My mortgage is with Chase, and i have been current with them, I even paid extra per month so far, but I was laid off form an employer, I made $ 1,000 per week, and now with the current employer i make about $ 400 per week, I had an ARM and now my interest rate is almost 12%. I was wondering if I qualify for a loan modification since my income has dropped so much, and my spouse does not work, she has been off for almost two years now.
How does the program really work? I heard is for 5 years and then it will go back to what i have current? and say during this period my income changed could I still put extra money towards the principle?
I also, heard that if you lender accepts the plan each year if I stay current I receive $ 1,000 each year for 5 years!!!
Thank you and God Bless!