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We have lost 50% of the value of our home, why should I keep paying Chase for it?
February 12, 2009
We bought our home in 06 for $400K (100% financing). Our home is now valued at under $200K. My husband has a new job and we have to move. We cannot sell our home for what our mortgage is for. We want to be able to rent our home and not loose it, but we cannot afford to make $3000 monthly payments and rent over an hour away from here.
Comments
We tried to work for 2 years since our ARM reset to higher interest rate. Applied for loan modification twice and we were denied.The response was sent to us was very conficting we got 2 different letters. We do not qualify on any program not even the Obama program.Home is worth 50% when we bought it 4 years ago.We stopped paying last month and we get calls(at leats 3 calls)everyday. It baffles me that if they want their money so bad,why dont they work with us? And can be qualified for this new program? seems like no one will. Or the banks only chooses who they want to qualify. I can't believe my tax money went to save this banks!!! It was one of the hardest descision I have to make but now, it actually gave me peace of mind once I decided to let the house go.
Do anyone knows if your mortgage company can keep your escrow check (because of a surplus) if your in bankruptcy? Chase home finance did it to me.
hope for homeowners. They will refi your home at 95% of the appraised value, do it immediately