Chase Loan MOD Success!

[Mike]

Hello everyone. I am new and have not posted yet. I have started the Mod process with Chase. I originally faxed my docs to someone in the collections dept. I am not behind, just constantly late. I have a ARM which did not reset when it was set to back in May. But, I'm afraid it will and when it does, we will not be able to afford the payments. We are stretched as it is. I called someone from Loss Mit. in San Diego today and she said she could see where Chase had received my docs but, she had no clue where or who had them. She asked me to re fax to her, I did. She also gave me her direct ext. to call back in a week she said. What troubled me was, she asked if I knew or had been told Chase requires a down payment to work the Mod? I said no. She said well, they may require an amount equal to (1) months payment. Has anyone here heard of this? Is it standard procedure? I've been at this since April and really feel like I have been spinning my wheels here. I am hoping that this person i spoke with today can assist. She seemed very sympathetic and cordial. But, I really need results. Any advice from you all would be greatly appreciated. Following is a brief summary of our situation... We purchased our home back in May of 06 for 420K. We put 130K down and we have a mortgage balance in the amount of 289K. We also took out a home equity for 15K of which 12K is still due. The original mortgage has a 8.75% ARM. The second has a 8.0% fixed. We looked into refinance to a FHA last month but, when we saw the appraisal done by someone Chase themselves sent out (268K) we immediate saw we had a problem. Now we are upside down and can't refi or anything else. Mod is the only option we can see. Thanks for for your time and we truly appreciate this site being here. It is to say the least, an education. Regards,