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Chase Loan Modification


mr.madison
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Hello all. I thought this would be the best place for me to come to get this question answered. I have called my lender Chase and they are able to offer me a loan modification. It will change my interest rate from 6.65 to 4.75 and save me 234.76 a month. My problem is the women mentioned that the first 3 months will be in forbearance. I have had problems paying my mortgage but I have never been in default or over 30days late. She told me that the 3 months in forbearance will report to my credit. Will this report as me being over days late? Is it worth taking the ding to save the money over the life of my loan? I don't want anything bad on my credit but I want to save money. I don't have the money nor credit for a standard refi imo. So I don't know whats left for me.. as she said that it will show me being late.. but she didnt know in what manner.Would I have better luck with naca?

EDIT

ok so i got some more info.. its not a forbarance.. its basically..lets take your money for the next 3 months and then apply it to your account.. so they can make me look like 90days late.. and they will report it to the CB's as 90days late even though i will be paying on time. What happened to the refinance option of this program? why would anyone with good credit take this?

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Not certain here, but I'm going to guess that the lenders want to make sure that ONLY people who are truly struggling will go through with modification. If not, you'll every Tom, Dick, and Jane calling up wanting their modification too. I'd certainly like to trim 2% off my note as would everyone in my neighborhood. But the 90 day late requirement serves to channel ONLY those who truly are struggling into the program. It is the price to pay for receiving a valuable modification.

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yeah i kinda got that.. my thing is i thought the plan was for people who were on time as well..at least thats the way it reads..

now my question is if i pay these 3 months even though they wont report it.. can i challenge to the cb's that these were paid and paid on time? even though chase wont fix it. If i have the proof do you think that will be enough?

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