Mortgage Modification

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    I have been trying to modify my mortage hled by Chase but they keep using delaying tactics, constantly asking for the same paperwork. Finally an underwriter (that’s the person that has the final say) was assigned to my case. She told me everything looks good, no more paperwork needed. So chase went ahead and pulled her off my case without replacing her. They then sent me a letter saying that my application is denied because I didn’t send all my paperwork. I even wrote to the Office of teh Comptroller of Currency, an agency that overseas banks, but they also no doing anything about it.

    I am eligible to have my mortgage modified and need badly to do it. Any suggestions?


    We had a similar situation where a bank was not dealing with us reasonably or in good faith.

    We ended up refinancing with another bank.


    Are you refering to a modification or refinancing? If refinancing then you should use a broker. If modification and are currently not paying your monthly payment they should hopefully notice soon and be more agreeable. Hatzlocha Rabba


    Are they required by law to offer loan modification? IIRC (although legislation may have changed this) the loan modificatin processes at most banks are there to keep you with them as long as possible and to persuade you not to refinance with another lender.


    Refinancing is not an option due to my poor credit rating. I make sure to be up to date because I dont want to lose my house but it is very difficult to keep up with my payment. Because of the housing meltdown and to avoid so much foreclosures, the goverment passed a law enacting mortgage modification where you can change your current interest rate to a lower one. By doing that Chase will lose money with me so they use all kind of excuses not to do it.


    speak to an expert, but as long as you are making the payments they have no reason to want to modify your loan.


    I dont know what state you live in, but every state has an agency that regulates and oversees banks. In NY it is the Department of Financial Services whatever state you live in there is surely a similar agency that you can reach out to for guidance and to file a complaint. Banks are also federally regulated and if you want to pursue something against them on the federal level, call the office of your local congressman for the appropriate department within which agency to speak with and possibly file a complaint, if that is where you want to go.


    A friend of mine was trying to modify his mortgage and the bank was givng him a hard time. After speaking to someone at the bank he was advised …sshh.. to stop paying for a few months. He did just that and his subsequent modification process was a lot smoother.


    Did you speak to a lawyer who specializes in mortgages?

    Even if your credit isn’t great, your home’s equity may help with a refi.

    Try speaking to your local councilman.

    They may be able to put some pressure on the bank if you are being treated unfairly.

    Google and document any laws and regulations that you think are being violated.

    This documentation will help bolster your case.

    Provide the documentation to your coucilman.

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