What should I do?

[momtoroxy]

We included our home in our CH 7. We were discharged a few weeks back. Our mortgage is with chase and our first missed payment was the month after we filed (November). We've only missed Nov, Dec, Jan to this point. We did not reaffirm.

My question is, should I call Chase and even ask about loan mod? The only way we would do it is if they reduced the principal by nearly half, and we know that they won't, so do I just sit on my hands and keep my mouth shut? I don't want to call and alert them in some way, causing things to go faster. We need as much time as possible here to save money. Of course, we have missed payments, and our BK is now discharged, but I have not heard a peep from them, have not received an NOD, nothing.

Does calling speed it up? Am I best to just keep my mouth shut? Or, is requesting a loan mod a way to buy time? I wouldn't mind doing a trial if it was something we could afford, just so we could stay for now. But, we don't want to reaffirm long-term since we are over 100K underwater.

What to do?? Keep my mouth shut and just wait and save?

Or, call and open that can of worms?

Chase did send something to our attorney asking for permission to talk to us about loan mod, we did sign it with her permission, but have not heard anything from Chase.

[DebtStinks]

Not sure what you should do... but this is what we are doing here in CA.

Countrywide and now BofA is our lender. Our last payment was in Feb 2009 and we filed our BK7 in Jun 2009. We didn't say a word to them and never responded to a single phone call before our BK7. We did not reaffirm our loan and they never lifted the stay while our BK7 was active. Our BK7 discharged at the end of Sept 2009 and it's now 4 months later and we haven't heard a peep from BofA on our mortgage.

So we are in kind of in the same boat as you... we have decided to just wait it out and not say anything. Our loan is for $356,000 and the house is worth around $119,000 now. Not really much of an incentive for them to foreclose after legal fees. So we will just hang out and keep putting our mortgage payment into savings until they decide to give us the boot. I just figured if our file is at the bottom of some large stack of foreclosures it can just stay there. I do check our county records on-line once a week to see if they have filed a NOD... nothing yet.

[momtoroxy]

I know! It is so hard! I don't want to bring our "file" to the forefront, since staying here will allow us to get all of our ducks in a row, so to speak. I am going to start checking for the NOD also. Interestingly enough, back in the late spring/early summer my neighbor said they were filing BK (had to be 7, because neither of them were working). They have missed about 15 months of payments to day, according to my calculations based on what she told me. Well, I checked and there is not an NOD on their property either! I am not sure if their loan was also sold to Chase after they bought their house, but if they have been there that long, hopefully we will too!

Keep me posted!

[jlmaca]

We included our home in our CH 7. We were discharged a few weeks back. Our mortgage is with chase and our first missed payment was the month after we filed (November). We've only missed Nov, Dec, Jan to this point. We did not reaffirm.

My question is, should I call Chase and even ask about loan mod? The only way we would do it is if they reduced the principal by nearly half, and we know that they won't, so do I just sit on my hands and keep my mouth shut? I don't want to call and alert them in some way, causing things to go faster. We need as much time as possible here to save money. Of course, we have missed payments, and our BK is now discharged, but I have not heard a peep from them, have not received an NOD, nothing.

Does calling speed it up? Am I best to just keep my mouth shut? Or, is requesting a loan mod a way to buy time? I wouldn't mind doing a trial if it was something we could afford, just so we could stay for now. But, we don't want to reaffirm long-term since we are over 100K underwater.

What to do?? Keep my mouth shut and just wait and save?

Or, call and open that can of worms?

Chase did send something to our attorney asking for permission to talk to us about loan mod, we did sign it with her permission, but have not heard anything from Chase.

I'm in the same situation. My Chap 7 case is closed and I did not reafirm. I just received a request from my servicer to call them for a loan mod. I'm so far underwater and the home needs serious repairs so it would not make sense for me to keep the place. My only motivation for delay is to save money. I'm waiting for NOD and then foreclosure summons. I plan to answer the summons for further delay so that things work to my timeline. I can't see that calling them will accomplish anything. I just need 8 more months. That should be a challenge but not unheard of.

[DeadManCrawling]

Can't wait for these chickens to come home to roost. The banks are going to be buried in blood when its over. We are in the same situation.

Stopped paying a year ago.

We tinkered around with mods with BoA for a while, but I have no idea whether that slows anything. I suspect they are completely clueless and confused these days. So many contradictory statements from their endless parade of different departments. We were verbally approved for mods at least 6 times, only to be told, sometimes 5 minutes later, by another person, that we did not qualify.

They are probably not in any hurry because of what the hundreds of thousands of defaults would look like on their books for investors.

In our case, I wish they would move forward. They never asked for relief, so far, in our bk 7, and I don't think they will.

So, in answer to your question: No one knows. Ride it to your benefit as much as you can. If they start threatening action, apply for a mod if you wish to delay things.

And good luck!