Chase "Avoiding Foreclosure"

[howdidithappen]

Chase syas on their website that they will work woth you to avaoid foreclosure. ANyone out there spoke with them and know what's they're offering?

[StartingOver08]

Yes. Just got off the phone with one of their reprentatives (actually they were WAMU and bought out by CHASE). They have set aside many many (forgot how many) millions to help distressed homeowners. They are stopping foreclosures for the next 90 days to help out these homeowners. Help includes interest rate reductions, and principal reductions too. If you want a contact, PM me and I will e-mail you name and number to contact at Chase/WAMU

[endisnear]

We've got a 1st and 2nd (80/20 purchase loan) with NationPoint. I wonder what they're offering. We are about $120k+ upside down on our home. I'd love to stay but with DH being out of work so long and his u/e benefits running out this month, we won't be able to pay our CC or mtg this month. I have a feeling though, that they won't be able to help us out with enough of a principal reduction to get our payment low enough to afford right now. We can probably only afford about a 1/3 of what we are payng now.

[r.m]

You guys are being bamboozled.

They're not offering a one-size-fits-all workout. And even if they were, it wouldn't make sense for most borrowers.

They're really not doing anything significantly different than before, other than putting old perfume in a new bottle, and doing a PR campaign to announce they're latest "effort."

The only thing that they're "offering" is a review.

The fact still remains: you must QUALIFY for a modification. You don't get one just because you asked for one. And if you don't know how to qualify, then your odds of getting one are 40-50%, according to the industry statistics.