Do only celebs have an easy time getting a loan mod with Chase?
This would be the first time I have heard anyone say they had an easy time getting a loan modification with Chase. I am guessing either:
- Chase didn’t want the bad press that might come from dealing with celebs
- They couple is seriously underwater and Chase wanted to try and avoid taking a big bath on the deal
For the rest of us, it is still slogging it out in the trenches.
Jim and Alexis Bellino, last season’s newest cast members of “The Real Housewives of Orange County,” recently defaulted on a $4.6 million loan for their stately home on Circle Drive in Newport Beach.
According to documents obtained exclusively by The Orange County Register, the Bellinos failed to pay $83,856.92 as of April 26 on their home loan, and faced the threat of foreclosure, plus having their home sold at public auction to the highest bidder.
The original loan amount was for $4.5 million. Because the Bellinos missed all mortgage payments since the first of the year, the debt — with fees and penalties — swelled up to $4.62 million, the documents indicate.
However, the auction (or trustee sale), scheduled for Wednesday, Aug. 25, never happened. The Bellinos modified the loan on their home, a foreclosure did not occur, and the family never had to move.
“Chase Bank has been great to work with on my modification,” Jim Bellino said in an interview Friday. “The trustee sale has been canceled, and the modification has been agreed upon.”
Loan modification | admin August 29, 2010
