Chevy Chase Horror Story

[Joel Fraser]

I have a 1st mortgage with Chevy Chase and a LOC with Chase. The 1st was a pick a payment loan. I paid the minimum payment for 2 years not realizing that there was a 10% cap and as soon as the negative interest hit 30K the loan was adjusted to a permanent loan with a payment of 2600 a month. Prior to this I was only paying 1400 a month. Needless to say I could not afford the increase. I decided to try and do a shortsale. We got two contracts at 3K less than the appraised price. Chase agreed to take 3K and write off $37k. Chevy Chase took us through hell and then denied the sale. They told my agent that Corporate Management made a decision to foreclose ALL loans. My agent offered to give them $10K of his commission which would put the price over the appraised value and they still REFUSED. They told my agent I could do a loan modification.I called and spoke to Hong Kim who the best I can tell is an attorney for the bank. He told me I had 3 choices. Bring the loan current, do a work out, or a short sale. I pointed out to him that they had already denied my short sale even when they were offered more than the appraisal which they did. He said well Corporate Management thinks you can pay for the house. I told him you have all of my financial info do you think I can pay for this house? Again I got the Corporate Management statement.To bring the loan current requires $23k. If I had $23k I wouldn't be in this situation. Then I can divide the 23 by 9 and addit to the 2600. HMMMM that is nore than I make in a month so somehow I think that wont wotk either. Mr. Kim proceeded to then tell me how a short-sale is suppose to benefit both parties. I asked him how a foreclosure is going to help Chevy Chase? He has no response! On a foreclosure they are going to get less than the short-sale!The head of the mortgage department told my agent that BF Saul is going to take the properties from the bank. I think this is illegal but I have no where else to go.