Will they foreclose in this economy?

[PamsPride]

I have found Chase to be one of the hardest banks to deal with. I get agitated just walking thru the doors! My other bank sold my morgage loan to them and they are such a hassle to deal with.
Will they let him refinance since he only owes $25K? That would make his payments managable. Can he refinance with another bank....maybe if someone cosigns? If his house is worth more than $50K that is a 50% loan to value and he should be able to get a new loan.
I agree...house payment, then utilities, food, and then other debts.

 

[opiemaster]

I asked him about the rifinance idea, he says his credit stinks, His house appraised at $98,000.00 , Him not working and her pulling in a little bit I dont know if someone would refinance them.

 

[poppycat]

I asked him about the rifinance idea, he says his credit stinks, His house appraised at $98,000.00 , Him not working and her pulling in a little bit I dont know if someone would refinance them.

Chase might still refinance him if it means not having another foreclosure on their books.

 

[PamsPride]

He is at 25% loan to value! They should finance him....Ugh can't think of what type of loan it is off hand. We qualified for a loan on our investment property before they even did a credit check because it was a 50% loan to value.
Maybe it is called an assumable morgage???

 

[PamsPride]

I asked him about the rifinance idea, he says his credit stinks, His house appraised at $98,000.00 , Him not working and her pulling in a little bit I dont know if someone would refinance them.

It is certainly worth a try!! Losing that much equity would SUCK!!!

 

[poppycat]

Has he called Chase yet? Usually just calling one of their loan councilors can buy some time at the very least. Also they will tell him what programs they have available that might meet his needs. He has nothing to lose by calling and everything to gain.