Chase wants to refinance my mortgage for free with lower interest rate...no strings

Yes, is true- IF YOU QUALIFY-if you don't, it will COST YOU!

Dont forget crash part II will probably arrive in March 2013 and you may be forced to default on your mortgage. I would get fluent as hell with the ins and outs of what they need to do to legally sue under current contract. They will forclose but you take them to court and get their inadequate paperwork thrown out.
They got their bailout. They are double dipping.

It really depends on the terms and conditions of your current mortgage. For example, if you're in a variable adjusted mortgage, do it an lock in now at a low fixed interest rate.

If your current mortgaged is already fixed and its say less than 3 years sure go ahead and do it to get the lower interest rate.

Now say you had your mortgage for more than 3 years like say five, then keep in mind refinancing resets the clock so-to-speak so that when you make your payments on the refinanced mortgage the percentage of interest that is paid to the loan goes back up. For example, first payments start at like 95% applied to interest payment and 5% towards principle, so that over time the percent applied to interest payment goes down. That's called front loading interest payments and that's how banks make money to get you to refinance.

So if you been paying tout mortgage for 15 years then don't refinance because that could mean your payments are like 55% interest payment and 45% principal, and that would all get reset in a new refi.

Those banks are blood suckers.

Hey, I think I need clarification on a couple of folks who posted about

"principal reduction" or being underwater? My equity right now is around $15,000.

Am I suppose to ask that the payment goes towards principal first is that what you guys mean? Or a more advantageous dispursement between principal and interest?

Thanks again:)

It really depends on the terms and conditions of your current mortgage. For example, if you're in a variable adjusted mortgage, do it an lock in now at a low fixed interest rate.

If your current mortgaged is already fixed and its say less than 3 years sure go ahead and do it to get the lower interest rate.

Now say you had your mortgage for more than 3 years like say five, then keep in mind refinancing resets the clock so-to-speak so that when you make your payments on the refinanced mortgage the percentage of interest that is paid to the loan goes back up. For example, first payments start at like 95% applied to interest payment and 5% towards principle, so that over time the percent applied to interest payment goes down. That's called front loading interest payments and that's how banks make money to get you to refinance.

So if you been paying tout mortgage for 15 years then don't refinance because that could mean your payments are like 55% interest payment and 45% principal, and that would all get reset in a new refi.

Those banks are blood suckers.

By who's estimate? yours ?

Make sure to do comps in your area to verify. How much did the last house (foreclosure, shortsale or whatever) sell for.

Dont be a dreamer put on your business czp

You want the original wet ink signature, that you personally signed, not a copy .

To prove to yourself its your signature on the document, you will need to turn it over, and see the indentation, of your pen mark.

This they will never give you, but supose they did, wright on the face of document, consumer purchase, paid in full.

Once again all great information! I did look up the "original instrument of indebtness in it original form" and I see what it means, but, don't know if every court would rule in the homeowner's favor....

hmmmm...

LOL on doing comps in my area, yes, the $15,000 equity was my estimate:) A very good point you make.

GLP makes me stay on my toes!

I LOVE you guys!!

This thread was overlooked, but VERY relevant to this topic.

Thread: Clouded Titles ----A storm is brewing

Edit to add:

I left a message on this authors website and he called me. we talked for around 20 minutes. Very beneficial if you are looking at circumstances like this.

Last Edited by MrAC2U on 09/22/2012 02:21 PM

Interesting. My father just got a similar offer from USAA. Lowered the % by about 2.7 % but they charged him $299 to do it.

Funny how they are scrambling to get those signatures.

^^^This

I've been in the same battle with one of the big banks. They cannot produce the note, because they never had it. Investigate. Get your mortgage audited.

I say go ahead and do the refinance. I did and it reduced my mortgage by a little ever $200/month. That's $200 more that I can use to buy storeable food and other prep items. When the shit really hits the fan it's not going to make a difference if the bank has the original paper work for your mortgage. That will be the absolute last thing on anyone's mind at that time...

Pretty slick...these bankergangsters are a trip.... OP these people that have been forclosed on are going to get money back for valuse of their houses at the time of the illegal forclosures that were done... people that are in forclosure will have their mortages PAID IN FULL .....AND CLEAR TITLE SENT TO THEM.... IT IS A TRICK PLEASE DO NOT DO THIS....WAIT A LITTLE BIT.... YOU WILL SEE

Several people mentioned that they have been getting these notices from banks to refi. Maybe the banks want to lock people in at a higher rate now before rates fall more due to QE3? 30 year should be around 3.5 now. In a year I bet they fall to 2.5?

The banks are after a genuine signature from the mortgagee to save their asses. That is what they want, because they have nothing now. If they can trick you into signing, they have you by the balls. If you don't sign, then you have them by the balls.

Capish?

^this^

Was this letter from that independent reviewer?

Could you explain the bolded above more?

