I have been trying a loan modification since 2008 and it has been denied without even a reason about 5 times since then.
During the first 2 loan modifications I was actually up to date on my loan but after not being listened to and hearing from other people that I should stop paying the mortage I did.
It has now been 3 years, fighting with Chase and getting the run-around.
SInce then my credit has gone to hell, my income is lower, my house is worth less than half what my loan is, and I’m in default over 30k.
I feel completely tricked by Chase… and after seeing the Documentary “Inside Job” (won an oscar) it totally makes sense to me!
The banks are pretty much betting against their own loans and making money from defaults.
I’m about to cry after hearing one 5th time that my loan modification was denied because the application was incomplete. I too have kept a log of every conversation and every paperwork sent.
I’d love to find a good lawyer that can represent me.
My house is in Miami, FLorida.
I’ve been told at this point I can try another loan modification or a payment plan with the bank but a payment plan would actually increase my monthly payment so that’s pointless.
Do you have any suggestions? Anyone else in Florida?
What should I do?
I feel like I have a very strong case to sue the bank... Beginning with the fact that my loan shouldn't even have happened... It's one of those the banks tagged as a good loan knowing it would probably end up in default and on top of that I was a good-paying customer until 2008 when Chase themselves advised me that a loan modification would not happen unless I was in default so I stopped paying... They tricked me into defaulting and then wasted 3 years until I had enough debt that I'd have to be forced to lose my home.
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