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Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24870
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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My loan modification is being reviewed / processed with Chase.

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My loan modification is being reviewed / processed with Chase. I am three months behind. They just called me and asked if I can make a payment before 10/31? Money is very tight and that is why I asked for help from Chase and ask them to reduce the payment.

Now, while this application is being processed, must I make the payment or I should wait for their decision? Will my making the payment (somehow) or not making the payment will effect their decision?
Hi! My name is XXXXX XXXXX I'll be the attorney assisting you.

Are you applying for the HAMP plan or is Chase thinking about modifying the loan themself?
Customer: replied 3 years ago.

I don't think I qualify for HAMP is the loan is only 1 year old.

That's correct, if your loan is only 1 year old then you don't qualify for HAMP.

Then my response is simple - since Chase is under no legal liability or responsibility to modify your loan - I would comply with their every request.

That making the payment will show them your sincerity to work with them and comply with the terms of any modification.

My answer would be different if this was a HAMP modification.

But since it's strictly Chase's deal - then I would comply with any and all demands they make upon you because, as stated, in reality they have no affirmative obligation to modify the loan.

Non compliance with their request could have negative results as to your application.

I am sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers, even when an answer is not favorable to the customer.

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