Chase litigation help

Reader Bob writes:

I am in litigation v Chase.  My premise is that Chase incentivized employees in modification and foreclosure departments to my detriment.  If anyone can speak to this issue, please respond ASAP.

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1 Comment

  • By coakl, June 7, 2011 @ 10:31 pm

    Are you underwater? If so and if you really want to hurt Chase and improve your finances, WALK AWAY from the mortgage.

    Do your own “loan modification”…WALK AWAY. You can easily find a rental house, exact same size and rooms, three blocks away, but with a rent payment that is half of your mortgage payment.

    Please don’t indulge in any more loan mod fantasies. Nearly all loan mods are designed to trick the borrower into continuing to pay back the original loan balance. True, you may get to keep the ultra-low 3% interest rate, but you are still paying back $400,000 on a house now worth $215,000. The banks and Obama’s loan mods are a huge dirty trick that plays on homeowner emotions (“Please, help me Obama, save my pretty, pretty house!”)

    Finally, there’s no way a bank will reduce your loan balance down to what the house is worth today. That would mean the lender is taking a loss for every dollar of principal that is written off. A loan mod means somebody is taking a loss when you don’t pay back what was lent to you. Don’t play their game…WALK AWAY.

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