CHASE foreclosure

[Cramdown]

I received some not so good news today at work. I was handed a print out from my local papers website with ALL my information about CHASE foreclosing on my house. All this time I have still been waiting to hear from CHASE about my "workout plan". I guess this is thier way of contacting me.

I contacted a lawyer today and have an appointment to go over my options. He needs me to bring all my paperwork, bills, etc.

My question is, what do I need to be prepared for and do I need to take ALL my bills...every single on down to the garbage bill?

Thanks in advance===cd

[Flamingo]

I am assuming this is to file for BK as to "options." What you will need to take with you is a complete listing of all your bills (name, account number, amount), monthly payments, paystubs, sources of income, listing of assets and your most recent tax returns. That should provide the attorney will all the information he/she needs to review your situation.

[Cramdown]

Are my choices limited....7 or 13 and does Chase have to accept the agreements? What happened to my "workout" that Chase was supposedly working on and should I contact Chase to ask?

Also, Chase told me NOT to send any money while they were working on my "workout", now I am more months behind than I orginaly was in the begining.

[Cramdown]

How can I keep in the house in a CH7?

[r.m]

How can I keep in the house in a CH7?

While most attorneys will tell you that you "have to forfeit the home" if you don't re-affirm, the fact is that I've had dozens of clients who've filed a 7, included the home, and we've still been able to do a loan mod.

While this IS the BK forum, I would suggest that BK [I'm talking about 13 here] should be a LAST resort.

If you're only filing to keep the home, that may be like killing a mosquito with a bazooka. OTOH, if you have other "issues," then working with Chase's Loss Mit/BK dept in conjunction with your BK can yield some outstanding results.

Chase, among others, LOVES to take loss mit apps and sit on them, and begin foreclosure anyway.

Without looking at what you've sent them, it may be that your package didn't qualify, or there's a red flag or major obstacle to offerring you any kind of workout at all.

They may also have misplaced parts of your package, or it may have been incomplete. Of course, they don't seem to be in the business of following up on these situations to get what they need.

In addition, based on what I hear from clients, Chase Loss Mit can be NASTY.

They have a separate division that works strictly with third party companies. I only work with those folks, and if the current negotiator is a loser, I typically get it re-assigned to a "friendlier" person.

BTW, if you were hoping to take advantage of the much-ballyhooed housing bill they passed a few months ago, forget it. There's a post on my blog about the main obstacle on that:

[URL Removed]

I imagine your sale date is coming up soon, but there may still be time to resuscitate it. More often than not, I find that these "lost" packages need a fair amount of tweaking in order to qualify for the best possible terms.

If you'd like to PM me on this, go for it.

[HHM]

When there is a problem, the first line of advise is to contact the party to whom you have a problem. Instead of speculating, contact Chase loss mitigation and find out what is going on.

Workout's are voluntary on the lender's side. There is no legal mechanism to force them to do a workout so hiring an attorney may be a fruitless path at this point.

However, if you have multiple mortgages, and the house is worth less than the first mortgage, a chapter 13 could benefit you as it puts you in control of your creditors and allows you to strip secondary liens.

[r.m]

However, if you have multiple mortgages, and the house is worth less than the first mortgage, a chapter 13 could benefit you as it puts you in control of your creditors and allows you to strip secondary liens.

That's certainly true, but in your experience, how often are you seeing attorneys actually DOING this?

Obviously, I'm not speaking on the industry as a whole, but the M.O. seems to be "sign 'em up, file it, then quit answering the phone."

You mention lien stripping and 19 out of 20 attorneys give you the equivalent of that curious I'm-a-dog-and-I-heard-a-high-pitch-noise look.

I see a number of good candidates for this and they're often talked out of it by their "counsel."