Foreclosure and Loan Modification Blog

Loan Modification Success: Cutting Chase Payments in Half

[fa icon="clock-o"] Sunday, November 24, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] successful loan modifications

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.

monkey-eyeLike many other households, one Pennsylvania household had suffered a lot over the past several years. The economy had taken a major toll on the life of their family. Both the husband and wife had lost their jobs in the late '00s, and they had never quite been able to get back on their feet, even after going through bankruptcy. The last thing they wanted to do was to lose their family's beautiful home because they couldn't pay their $2,000 monthly mortgage payment to Chase, or their $2,000 secondary mortgage payment to Sekure Mortgage (SFC). They had already tried to get a loan modification on their own when paying the mortgage became a bit too hard, but were unsuccessful in that endeavor, as were many other homeowners.

Acting Quickly to Get Results

That's why this homeowner retained us in late April 2013. By that time, they were already well over a year behind on their mortgage payments, and were already in active foreclosure on both of their mortgages. Before the ink was even dry on the homeowners' retainer agreement, our attorneys filed a request for a conciliation conference with Chase. A conciliation conference would allow our lawyers and Chase's lawyers to sit down and attempt to hash out a solution without the added pressure of a judge or a courtroom. That same day, our home retention department began working with the homeowner to gather the documents that were needed to assemble a loan modification package.

In the end, the conciliation conference ended being unnecessary. The homeowners were incredibly diligent in getting their loan modification documents over to us, and Chase was expedient in approving a loan modification. We submitted the loan modification package on the homeowner's first loan in mid-may 2013, and received a trial loan modification by the end of the month. In contrast, it's not uncommon for homeowners who are attempting to get homeowners on their own to spend months or even years waiting to get loan modifications approved. Under the arrangement of this trial plan, the homeowners would have to make 3 trial payments of $1000.27 beginning in July 2013 before being approved for a permanent loan modification.

chase-cut-in-halfThe homeowners completed the trial plan and were awarded a HAMP permanent loan modification. Under the terms of the permanent loan modification, the monthly payment would be reduced to $999.85 per month, and the interest rate would stay at 4.625%. The $38,717,74 that was past due would be added to the back of the loan, and the foreclosure case would be dismissed.

During this time, SFC, the owners of the second mortgage, attempted to foreclose on the home. However, laws indicate that a second mortgager can't foreclose without permission from the first mortgager, so the homeowner was safe until we completed the loan modification on the first mortgage. We are currently working on modifying the second mortgage, and look forward to obtaining a great modification on that loan too. Stay tuned for news on the terms of that SFC modification.

Chase Loan Modification Overview

September 2013BeforeAfter
Monthly Payment $1,995.22 $999.85
Interest Rate 4.625% 4.625%
Foreclosure 20 Months Past Due, Foreclosure Action Started Chase Foreclosure Dismissed
Benefits to Homeowner ✓ Monthly payment reduced by 50%

This is an example of why you should hire an experienced foreclosure defense law firm to defend you if you can't pay your mortgage. This is the best way to save your home and get great loan modification results.

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Read about other loan modification success stories, or browse hundreds of other loan modification case results.

Jake Sterling

Written by Jake Sterling

Jake Sterling is Amerihope Alliance Legal Services' Homeowner Liaison. He helps to bring awareness and teach homeowners about foreclosure defense and options to save their homes.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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