Chase...mortgage offer?!?

[alo]

Do you have a mortgage with Chase? And, have you been receiving the offer for a reduced interest refi with no closing costs?
I have. We are on time with our payments and this would reduce us almost 2 points to 3.75% and lower our payment (but restart the clock on a 30 year mortgage).

Doing this may also effect my ability to qualify for a Ch7. So I have to weigh it all out.

For the longest, this house has been underwater in value by about 20%. But, signs are moving in the right direction so we are planning to pay an stay and see.

Looking over the initial offer paperwork, I wonder if this would preclude us from requesting a modification (lower principal) in the future? Or if this would preclude us from not reaffirming the debt...cause we don't plan to after I file BK (in the next few months when my income average is at its lowest).

Looking for advice and anyone's experience.

[tobee43]

careful careful careful!!!!

the banks are getting people to sign on the dotted line only to find out after the modification date expires they are hitting people up with HUGE balloon payments. if you want and intend to keep your house i would would only insist you get a principle reduction and an entire NEW mortgage reflecting the amortization of the loan and it's lifetime. also be AWARE many are finding the banks are lowering the payments but adding YEARS to the life of the loan.

go to the bank yourself, get everything in writing and make certain it's something you can live with for the rest of your born days...lol!!! on the good side, and i guess there is one, if you really want to stay forever it may be a way to make it more affordable.

[alo]

Good advice, Tobee. I need to see all of the paperwork and the amortization chart. I believe it is like resigning a new loan with a lower interest rate and resetting the clock back to 30 years. I'll update as I find out more details. Thanks.

[tobee43]

i just hope it all works for you in your favor!

[kjrmom911]

I've been getting these notice as well. I also received a phone call from Chase. I told the lady that I was sure we did not qualify because we were in the middle of a Chapter 13. She told me that we probably would still qualify, we just needed to get approval from the trustee. No way do I want to open ourselves up to scrutiny by the trustee, plust I don't want to start over again with 30 more years behind me.

[Floridagail]

If it will effect your ability to file chptr 7 and have a fresh Start , Do you really want to do it.

[Pandora]

One word of caution:

If you're getting phone calls from your lender.. NEVER provide or confirm ANY information over the phone unless YOU called your lender directly. If you should get a call - ask for name, extension, department and supervisor of person calling and tell them you never provide any information to solicitation phone calls... you will call the lender directly and discuss.

Too many people are getting taken by calls just like this..and its not even their lender calling.

The same should apply when receiving ANY mail offers... dont call the number back unless you know 100% it is actually from your lender. Better yet.. just call the bank and ask.

[alo]

Once my new reduced salary has been in effect for six months, a lower mortgage payment will not preclude me from filing a Ch 7 (as far as the means test goes). But I am over the median income so we'll see if I get flagged.

These notices come to me via 2day UPS mailers. I have ignored until recently. They do call but I don't answer. I owe to Chase credit cards and not sure if I will get Chase the mortgage rep or Chase the cc rep.

Anyway, next notice I get, I will contact them, find out if I qualify...I'm certain my credit is low low low since I have stopped paying ccs.

Thanks for all the words of advice. I was hoping someone on this forum had actually taken this track and would share their story. Maybe someone will come forward...