House payments if disabled, check it out.

I don't see this as being a common thing or it would be all over the Internet and discussed here many times over. Not saying it's impossible, just not likely. I would love to be rid of my 1500 a month mortgage due to disability but I'm not holding my breathe at all!!!
 
I'm not sure if anyone else may get as lucky as I did but here is my story.

My mortgage was adjustable and the rate went up above 6% so I submitted a request to initiate the service members civil relief act. My loan servicer denied it stating that I was not eligible because I was on active duty when the loan originated.

About a year later I read a story on how there was a settlement with the executive branch as part of Dodd-Frank. I called my servicer and asked for a modification because I was in the wounded warrior battalion and expected to be discharged from the military which was my only source of income. My servicer stated that I did not qualify for a standard modification because I was current on my mortgage. I then told them that I wanted to do a voluntary foreclosure and give my keys back. The loan servicer came back to me with an option called a "shared appreciation modification". With the SAM my principle balance was reduced from $300k to $140k and my interest was reduced from 6.5% adjustable to 2% fixed for life. The only catch is that if I sell the property in the next 10 years after the modification, they would receive 25% of any profits after closing.

It sounded to good to be true, so I ran it passed a lawyer who agreed it was legal, then it was a simple signature and notary. My payments dropped from $2300 per month to $675. I do not know if this would be available to anyone else, but it worked for me, you may want to call your lender.

The final icing on the cake was that the denial of my 6% interest rate reduction was illegal and they refunded me all of the interest I was overcharged, plus all of the fees they had imposed on my account the entire time I had my mortgage
 
I talked with NFCU. They will defer payments, not make payments on personal loans, and auto loans.
 
How long will NFCU defer payments?
 
6 months/12k IIRC. I disregarded after i realized it was just a defer. It was different for different types of loans though. I have a personal loan with them.
 
Does anyone have any experience with this while having a Chase Military Mortgage?
 
I have Navy Federal and have a credit card and auto loan with them. The rep told me the protection plan covers me if I'm disabled and for them to make the payments, but hopefully it is true, but I see they only offered to defer your payments.
 
Its an option typically have to ask for when getting the loan. Its a type of insurance in which most cases covers 6 months of payments. Its not going to pay your house or car off but help you transition till you get a new job or disability pay going
 
Sorta off topic but this applies to bank loans as well. I had a 3,000 dollar loan with navy federal credit union that had liability insurance coverage if I became disabled. I filed the paperwork and navy federal paid off my entire loan.

I called then but they said they couldn't help me. cause i didn't have that kind of coverage.
 
Any Wells Fargo stories?
 
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