I purchased my home in 2008. I slapped a fat down payment on the loan and got a decent interest rate. My interest rate was locked at %6.125. I was told this is a good rate. Now 2 years down the road I hear about the H.A.M.P. (Home Affordable Modification Program).
After a lot of research it appears as if this is a great program but that my lender (Chase) doesn't play by the rules. There are class action lawsuits springing up everywhere and if you do a Google on the issue you see that 1,000s of Chase customers are extremely pissed.
Now here's the deal. If I can get approved for this then I'll be saving $300 a month because my interest will drop down to 2%. Motherfucking Chase seems to have a problem with approving people though. Also, if they do get approved it seems as if Chase is really shitting on them by reporting late or incomplete payments on their credit statements. I really could use that $300 a month so I'm still considering the application. I have digital access to most of the paperwork required and I don't see any reason not to apply for it other than the risk to my credit during the 'trial' phase.
The caveats of any investment have to be head spinning or nobody would agree to their ludicrous terms and conditions.
