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The federal government has put its foot down: A lender can’t give you a subprime mortgage unless you are able to repay it. And that goes for jumbo mortgages, too — maybe.- advertisement -

You’re probably wondering why the feds find it necessary to tell lenders that they shouldn’t hand over the money before figuring out whether borrowers can afford the monthly mortgage payments. That seems awfully basic. But for a while, verifying a borrower’s ability to pay was out of fashion.

Like bell-bottom jeans, the practice of verifying a mortgage borrower’s ability to repay was wildly popular when Led Zeppelin ruled the airwaves, then became hopelessly uncool, and now is popular again.

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Dear Terry,
Six years ago, I co-signed for a relative on a brand new automobile. The relative agreed to make all the payments on the vehicle, but moved out of state after six months, took the vehicle and subsequently stopped making the payments.
Eventually, the creditor came after me for the money. I tried to get the relative to return the vehicle but was unsuccessful. Shortly afterward, the vehicle was totaled in an accident and the creditors have been harassing me for the money ever since. (more…)

They should call Chase at the phone number that is on their mortgage statement.- advertisement -

When should borrowers call you — before they’re late with their first payment, or sometime later on (e.g., 60 to 90 days after missing the first payment)?
Borrowers concerned they may miss a payment should call their lender. It is never too early to start the discussion.

Should a borrower ask to speak with someone specific?
If a borrower calls Chase to discuss possible payment difficulties, the initial discussions will be handled through the customer care department.

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