My wife lost her Job in 2009 and she decided to make the biggest mistake of our lives, she applied for the Chase home modification program. She entered this program on a probationary basis.
Her credit score 786, no missed or late payments ever. Chase stated to us that after 3 months of on time modified payment we would be accepted into the program. 19 months later we have been accepted twice, kicked out twice, threatened with forclosure, and asked to do a short sale.
We were told we make to much money then not enough money. We were accepted by Chase then denied by Fannie Mae, and then a month later accepted by Fannie Mae and denied by Chase.
We have submitted 7 complete applications and we update Chase with paystubs and other paperwork every Friday.
After 20 months chase stopped excepting our mortgage checks and wanted us to sign off on a short sale. We decided to dump Chase and refinance using our 401k to make up the difference. Low and behold, Chase completely ruined my wifes credit. No refinance for her.
We are far worse off then before this program came into our lives. No help what so ever From Chase. Just a slippery slope to foreclosure!
Thank God I am not on the mortgage and qualify for my own mortgage. I can buy my own house and take my wife and her bad credit with me.
Are these baffoons at Chase and Fanny Mae too stupid to realize that they stand to lose more money to kick us out then to modify? Or don't they care because they ride on goverment kickbacks and subsidies?!
By the way, my lawer advised me not to quick claim the property from my wife because chase would most likely ruin my credit as well.
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