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Home > Ask The Get Out of Debt Experts > Lost Job, Wife Left, Behind on House and Farm. – James

Lost Job, Wife Left, Behind on House and Farm. – James

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:

The underwriter reviewed your loan with the documentation on file. The underwriter denied the modification due to excessive forbearance and Negative Present Value.

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?

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

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