Trial modification, take 2Richton Park resident Rose Chisholm received a trial modification this summer from Chase that reduced the payments of her mortgage, which had been an option ARM, to $1,534 and set a fixed interest rate. After staying current, she expected to see the trial converted to a permanent modification.
Instead, three weeks ago she received notice that her conversion was denied because she didn’t have sufficient income. Chisholm didn’t understand. ”They gave me the temporary plan and then they deny me?”
She’s since found out that the lender inaccurately underreported her gross monthly income and the investor behind her mortgage balked. Chisholm was told to apply for another trial period, so she submitted her paperwork again this week. “I can’t give up my home without a fight,” she said. “People would be homeless if they listened to banks.”
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