It looks like my loan modification may go through this month. It is with the underwriter now. Chase has been mostly helpful during this process. However, I still feel at a loss regarding what will happen once it is approved. Currently the total of our first and second mortgage (both with Wamu/Chase) is around 45% of our net income.

Will they only modify the primary home loan or adjust both? Our home is worth close to what we owe with both loans and we are current on both payments. Will they try to adjust it closer to 31% of our net income which would lower total payments by about $500. Is it naive to think this loan mod will actually work out or is Chase just jerking me and everyone around.

Thanks for the help

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