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Deed of Lieu in Florida with Chase?

My husband and I re-financed our home back in June 07. We both had very good jobs. Well I dont have a job and his pay is less now. We can not afford our mortgage or taxes. Loan: 3yrs of interest only with a prepayment penalty with no escrow. After 3 yrs principal is added, jumps house payment, Sent a letter to Chase, respond come current on taxes and insurance send us $3000.00 and we will escrow. So we are thinking about the deed in lieu, we both have extremely good credit, still paying mortgae but taxes are due and the county doesnt want to help us. Could anyone give us any advice as to what they would do in this situation? Florida's market value has dropped alot. Pleas help

Public Comments

1. Contact Loss Mitigation Dept. at Chase, tell them your situation, DO NOT talk to Cust. Service. If you have good credit try to save it, a deed in lieu will damage your credit. Ask Chase for a modification of mortgage. You can message me if you have further questions.
2. ....and you can't get a job...why? The city isn't going to help you because you made the choice to sign up for that loan. That may mean that BOTH of you have to work two jobs for awhile, but to save your credit, it's going to be necessary. I would start now before you get into serious trouble.