kitkat01 LoanSafe Member
I was approved a Loan Mod by Chase back in 2010. It's been about 2 years and I've been ok with the new payments but still a little tight some months when unexpectable things happen. I have been paying monthly until about 4 months ago, unexpected expenses occured and I was late on my payment. So now, I'm still considered 1 month late and whenever I make a payment for the month, it's not for the current month but for the previous month. I called Chase if thye have a skip payment plan and they said yes, but I have to qualify. I'm waiting a couple of days to see what I need to tell them to qualify (doing my little research). The guy said when I get approved for the extension program, thye will automatically send me an application for Loan Mod and I qualify since my last approved Loan Mod was 2 years ago.
I paid someone to help me with that loan mod so I wanted to ask around here how is the process when i do it on my own. Will I be denied since I do not knwo what to tell them when asked about hardship, salary, etc, etc. My loan info is below. I am also currently working out my credit cards and w/ a debt set settlement program, hopefully be done by next year.
Chase 1st - $744K - 1 month late, still paying.
2nd - 60K - already stopped paying 2 years ago and with a collection agency now. Waiting for them to settle in the future.
Current mortgage payment - $3560, including insurance and escrow. Loan Mod program is good for 10 years, starting rate of 2.25% the next 5 years, and goes highter 1% after every year.
Monthly net income is between $5500 - $6000.
House is probably worth $730K