Chase 2nd mortgage, trying to settle but no one can find our account...

[csonly]

I've sent a settlement letter out to Chase, trying to see if they will settle our second mortgage, since filing BK and being discharged, my husband lost his job, and we are underwater on our first mortgage. Anyway, I sent the letter, heard nothing. I did get a certified letter in the mail today about being 3 months behind on the payment and one letter states to call them and see if we could get a loan work out (whatever that is) or we have 30 days from the date of the letter to get the loan caught up. Regardless, I've spent hours on the phone and on hold trying to find the dept that has our account and no one can find it. I'm absolutely going crazy over this. I've been transferred over a dozen times and even back to the same people I have previously talked to. I really want to try and settle, it's not a large loan, less than $20,000, but the payments are high and due to loss of employment, we are worse off now than when we filed BK.

Any suggestions on what to do here?

Thanks....

[helpmeout]

My suggestion is to take a serious look at how much it would cost you to rent an apartment in your area and compare it to what you are paying for your house (including repairs and maintenance). And if it's cheaper, you may want to consider walking away from it. That is, if you didn't reaffirm. Given how inept Chase appears to be and the foreclosure laws in your state, you may have a long period of rent free living before you have to move.

Barring that, since there is a BK, you may need to contact Chase's BK dept. They may have the paperwork.

[csonly]

We really couldn't rent for less than we pay for our first mortgage, especially with the children we have and a daughter who is disabled. I really just wanted to settle the second since we are underwater anyway and to free up some money each month. I am going to resend the settlement proposal, certified mail with a signature and see if that helps. People on here have been successful at settling second mortgages for 5% to 10%, so I at least wanted to try, but OMG, Chase employees are totally not getting what I'm trying to do. They have no clue what I mean when I say settle the 2nd mortgage. I'm very frustruated and wasted value time yesterday when I should have been working and making money instead of losing it trying to get answers from them. Even though they wouldn't get any money at all if they foreclose on us, they do have the right to do so, so I can't take a chance with that. I have taked to the BK Department and every other department they have, transfer after transfer. Just so frustrated with them right now.

[btbeme]

How far underwater are you? Did you reaffirm your second?

If your home is worth less than your first mortgage balance, it would be meaningless for the second mortgage to attempt foreclosure.

If you are indeed under water on your first, and especially if you did not reaffirm, stop paying the second. You will get their attention sooner or later.

My personal experience is that Chase couldn't find their butt if they used both hands. However, creditors generally take notice when they do not get paid, though I wouldn't expect them to "help" you in the traditional sense.

Do a Google search - you can easily find email and phone contacts for Chase's Executive Response Team. Carpet bomb them with a BRIEF outline of your situation ("Discharged Ch 7, trying to settle 2nd, did/did not reaffirm"). You will get a response.

[16 Tons]

Yes, I would not be surprised at all that Chase is giving you the"circle jerk". They know where your account is.

[Pandora]

is there a reason why you're paying the 2nd at all at this point in time? Save that monthly payment towards trying to settle and/or split it in half to use some towards your family's needs.