[camde]

I am presented with a mod offer (finally) from Chase, but am struggling with some of the terms/language of their offer.

Background: Property is currently valued at $165,000. I have a first mortgage with Aurora with a balance of $128,000. Aurora modified this loan from 7.7% down to a 2% rate (with steps up 1/2% after 5 years maxing out at 5%). My payment went from $998 to $504. What a relief! It took 8 months and direct contact with Aurora's CEO to get this accomplished.

Second mortgage is with CHASE (was a WAMU loan) and has a balance of $65,000. I have been trying to get a mod on this loan since January and finally got documents yesterday. They want these documents signed, notarized and sent back by February 4th. My current payment with CHASE is $723 and rate is 13.75%, fixed. They have proposed lowering to 9%, fixed and a payment of $593.

My questions are these---

The modification includes a clause that states---
"I am not a party to any litigation involving the Loan Documents, except to the extent I may be a defendant in a foreclosure action."

I have trouble agreeing to this for several reasons, but primarily these two
1. I have sent CHASE three QWRs. They failed to acknowledge or respond to the first, only acknowledged the second request, and the time is still open on the third. On all three occasions, they continued to report derogatory credit information after receiving the QWR in violation of RESPA.

Is a QWR effective or valid on a second mortgage? I've heard conflicting information.

2. I also intend to litigate, if necessary, to force CHASE to clear up derogatory information on my credit report. I was instructed by CHASE not to continue to pay after my trial modification unless I received an extension letter. I never did receive an extension. Now CHASE is reporting these months as past due, even though THEY instructed me NOT TO PAY. I want to leverage them into changing my report to "PAYS AS AGREED".

Secondly, I am not very satisfied with the terms of their offer. It doesn't seem like they've made much concessions. Is this the best I can get from them?

My mod process with CHASE is very well documented. I have made notes and copies of every communication with CHASE, including dates, times, and names. I even have recordings of some phone calls (except when I called from my cell) and have one call where a CS rep from CHASE told me my loan mod request would never be made a priority if I remained current.

My communication efforts with CHASE were numerous, but they hardly made any effort to communicate with me. Now I'm faced with a February 4th deadline to accept or decline their mod proposal, and I don't want to accept this bad proposal if I can use their QWR violations as leverage to get a better mod offer. Any suggestions?

[NE Settlement]

It's awful, NOBODY is ever held accountable at Chase. Even with taped conversations I think it would be tough to prove in court and actually gain something.

I feel your pain though, they can be extremely frustrating.