Loan modification with Chase Declined due to my Mortgage being with Ginnie Mae I

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  1. profile image46
    king1964posted 7 years ago

    Loan modification with Chase Declined due to my Mortgage being with Ginnie Mae Investors, FHA...

    Loan.............WHY?????

  2. nell79 profile image79
    nell79posted 7 years ago

    These loan modifications can be extremely difficult to get. I know that ours with Bank of America (with the investor Freddie Mac) took us over a year and a half to get everything done and approved. During that time there were so many setbacks it wasn't even funny. I know of a website, http://www.loansafe.org/ that can give you more specific answers about your particular lender and situation. It was an invaluable resource for me during our modification process.

    Good luck to you!

  3. profile image46
    king1964posted 7 years ago

    Thank you.....It is just so aggrevating and stressful......

  4. mattsilverman profile image58
    mattsilvermanposted 7 years ago

    That's probably not the reason it was declined. Don't assume for a minute that the person who told you that knew what they were talking about, even if they did work at Chase.  Read my article I just posted at http://hubpages.com/hub/Loan-Modification-free-help

  5. 4closurefraud32 profile image57
    4closurefraud32posted 7 years ago

    In the majority of cases, the company attempting to do a loan modification does not actually possess your mortgage documents. This is actually a fairly complex situation since I deals with securitization, and the fact that your loan appears to have been securitized - meaning it was sold to investors and the Bank no longer possesses it.

    Consider yourself lucky though that they DIDN'T approve it. Far too many "Pretender Lenders" have popped up over the past few years who go through with these loan modifications, take homeowners money, all the while the real Lender hasn't been paid and files foreclosure on the property.

    Hope your situation has improved!

 
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