Mortgage Forum

Mike

We have been working with Chase regarding our ARM loan to get a modification done- we started back in January. I called today and was told that my paperwork is still with the underwriter. I was told in mid February that it would take up to 45 days; they are now telling me it will be another 30 days. Our payment has increased almost $900.00 a month; which we obviously cannot afford. Chases' attitude has been condescending to say the least - saying things like "well YOU knew what you were signing," and you are going to pay it or risk bad credit." To tell you the truth I have not been happy with Chase from the beginning - they messed up our payments on a few occassions and informed the credit companies that we were more than 30 days late with our payments - which we have never been in the three years we have lived there. The fault stems with KB Homes because my husband and I were counting on them to do our loan - and at the last minute, before moving into our new home, the KB loan officer basically screwed up our loan in which our interest rate would have been more than 12%; and I had a credit rating of nearly 700 Needless to say, we did not take the loan. We, unfortunately, got caught up in this worthless loan and of course, like so many other Americans, we are upside down in our home. Should we just try and sell the house and hope for the best? How about a short sale?