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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2863
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I HAVE BEEN APPLYING FOR MORTGAGE LOAN MODIFICATION FROM CHASE

Customer Question

I HAVE BEEN APPLYING FOR MORTGAGE LOAN MODIFICATION FROM CHASE FOR 14 MOS...THEIR ONLY RESPONSE IS TO SAY I NEED A IMPOUND ACCT..AND RAISE MY PAYMENT UP $60. CALLING IT A PRE TRAIL MOD...AT 31 %..THE 1ST PAYMENT IS OVER THAT PLUS I HAVE A 2ND AND PAY MY OWN HO INSURANCE.....

I WAS ADVISED TO FILE CHAPT 13...BECAUSE I AM BEHIND ON THE 2ND..SO I COULD KEEP UP WITH THE FIRST BUT I CAN NO LONGER KEEP UP...I DO NOT WANT THE HOUSE BUT NO ONE WANTS TO BUY IT...HAS BEEN ON THE MARKET FOR 2 YRS...

WILL CHAPT 13 ALLOW THE COURT TO LOWER WHAT I OWE ON THE MORTGAGE AND GET RID OF THE 2ND..AS THE PROSPER LAW FIRM IN LOS ANGELES CA HAS STATED IT WOULD...MARIE
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

If you do not want the house, you can consider chapter 7 to discharge the debt, let them foreclose and walk away.

Terry L. :

The Chapter 13 can cure any default on the first, and if the 2nd mortgage is wholly unsecured, meaning there is no equity to attach to, you can strip off the lien and pay the debt at your unsecured rate, often as low as 10cents on the dollar.

Terry L. :

Thanks for your question, good luck.