Your post raises many issues. Your parents best course of action is to consult with an attorney, including a review of all loan documentation, and the recent letter from Chase. It would be difficult to provide accurate advice without fully understanding your parents' current loan situation, and the current offer from Chase. I wish you, and them, the best of luck.
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What you have said does not make a lot of sense to me. The prior attorney may have tried to modify your parents loan to lower their payments but should only have done so if that was their request. If they just wanted to do a refinance, that is a fairly straightforward process than can be initiated directly with their lender of choice. If you are still unsure, I suggest you meet with an attorney who can review what was done in the past and explain everything to you parents.
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Your question is somewhat confusing. It really depends on what your parents are looking to do. If your parents want to re-finance, it is a fairly typical process. They can use a Lender of their own choosing for a re-finance. A modification to their existing mortgage is a different matter. I believe they should consult with a real estate attorney to discuss their goal.
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