If you want to low your mortgage payment, you must have patience and luck

Patience and luck are required to win in the game of lowering mortgage payments. Yolanda Thomas was thrilled when one June day she came to know that her lender had agreed finally to lower her monthly commitments. She felt hope stirring in her that she would finally be able to cling on to her apartment in Queens – it being her first owned nest.

However the loan modification that had been extended to her was technically a trial and not a permanent shift to a modified status.

But at that time Thomas did not give that much thought. She was happy to think that the lender, Chase Home Finance, was finally responding to her request. She said, “I felt they were working with me. I felt very positive and hopeful, like I had a chance to keep my house.”

But after a lapse of five months 35 year old Thomas has gone back to square one. She had timely paid her reduced dues, submitted all the required documents and endured the constant bewildering instructions coming from the lender. But in the previous month Chase refused her application for permanent modification and asked her to start all over again and submit a fresh application for another trial stunt. She bemoaned that at that point she just did not know what was happening.

Her case is just one of the many and reflects what thousands of others are experiencing while the Obama administration tries to take steps to contain foreclosures. Its target is to keep million in their homes.

Four years previously Thomas had bought this apartment in Ozone Park condo for $530,000. She had put down 10% and took a loan for the rest from Washington Mutual. The loan type was for interest only. She could easily pay $2,700 as monthly dues from her salary of $130,000. She remained current and could even save some dollars that increased to nearly $80,000 despite her meeting the education of her two junior brothers.

But last April, thanks to the recession she lost her job but continued with the mortgage dues dipping into her savings. But by the fall of this year her savings reached a low level and her credit card debts began to mount. She then took the help of Ridgewood Bushwick Senior Citizens Council – a non-profit housing counseling body of Brooklyn. The agency tried to get a loan modification from Washington Mutual that had subsequently been bought off by JPMorgan Chase.

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