hi Lisa,
It will be your discretion as to how much percentage you will offer in order to release the lien. However, whether or not the recovery department will accept your request will be their discretion. It will be difficult for me to tell how much they will be willing to take.
Thanks
It will be your discretion as to how much percentage you will offer in order to release the lien. However, whether or not the recovery department will accept your request will be their discretion. It will be difficult for me to tell how much they will be willing to take.
Thanks