My family will be making our first modification payment on this newly offered modification program – “Multistate Home Affordable Modification Agreement” on June 1, 2011. With this program my family will be paying 2% interest for the first 5-years, the 6th year it will increase to 3%, in the 7th year it will increase to 4%, and then in the 8th year throughout the term of the loan the interest will be 4.875% interest. The Modification Agreement

If you were refused by one of the Big Banks with regards to a modification because you were told that you didn’t make enough income, you need to see if that is true. Because my modification shows that families can get a 2% loan modification, and maybe even better. So if 31% of your gross income would allow you to make a payment of 2% based on your loan balance, then you were treated illegally, and you need to get an attorney! You can go to the following website to see if you would have qualified for a loan modification at 2% - Loan Payment Calculator.

I decided to take this deal because this is my family’s home, not just mine. Although my family was abused for 4-years through illegal actions, illegal foreclosures and illegal modifications, it would cost me about the same amount that Chase Bank has taken from my family to defend my case against Chase Bank, and it would probably last another year or two. With this new modification deal, my family within the next 3-6 months, should be able to start paying extra towards our loan over the next 7-years. If we can pay more a month, the low interest will allow my family to reduce the illegal principal balance substantially. And within the next 5 to 7 years my family has the potential to be in a better situation, with even a lower interest rate then we had initially sought, when our loan should have been adjusted almost 4-years ago.

I’m sure I could fight them for another couple of years and may even get a fairer deal, but my family is tired of the abuse and we are all just ready to live our lives, without the constant worry of losing our home. And I’ve found over the last 3-years that many of the various government groups that are suppose to help families have just allowed the Big Banks to continue their abuse of families, such as; SIGTARP, HOPE, & the OCC. The only group that truly tried to help my family was ONTRACK out of Asheville, North Carolina.

I know this modification is not an option for everyone, but it was the best option for my family. I will post more specifics on the terms around the first week of June, after I make my initial payment towards the program.

Even though I’ve come to an agreement with Chase Bank, I will not stop my efforts to help other families being abused by the Big Banks, and will continue to post any and all information that may be of use for my fellowman in their protection of their home, their money, and the preservation of their families. And, I will continue to hope that the 50 State Attorney Generals will do something about this abuse, and help this country and its people against the Big Banks.

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