I've gotten 4 of these packets now. The offers keep getting better. At first it was a1 pt interest rate drop and now it's 2.5 percent. My note was originally owned by wamu but was probably acquired by chase during the buyout. The first gut reaction to this was that they know they don't have the original signature and thus no standing if I should stop paying and this was their way of getting it. I think were going to do it though as the 300 dollar savings a month will come in handy.

I'm no expert but have been reading about this stuff for a while and the impression that I get is that they do not hold your Mortgage and can not find it!
I would pay my Mortgage into an Escrow account in your own name (at a different bank than the Mortgage "Holder")
and have them produce the Original Mortgage! If they can not produce the original,NOT A COPY, then the house is yours/some one else s.
Possession is 9/10ths of the law.
Perhaps they do not even own the house and YOU are going to pay them for 30 years and then find out that some one else owns the house and you owe them 30 years back rent?
If you sign an agreement with them, you are acknowledging that they own the property, a Contract.
Do not sign anything!
Make them produce the ORIGINAL MORTGAGE.
Banks do not give away freebies, it is NOT what they do,
You might get a cup of coffee and a Doughnut in the lobby but that is it.
Stop paying and demand to see the Mortgage, is what I would do.
I'm not an attorney and do not offer legal advice, I only tell you how I would treat the situation personally.
Do they even have that piece of paper that you are going to bust your butt for for however many years?
10 to 1, they don't have it. They do not own the house you are buying and they do not know who owns it.
I would consult a carefully selected Attorney, not a banker shill ambulance chaser.
DEMAND TO SEE THE ORIGINAL, WITH AN EXPERT PRESENT.

Tell them to send you a copy of the original mortgage with your signature on it.

I can tell you RIGHT now something is not Kosher with this.


No way in hell would a fucking bank, ESPECIALLY CHASE close on a home for FREE.


Ain't happening. Nothing is free in this world. They want something.....I'm betting it's what the poster said above....they don't have proof you own your home. They lost it.

Chase is not composed of nice people. This stinks to high heaven. I just closed for 2.75 on a 10 year. It cost about 6 grand in closing costs. Part of that is escrow for taxes


There is no fucking way in hell Chase is going to pay your escrow this late in the year for free. Something is wrong here.

Yes, I worked for JPMorgan. Just check all the closing costs.

They have been sending me these offers for about a year (total of 3 now) each time the interest rate offered has gone DOWN. The latest was for 2.8!! I think. They did say the lowest term was for 10 years to me though. I owe 60k and have about 6 more years on a 15 year mortgage. Chase says I could do the 10 year and just pay the same payment were paying now and pay it off sooner than the 10 year.

One other reason for chase to do this is that they can then book as income more interests, because, due to amortization schedules, when you start a new loan, more of your payment goes to interest at the beginning. Since I am at the end of my loan very little interest can be booked as income, the criminal banks are desparate to make their balance sheet look better.

Others in this thread think this is a loan mod for underwater people ITS NOT. Chase is only sending these super duper good offers to people who arent in trouble on their loans. (I'm talking about the unsolicited next day air letters arriving saying refi for NO cost no fees, way lower interest rate, NO APPRAISAL, NO TITLE FEE, NO PMI its a pretty good deal as far as I can tell unless their real goal actually is to generate a legit title which these criminal assholes dont have...

stop adding to the national debt please.

possession is NOT 9/10ths of the law....just because your sitting in my car...and I am not does NOT make it yours...nor would someone sleeping in your bed would make it their bed bad advise on that one,,,check with an attorney or cpa

HOLY SMOKES, My First PIN EVER!!!! I'm so excited, Thank you Mods & GLP, AMAZING!!!!!

After all the research and even though it's CHASE bank I've concluded that:

1. They probably do need a new loan with a new signature for nefarious reasons of course. I agree with another poster, if the TSHF soon then what does it matter anyway?

2. Another poster is also correct, I've never been late on a payment and this loan modification is specifically for that purpose.

3. I have enough money in escrow now to pay the taxes that are due by early next year so I don't think I could be burned that way.

I'm going for the new loan and I'm responsible enough to keep making the same payments. I do however think it's definitely designed to give you a lower payment and TEMPT you into paying the lower payments. The banks know that most people in the material world of the USA don't have self control, LOL!

I am thankful for all the brilliant comments.

You guys are the BEST:)

Of course, more comments are welcome as I won't be calling the bank back until Monday.

DERP, your icon makes me laugh every time:)

WOW!!!!

We are trying desperately to get ours modified for a year now. We are at 3.88 percent and that would help us out a lot since our income has dropped due to the stinking economy.

I don't get CHASE as to why they are dragging their feet. Yes we did have to file chapter 7 last year due to lack of work but that is NOT our fault the economy went belly up!!

If you close on a home, they have to cut you a check for that Escrow. You cannot carry it over. In turn they have to pay money on the new loan to cover taxes. So Escrow has to be started up again and it's part of the closing costs.

They don't have your original loan.