Chase mortgage loan repayment program or late pay?

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I have a mortgage through Chase that I am currently behind on (45days) due to a severe pay cut at work. I called Chase to see what my options were for trying to get caught up (hoping I could post-date a check, pay partial etc…) when they told me my only option was foreclosure or a “loan repayment program.” This program will allow me to skip my mortgage for last month and then would increase my mortgage by $ 150 for the next nine months until the difference is paid. But the whole time my credit will show default.
What is the benefit in enrolling in this program versus skipping last month and paying additional $ 150 for the next nine months without enrolling? I just don’t see the point if my credit will show default either way. Any advise is appreciated.
So, showing default and being passed due are two different things? Because the rep. said I would still show default on my credit for the 9 months even with entering the program.

1 Comment
  1. Reply
    David Z
    April 30, 2011 at 12:55 am

    the difference is only the length of time your credit score will be affected.

    if you take program your past due mark on credit report will stop immediately. Your credit report will no longer show you are past due on mortgage loan.

    If you go the other way your credit report will show you are delinquent on your mortgage loan for another 9 months. This will take longer for your credit score to recover.

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