Quick Answer: Job loss can devastate homeownership during divorce, as this Florida contractor discovered when Chase denied his loan modification twice despite temporary payment compliance, citing “excessive forbearance and Negative Present Value.” Chapter 13 bankruptcy may protect the farm but likely won’t save an underwater home with substantial equity deficiency.
I refinance my home and did major renovations in 2005. I am a self-employed general contractor in the state of Florida. Well we all know what happen next. Work stopped. my credit scored fell 300 points. My wife divorced me. I have two notes one on my home and one on my farm. I declared chapeter 13 and I am trying to save the farm. My attorney felt I would not be able to save the home. I have been approved twice by chase for loan modification. I made my temporary payments as agreed. I was turned down after the required payments were met.
I have been in communication with chase with the help of Senator Marco Rubio and Senator Bill Nelson. Senator Rubio urged chase to review my loan and Senator Nelson had Fannie Mae contact me to deterime if my loan is backed by them. (I do not know).
I was again turned down by chase today. The statement used:
Every weekday I read the enforcement actions, filings and fine print the outlets skip, and turn them into the one or two moves that actually improve your position — a rate worth moving for, a fee you can refuse, a deadline to beat before it costs you.
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The underwriter reviewed your loan with the documentation on file. The underwriter denied the modification due to excessive forbearance and Negative Present Value.
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I assume Negative Present Value means I am upside down. I do not know about excessive forbearance. No agreement was ever made between us to stop forclosure. Can you explain and what are my options?
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