Have you been wondering if a Chase Mortgage Modification could solve your foreclosure dilemma and help you keep your home? Chase is a participating lender in the Making Home Affordable Program. These loan modifications are targeted to people who have had financial hardship and are unable to continue making their house payment. Does Unemployment fall into that category?
During the economic downturn of the past few years, many people have lost their high-paying jobs as the doors have closed on plants across the United States. Many people have had to take positions paying much less than they were accustomed to making, often in the service industry. Their highly specialized skills are suddenly not in demand any longer. Many other people have been unable to find any positions. They are still unemployed, seeking a job anywhere they can. All of these people are facing problems trying to stay in their homes and avoid foreclosure.
Is unemployment a qualifying financial hardship for the government program? That is a slightly complicated question. Originally, the application process was set up to require the homeowner to be able to show a reduced, but stable source of income. The principal in this case was to show that a reduced payment would allow the homeowner to fulfill their obligation on their loan and avoid foreclosure. While slightly different in scope, the application still was a form of determining your risk for future reliability.
Recently, the assistance was extended to cover those who have completely lost their jobs. These are homeowners who are really in a situation of financial hardship. They could qualify for a temporary modification to allow them up to a six-month window of reduced payments while they are seeking employment. This modification can be transferred to a permanent modification at a later date.
Since Chase Bank is on the approved lender list for the program, they must offer what the guidelines of the program require. Therefore, if you are eligible for a Chase Mortgage Modification, but are unemployed, you should request the temporary modification that is available.