Mortgage Forum

Philip77

Never posted before, but here goes...

i had credit issues but was able to obtain a mortgage loan from Fremont invest, the rate was 8.25 not great but affordable. So my mortgage agent said do not pay off bad debt let it drop.

Loan was supposed to be 3yr fixed went through there attorney sign and owned our home great until last October when loan jumped to 10.75 and got sold in the meantime to chase it was sold 6 months prior to rate increase we called chase and they said it was only 2 yr fixed, my agent closed up so i started calling chase daily about getting rate fixed was paying 1664.00 insurance and taxes went to 1938.00 taxes and insurance.

I finally got a hold of someone that told me at chase there was a loan modification program if you qualify sent 27 pages via fax and mail in October 2007, when i would call i would get dropped or the phone would go busy, mind you i was making my payments and not late (yet) i'm 50 yrs old and had a stroke my insurance is veterans care all i have they scheduled me for heart bypass surgery i contacted chase to tell them i may get behind but will catch it up as soon as possible the response was chilling :

still have not had my surgery in April on the 4th i got a fed ex from chase at 4:40 pm opened it loan modification rate 5.0 for 2 yr then 6.25 for 27 yrs had to be back no later than 7th April 2008 that is a Monday to California from nc.

They sent envelope fed ex we went to our bank signed notarized Friday morning took it to fed ex they said envelope would not make it on time the envelope chase sent so we paid approx $36.00 and sent it on time.

I contacted chase mortgage as i owed a payment and another coming close they said loan is being modified payments already figure in the modification
agreement just make the new payment on the 1st of May 2008 done now i received letters that demands full payment of loan when i call collections they tell me that is standard don't worry about them just make you new payments on time who do i call?

Am i going to loose my house? they tell me mod is approved and i don't owe the two payments but who do i trust my gut says i'm getting ready to loose it all am i wrong? advice please i am working and still refuse to have surgery until this is fixed my doctor said i have till august 08 to decide or my arteries will not hold the bypass could loose my legs if i wait any longer this is the end result at over 50 years old.

Thanks in advance for any help Phil

apaykin

Call in again. If they tell you not to worry about it, ask them to fax you a statement of your account indicating the new terms and that there are no payments past due. As long as they send this to you and you have it in writing (fax is best as it has proof of origin right on it), they won't be able to say they never said that. Once you have a written statement from them saying your loan has been modified and you're no longer on the hook, go get the surgery... Depending on the state you're in, I might be able to help. Send me an e-mail if you need more advice, I work in loss mitigation and negotiate with banks all day everyday...