Name of state: NY and Oregon
I have a upside down property in NY with a Chase mortgage. NY is a state that allows the bank to foreclose on you, then still sue you for everything you owe them above and beyond the principal. Other states are "single action" states; when the bank forecloses, the get the house and you get an automatic release of liability.
I asked Chase to foreclose 3-4 years ago, and they won't. I applied for loan modifications and they just let them sit month after month without action, then tell me I have to reapply because my application expired.
I think Chase bank wants to force me to incur more and more interest charges until I can't possibly pay for the house, then foreclose when the real estate market changes and charge me for all the interest that has accrued over the years.
I can't bankrupt because I own two other homes in Oregon, one I live in and one that I hope to make into a rental. I have a little equity in the Oregon homes, but my credit is shot since I ran out of money to pay my Chase mortgage. Taxes on the NY house have doubled, insurance is about 5 times what Oregon insurance costs, I don’t think I could even rent the house for what I have to pay for it. My income has plummeted in the past four years. I want out even if I have to lose the $50-60,000 I've paid already to Chase.
The cosigner on my NY mortgage is currently in Ch 13 bankruptcy and is unconcerned about the debt because she lives on social security disability. Realtors say short sales can take years. I already owe 140,000 (35,000 in arrears for back interest and taxes) and the realtors say I could maybe get 80,000 for the house. I can’t come up with another 50,000 to pay off the rest of the Chase mortgage, and I can’t even refinance my Oregon homes now that my credit is shot and my income is so low.
How can I stop Chase from refusing to foreclose? If I put my Oregon homes in a trust, will they be protected from future Chase lawsuits? How about if I make an LLC, sell the Oregon homes to them and manage them both as rentals?
Help! Chase could get away with stealing everything I've ever worked for! Yes, I know I signed the mortgage, but I didn’t know costs were going to skyrocket and my income was going to plummet. Can the bankruptcy judge for the cosigner MAKE Chase give me a loan modification and forgive some of the principal, or would they say no, we’ll go after the other party’s assets (me).
Is there anyone out there who is willing to help me out? I need a smart lawyer to help me make Chase take back the house without suing me for the rest that I owe.
I have a upside down property in NY with a Chase mortgage. NY is a state that allows the bank to foreclose on you, then still sue you for everything you owe them above and beyond the principal. Other states are "single action" states; when the bank forecloses, the get the house and you get an automatic release of liability.
I asked Chase to foreclose 3-4 years ago, and they won't. I applied for loan modifications and they just let them sit month after month without action, then tell me I have to reapply because my application expired.
I think Chase bank wants to force me to incur more and more interest charges until I can't possibly pay for the house, then foreclose when the real estate market changes and charge me for all the interest that has accrued over the years.
I can't bankrupt because I own two other homes in Oregon, one I live in and one that I hope to make into a rental. I have a little equity in the Oregon homes, but my credit is shot since I ran out of money to pay my Chase mortgage. Taxes on the NY house have doubled, insurance is about 5 times what Oregon insurance costs, I don’t think I could even rent the house for what I have to pay for it. My income has plummeted in the past four years. I want out even if I have to lose the $50-60,000 I've paid already to Chase.
The cosigner on my NY mortgage is currently in Ch 13 bankruptcy and is unconcerned about the debt because she lives on social security disability. Realtors say short sales can take years. I already owe 140,000 (35,000 in arrears for back interest and taxes) and the realtors say I could maybe get 80,000 for the house. I can’t come up with another 50,000 to pay off the rest of the Chase mortgage, and I can’t even refinance my Oregon homes now that my credit is shot and my income is so low.
How can I stop Chase from refusing to foreclose? If I put my Oregon homes in a trust, will they be protected from future Chase lawsuits? How about if I make an LLC, sell the Oregon homes to them and manage them both as rentals?
Help! Chase could get away with stealing everything I've ever worked for! Yes, I know I signed the mortgage, but I didn’t know costs were going to skyrocket and my income was going to plummet. Can the bankruptcy judge for the cosigner MAKE Chase give me a loan modification and forgive some of the principal, or would they say no, we’ll go after the other party’s assets (me).
Is there anyone out there who is willing to help me out? I need a smart lawyer to help me make Chase take back the house without suing me for the rest that I owe.