Chase Home Finance
Loan Modification Now Blocks New Mortgage Despite Good Credit

I was offered a loan modification and mortgage reduction by Chase 3 years ago. The letter they sent me said they put together this great new program to keep homeowners in their homes. They wanted to fix my rate at 5% and reduce my mortgage to keep my payment the same. I was never late nor did I ever miss a payment. It seemed too good to be true and it was. I am now trying to buy a new home and Chase won't lend to me because there is a loan mod on my credit report. Even though my credit is 780, I have 20% down and am very well qualified.

So, they came to me offering this mod for whatever reason, probably because it was a WAMU loan and a lot of those were going bad. But again, I never had an issue with my loan and making the payments, my interest rate was 3.25% so I was happy. But they pushed me to do this mod and now they are looking at it as negative. How can this be??!! I would even understand if my modification was with another bank but they know why they did it and that it was nothing negative on my end.

I assume they won't lend to me now because they will have a hard time selling my loan but that is total BS. Chase Mortgage screwed me. Now I may lose the house I wanted to buy because I can't close on time. I can go to other banks and they will probably take my loan but I just wasted 30 days and $500 on an appraisal. I call and they just send me round and round. Crazy.

Company: Chase Home Finance
Country: USA

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