Wednesday, September 30, 2015

VA Homeowner gets almost $100K in principal reduction + wipes out second mortgage, both from Chase

A Northern Virginia homeowner finally got result after protracted litigation with Chase: almost $100,000 in principal reduction and forgiveness of a second mortgage.  Both were originally WAMU loans that ended up with EMC and then Chase.

Unlike many other cases, the bank in this case was willing to negotiate, and to start quite early into litigation.  Although the process still took more than a year, everyone walked away satisfied.  The homeowner was able to keep existing home, yet not be burdened by a mortgage that is well in excess of the home's market value (as originally was the case).  The bank avoided unnecessary costs and much else, not properly subject to discussion in a public forum.

It will be a long time before the foreclosure crisis that started in 2007 is over, if, of course, it is not superseded by another similar burst of a similar bubble...