Chase modification on 80/20 loan SUCCESS!!

[Mike]

Hi allWhat a great forum! I'll start off by describing our situation. We did a refi in July 05 and then Chase bought our loan. We came under hard times and were unable to pay our taxes, which were not escrowed into our loan. Chase paid our taxes for us and added an escrow to our account. In turn our loan went up $575. We also have an adjustable rate loan. I sent in our paperwork in April for a modification, still waiting to hear (not unusual from what I've read!). I'm worried that they will just fix our rate, when we really need something to help us since our escrow added so much to our loan. We cannot afford the new payment, and we are now 30 days behind, soon to be 60. Our "80" loan is $1642 with an 8.4% and our "20" loan in $374 with a 12.5% rate. Our loan is only roughly $174,000. We are paying a $2000 mortgage on a loan of only $174k.We talked with Hope Now, and hopefully this will move things along. I'm wondering if I should re-explain the situation to make sure our modification is not just a rate freeze, but an actual modification of our rates. Also, does anyone know if Chase EVER offers a forbearance or deferment of some sort. That would help us tremendously to catch up and stay current until our modification does go through.One more question....will this new housing rescue bill that takes affect Oct. 1 help us at all?Thanks so much, it is encouraging to read the success stories