Posted on 12/08/2010 6:45:32 PM PST by Frantzie
I know someone who lost their job, has found a new one and is behind about 2 months. It is not me thank God. They are trying to work it out. They can eventually get caught up but if you have any equity - it appears the banks will play hardball. Chase is a scummy bank.
They are paying but Chase just applies the payments to fees. They tried to get a Chase modify and were turned down due to much equity. Their credit is screwed up but they have a almost full time job. They probably have $100 K in equity but a refi may be hard due to credit that was damaged the last 2 years.
The lawyers out there are skunk, Chase is awful. Hard money lender who loan $5,000 to get them back on their feet are sharks. I do not want to play bank either.
I know a few things about demanding the copies of the paperwork, etc but that is a long shot. These people are not deadbeats. They are in late 30s.
I am trying to come up with an idea to help them. It is Christmas so you try to help. Even if it was not Christmas you still try. Thanks for any ideas.
My brother, who is a retired attorney and just about the last person on earth I would expect to even think about calling on a radio ad, called that co “Cash Call” who advertises on Levin and others, for a refi. He said it was superbly easy and they refi’ed him without any closing costs. He dropped his mort rate by about 1.5 points.
Three words: get a lawyer. It seems there are rather many nasty problems with this foreclosure/failure to modify, etc. stuff. Foreclosure law is far more arcane than one would imagine. I’m not sure how one would go about finding a good atty to handle this, but if your friend is in New Jersey freep mail me and maybe I can get you a recommendation. In other states you’d have to ask around, but that is what I’d strongly recommend. Perhaps they could go back to the lawyer that did their closing and get a referral from him or her. Just tell them to fight like hell, but get some professional help.
Thanks. I would think Levin would vet his advertisers.
I try to help people and it bothers me but there is only so much you can do. They asked for help so you gotta try. They are nice and honest people too.
I will check them out and call to get some info. Thanks again.
By law, they have the right to choose their own insurer. Chase may recommend one, but they don't have to pick it. If their payment is that jacked up over insurance, shop around.
Didn’t Chase order one of its branches to remove their Christmas tree ?
They are in FL. FL has rocket dockets for foreclosures too. Thanks.
>> They probably have $100 K in equity
Roughly how much do they owe?
Chase but I also think Wachovia did as well. The Chase story was widely reported. Chase aka JP MOrgan Chase is also being sued in a class action for manipulating the silver market.
I think old man Morgan founded the Council of Foreign Relations (CFR) along with the Rockefellers who owned Chase back in the day. Weird they eventually merged.
AFAIK - Germany was wiped out by French, Brit and American (Morgan) bankers on the reparations post WW1 which brought a usurper to Germany who destroyed the country. Sounds familiar.
Im in the mortgage biz.
Tell him to ask Chase for proff that they have his “original” mortgage note on file.
That will slow thewm down...
Chase bought out WaMu and canceled one of my credit cards without even bothering to tell me.
Why?
My balance wasn’t high enough and we were paying it off too fast.
We weren’t “profitable” in the long run.
Evil bastards.
That was my “dog emergency card”.
Here’s a link to an article in the WSJ about a woman in Florida who has fought off foreclosure for 25 years. I’m not kidding and neither is she!
Of course this woman is in the wrong, or so it appears to me, but this is what I meant when I said “fight”. I find it hard to understand how your friends’ payment could have more than doubled due to nothing they did.
Oh well, I repeat myself, but get a lawyer, in Florida you can probably find a pretty expert one pretty quickly.
Asa bookkeeper I’d definitely tell them to keep paying if they can and mark each payment for what it is for, month, etc. Never mind what some crazy lady is getting away with and never mind how the bank is applying it. On the face of the check indicate what they intend the payment to be for.
And of course, keep copies of EVERYTHING!
I think $100K or maybe $95 K is owed. They ran the most recent Zillow and the house in current market conditions is worth about $218 K. They showed me.
This is not what I do and I do not know them well. They know I am honest and fair. I have given the guy some side work to help him out.
Put the house up for sale at a listing that reflects the equity. If it sells, then they get their equity. If it doesn’t then their equity is not real. Both they and the lender would then need to reconsider what they think it is worth.
See if they can find a community law clinic or even a cheap store-front lawyer who does tonsils on the side...
What I’m wondering is this: with ~45% to 50% equity, why do they even *need* mortgage insurance?
And with that much equity it would seem that the bank would be more interested in keeping them in the house (and paying their mortgage) than adding the property to their already bloated foreclosure inventory.
Something seems funny about this. Are you sure they’re leveling with you?
I think this fellow had the same type of situation. My neighbor had Wa Mu and the same deal. He had Countrywide before that which was worse. This is a different guy who kept hitting the equity line. He may become another casualty.
Chase seems to changed things for former Wa Mu customers.
I almost want to hide because people get desparate and seek help.
Obam is destroying this country.
I will ask him again tomorrow. The insurance was homeowners that Chase went out and bought. There was a mix up when Wa Mu went under. Usually you have the homeowners insurance, it is billed in your mortgage paymenst and you just renew.
Because it is FL, he may have been dropped. They constantly have insurers moving in and out of FL because hurricanes. Nationwide recently cut their exposure to FL.
I have Chase and I am almost paid off. I could write a check today (thank God). I forgot to mail a payment. They called and were aggressive and nasty plus they barely spoke English. I am never late but had a brain fade that month.
I think the banks will want to try to grab the house if you have equity. You would think they would want to work it out.
I’m sorry, I misunderstood “insurance”. I thought you were talking PMI but you meant homeowners.
I know zip about FL homeowners.
As rotten a bank as Chase is, I seriously doubt they WANT to foreclose on equity. But I do believe they are all being total jerks lately, just because of all the lending hot water they got themselves into.
Anyway, you’re a good man to try to help them out and I wish you success.
FRegards
Good suggestions especially marking each check. I wonder if he can write it on the back of the check too?? Copies copies copies.
Yeah this lady is a borrower from hell. Thanks. The whole thing is not my problem but when people ask for help, you cannot say no. I am not grabbing my checkbook but I will try to help.
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