When a Mortgage Overwhelms, Change the Terms

try to stay away from CHASE

I have a mortgage with "Chase"and i ask them what i have to do in order to lower my monthly payment. First they told me 'Give as 90.000 and you dont need to make any payment for 3 years' that was their offer.I ask't them to let me pay $100,000.00 towards may principal (33%of my mortgage) and to lower my payment and waive the P.M.I. They said OK.After i paid my mortgage went down only $500.00 and is being 3 month's and i can not get them to take out the P.M.I. they find any reason to say 'next month' and i dont know for how many mor months.....I dont now what to do anymore.

sorina mesaros of NV @ Feb 05, 2008 14:25:25 PM

I agree with most persons on this comment list regarding mortgage companies and payments. Our company was govt. run and the program was for first time homebuyers in a certain income brackett. My husband worked and I was unable to get employment in the area. Our financial situation kept getting worst. When we called to let them know our situation, they stated we still owe payments. We asked twice about half payments or giving what we had towards the mortgage payment. Both were denied. I understand with many of these persons situations. Mortgage companies are not that easy to work with you on payments. We were close to foreclosure but we had to take more money out of a college loan to get out of debt. Many Americans are in our same situations and it is sad.

Felicia of SC @ Feb 05, 2008 14:17:23 PM

I'm with Carlo - my lender refused to work with me!

Kim of DC, my lender is "reputable", its a GMAC company and I was still basically told "too bad!".

T of FL @ Feb 05, 2008 14:14:20 PM

Yep yep yep, the Lenders not quite as helpful as one would think when your trying to be proactive. I called my Lender(s) recently and was told I had to be at least 2 payments behind before they would start the process to "help" get things back on track. So, in other words I have to ruin my good credit to get extended their attention. Credit is money and thats not what I'm look to do at this point or any point.

DM Horton of VA @ Feb 05, 2008 14:13:58 PM

I think its ridiculous how many homes are in foreclosure yet a lender doesn't do anything to help someone in a bad situation. I called my lender 3 months ago trying to get a modification to my adjustable rate mortgage (tried to refinance) got the complete run around for THREE months, sat on hold for 40 minutes each time, was spoken to in the rudest manor, and NEVER once got a return phone call! Now my mortgage has adjusted an additional $150.00!! How many more homes to the banks want to own? I can't believe they would rather have another foreclosure on their hands instead of doing something to help!!!

Anonymous of FL @ Feb 05, 2008 14:00:39 PM

yeah!

Kimberly, I think your advice is sound. Plus, you're a cutie!

;=8)

The MooCow of VA @ Feb 05, 2008 13:58:19 PM

Thanks to everyone for all the suggestions. And Carlo, I'm not sure what to say, except most reputable lenders want to prevent further delinquencies, especially in the current economic climate.

Kimberly Palmer of DC @ Feb 05, 2008 13:42:56 PM

Don't believe the hype.

This advice is bunk. Your lender is not going to "work with you." The only way they'll "work with you" is though a refi, but you can get that anywhere.

Carlo of CO @ Feb 05, 2008 13:39:21 PM