I waited for nearly two plus years to get a loan modification. After dozens of paper chasing events, I receive a deal to stay in my home with effectively the same monthly mortgage payment.
I took it in desperation, but a year later the financial strain was to great, so I re-applied for modification. Bottom line, they would not reduce my monthly payments, and demanded that I makeup past payments and maintain old mortgage rate or they would start foreclosure proceedings. I opted to do nothing. The modification program is a farce, I am disabled, and had to retire early for medical reasons.
I have heard of people getting monthly mortgage reductions as high as 60%, so why couldn't Chase do more to help make my house affordable. There is something sinister and wrong about a Banking system that gets bailed out for hundreds Billions and does not help home owners.
Product or Service Mentioned: Chase Bank Mortgage.