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Joanna Jensen's Blog

By Joanna Jensen | Real Estate Pro in 94566

Obtained a $250,000 Principal Reduction with Chase on a 4 plex 2.5% for the entire life of loan


We recently negotiated a successfull  Principal Reduction Alternative Loan Mod.  On a 4plex  rental!

Goal was to get piti payment to 31% of gross income.   Succedded 

Now homeowners are cash flow positive $1,000 per month. 

I know word on the street is that loan modifications do not happen and definat4ely principal reductions dont happen. 

The servicer runs a Waterfal analysisl, with the goal of  getting your payment on the first loan, principal  taxes insurance , hoa to get to 31% of your gross incme. 

If your loan is upside down you may qualify for a principal forebearance or forgiveness.

If your working on a loan modification or sort sale you need to know your Net Present value  as well as the current market value of your loan. 


For a free evaluation please call 

925 699 5041

JoAnna Jensen 

Comments

By Irma,  Sun Jul 1 2012, 20:44
Hi JoAnna,
We have a home in Roseville (Citrus Heights) that was bought for $250,000, refinanced at the height of the market to $375,000 and it was a stated loan (even though I was an employee of Washington Mutual at the time of the loan) and was placed into an option arm employee loan, stated income. When Wamu was "merged" with Chase, all of us lost our jobs instantly. Ever since then, I haven't been able to find anything more than part time work and my husband who was deployed and protected our inability to make payments during that time through his SCRA protection. Now that the time is up on that, I am trying very hard to work with Chase to get them to do a principal reduction. We have paid on this mortgage for 10 years, and only up until last year where we couldn't pay any longer the full amount (even though it was going negative each month), the balance ended up ballooning up to $415,000. To add insult to injury, we asked for a modification last year to lower the payments. The bastards gave us a "modification" that made the payment exactly the same, at 2% interest the first yr, 3% interest 2nd yr, 4% interest 3rd yr, 5% interest 4th yr, 6% interest 5th year AND added a $60,000 BALLOON payment at the end of an additional 40 years. WTF. The best part? The house IDENTICAL to ours down the street just sold for $165,000. Our house is only worth $165,000 and we owe now $475,000 on it, thanks to Chase. We have asked for a principal reduction but they are not budging. Is there anything we can do? Please, any advice would be greatly appreciated. Please email me back at irmatchamourian at hotmail.com
By Irma,  Thu Sep 6 2012, 11:48
Hi JoAnna,
Can you please email me back at littleretrokids@gmail.com thank you!

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