we received a Loan Modification Agreement from chase dated June 10, 2010. the property is 4 rental units, and payments are current. we DID NOT request a Loan Modification. this came FedEx with a cover letter urging us to hurry up and return the signed agreement by 6/24/2010.
we have been ‘pre-qualified’ for a ‘special program’. monthly payment remains essentially the same, mortgage balance to be reduced by $110,481 (from $330,481) to $220,000, term to be reduced by 119 months, and the current adjustable rate (3.03%) to become fixed @ 5%.
there may be tax consequences! on the reduced principal, and this could have an undesirable on our credit rating.
what is chase up to? we smell a rat!
This seems way too generous for Chase to offer to someone that isn’t behind on their mortgage payments and has NOT requested a loan modification. Are they soliciting this to get them to sign up for a trial modification with lower payments, then deny them, demand a baloon payment, and foreclose? Could Chase really be THAT predatory?