Loss Mitigation permission letter from Chase

[fugazzi]

Hey All, my wife and i filled 13 about 2weeks ago. Our lawyer forwarded an authorization form from Chase that if we sign give Chase permission to contact us to discuss loss mitigation options about our mortgage. I called the attorney and just talked with the lady at the desk to find out what this was. She said they most likely want to offer a loan modification. My question is, do i even care and should i allow them to contact me?

My mortgage is about 9yrs old has never been late and is completely current and is being payed thru the plan at the current monthly payment. It has an interest rate of 5.237 and after the discharge will be my only debt and be payed down for 14yrs. To me this sounds great, so what modification options would even benefit me in the long run that you think they are wanting to contact me about?

Any thoughts/experience with this?

[catleg]

It's probably a form letter they send everybody.
There has been some talk lately of providing additional economic stimulus by forcing the GSE's to allow refi's regardless of credit score, so that might benefit you. Also they might be afraid of MERS issues if your mortgage were to slip into foreclosure, and an easy way out would be to allow you to refi.
Trick is, if the trustee catches wind there is a lowered payment he might demand more for unsecureds.
If you did a mod you'd want to shorten the term of the loan (to say 15 years or less) with the objective of keeping your monthly payment constant.

[fugazzi]

awesome, thanks for the info. what is a GSE?

[IamOld]

GSE=government sponsored enterprise, like Fannie Mae, Freddie Mac, etc.