- Last Updated: 5:37 AM, April 22, 2012
- Posted: 11:18 PM, April 21, 2012
DEAR JOHN...THE ANSWER MAN
Dear John: A couple of months ago, you wrote a column about Chase and how it was approaching some clients to ask if they wanted to refinance their mortgage.
If Chase held the mortgage and they had not contacted me as a client, you suggested contacting them.
I am a customer of Chase with a 7.75 percent mortgage taken out in 2007, and now my mortgage is more than my condo is worth. How should I approach Chase? J.F.
Dear J.F. Mortgage rates are nearly half what you are paying and they aren’t going to stay that low forever. So yes, you should contact Chase and ask for a modification.
If the bank doesn’t oblige, then you should seek out a mortgage elsewhere, although the fact that your loan is underwater (meaning you owe more than the condo is worth), isn’t going to help.
So you might want to leave out that fact when you discuss the matter with Chase.
But your best bet is through Chase, even if the bank refuses to refinance for free.
Send your questions to Dear John, The NY Post, 1211 Ave. of the Americas, NY, NY, 10036, or email@example.com.