In July I contacted Chase to find out what I needed to do to apply for a Loan Modification. Seven years ago my husband was diagnosed with Stage IV Renal Cancer.in order to stay in our family home, we took out a "desperation mortgage" with WAMU. At the time our house was valued at over $700,000 and we believed that upon my husband's death, I would have plenty of equity should I decide to sell the property. My husband passed away two years ago, just as the housing market crashed. I put the house on the market for $600,000 and continued lowering it for 10 months with no offers. I turned my mother's in law apartment into a rental as well as my husband's office. I then applied to Chase for a modification (30 year fixed, lower interest rate) but found out after many phone calls and mailings that I was denied because my income didn't match the ratio necessary. If it did, I wouldn't be applying for a modification! Chase suggested a short sale which does not stop foreclosure proceedings. My house is now on the market for $495,000 at a time when no one is buying. It makes no sense to me that Chase would prefer foreclosing on this house, losing money, rather than working with me to lower the mortgage to a point where I could stay for many years, or at least until the housing market improves. Help!!!
0 comments