Has anyone tried to do a loan modification on their mortgage?

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I have my mortgage through Chase. I just called them to see about a loan modification cause our payments are to high and they said we are late 1 month from back in June. We do a bi weekly payment. Which she told me will be cancelled cause of none payment for June. All I kept reading was about how to contact your mortgage company right away if you have hardship. Well I did and all they were worried about was how I am gonna pay my delinquent account.She must have asked me 4 times how I was gonna pay this back payment Then she proceeds to tell me that cause we were late that we are going to get collection calls. Yeah know what does it take to get some help when you need it. I totally give up.
My husband was out of work for 2 months over the summer and we got behind. My new job pays me less money. And they over extended us on our refinance back in April. We are now upside down with our house. And the cost of living in general is rising dramatically. The fact is not everyone is as fortunate as others with their finances.

  1. Reply
    Elsa D
    February 14, 2011 at 3:33 pm

    If you have an actual hardship, death of one of the breadwinners, becoming disabled, etc you can apply for a modification. Deciding that you simply do not like the contract you picked when they gave you the money is not hardship, it is just changing your mind.

    If you have changed your mind you need to refinance and get a loan that is more to your liking.

  2. Reply
    Big Daddy Lou 09
    February 14, 2011 at 4:26 pm

    From all the reading I have done going to your lender is not a good idea. they don’t want to change or help you They might offer a repayment plan which gets you back on track but it won’t reduce your payment, Try calling HUD 800 569 4287, You will get better results thru them. Good Luck

  3. Reply
    David Z
    February 14, 2011 at 5:06 pm

    there is likely a different group within Chase that might be more helpful. You were talking to a collector who had a script to follow. Group may be called “workout.” Or ask them who you should talk to about a “short sale?” Even though you are not asking for one now it will get you transferred to a person who may be able to help.

    I have also heard HUD may be able to offer some help.

  4. Reply
    April Dawn
    February 14, 2011 at 5:10 pm

    You need to call the Hardship Department @ Chase and ask them how to apply for a loan modification. We did this with HSBC and sent them the required paperwork (paystubs and bank statements) and had to go through the approval process. It took about 3 weeks but we were lower from 11.95 to 4.5 and from 13.5 to 8.0 for both of our mortgages. We had an 80/20 loan that was adjustable. We did have to be current on our mortgage, which we were. Good luck and keep asking Chase, some payment is better than nothing.

  5. Reply
    February 14, 2011 at 5:21 pm

    Be very careful if you deal with them yourself. You might send in a budget they dont like and that will ruin your chances of modifying after you finally realize dealing with the bank yourself is pointless. From personal experience you should hire a professional. Dyer Beech did a great job for my friend.

    email with questions if you have any.

    and DONT agree to a workout that you have a raised mortgage payment. The bank is NOT looking out for your best interests.

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