Chase Mortgage Modification – What If You Are Unemployed?

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.

How to Avail a Chase Mortgage Loan Modification

Like so many homeowners, you may find yourself in the same drought. That is, trying to obtain a mortgage loan that covers all housing expenses yet is conveniently affordable making repayments. The security that a house is safeguarded and preserved is one of the most important thoughts every home owner has in mind. After all, investing in a house does not come easy. Getting a Chase mortgage loan modification might just be the answer to your mortgage troubles.

A Chase mortgage loan modification is a permanent alteration to the terms of mortgage to so as to make it more affordable for borrowers facing financial adversities. Chase loan modification has truly stepped out in terms of helping people out, specifically home owners in securing their homes. It has joined the government’s new loan modification program in order to improve its services by letting borrowers change their mortgage in order to get monthly payments back under control, eliminating the chances of residences to be foreclosed. This is very beneficial to you since you not only get protection for your house as well as financial leeway but as well as a more affordable repayment amount.

Steps to Getting A Chase Mortgage Loan Modification

Chase loan modification serves a lot of home owners openly that is why the need to fully understand what goes around it and how the process works is very essential. Applying and qualifying for this loan must be completed with precise information to ensure your approval.

1.)Show them that you are in financial turmoil.

· Mortgage loan modifications are only given to people who are truly in dire need of support so it is your task to show them that you are in hardship. Show them proof.

· You can start out by asking help from a financial firm to help you put together a hardship letter stating that you are way beyond your means of supporting yourself, that your debts outdo your earnings and that you need to make a reassessment of your present loan condition. Present valid documents that will prove to them that you are paying more than 37% of your monthly income to your mortgage lender.

· To further make your evaluation easy, take the eligibility test of Chase website. It is a tool that gives a quick review whether or not you are qualified for a Chase mortgage loan modification.

2.)Check with a financial service.

· The application process for Chase modification is quite a hassle so it is best that you seek help from a professional and tell them that you are planning to avail a Chase loan modification. This way, the company will help you gather all needed requirements. Also, this allows you to get a cut back on interest rates.

3.)Make a budget.

· This is the most crucial step in Chase loan modification since this will determine your success in negotiating monthly repayments. So, it is advised that you set aside money just for this and for the mean time cut back on unnecessary splurges.

· If you can, make the amount of budget be the amount of repayment as well.

4.)Complete the application process.

· Once you have proven that you are suitable for obtaining such mortgage, now is the time to gather all required papers.

· As always, be honest when filing up the information form. See to it that it validates every supporting document you have.

· A Chase form usually lists down all details needed such as financial statements, bank statements, W-2 forms, etc. so make sure that you have all of it handy.

5.)Continue home loan repayments.

· Since your application is still being evaluated which normally takes about 30 days, maintain making payments so as to avoid any more debts to incur.

6.)Complete the trial period.

· Once approved, you are placed in a 3 month trial plan as a probationary period in order to help Chase programs ensure that you are able to make mortgage payments and that the terms work for you.

7.)Make on time repayments.

· When you surpass the trial period, final loan modification is given to you. This is permanent so see to it that you do not make any defaults on payments.

Chase mortgage loan modification is the best way to prevent foreclosure of homes. It is easy, fast and above all inexpensive allowing home owners retain their hard-earned investment.

JP Morgan Chase Home Loan Modification Under Obama Administration Making Home Affordable Plan

JP Morgan Chase home loan modification has been a helpful tool for many homeowners looking for help under the Obama administration Making Home Affordable plan. President Obama and his staff created the Making Home Affordable plan in March of 2009 and the goal was to help many struggling homeowners find access to lower monthly mortgage payments which in turn would help to improve the struggling economy. One of the few banks to survive the mortgage and credit crisis was JP Morgan Chase.

The CEO of JP Morgan Chase, Jamie Dimon, did his best to avoid some of the risky loans that caused many financial institutions to fold in the last few years. Even though Chase did not take on these risky loans there are still many housing loans on their books that can be modified to a much lower monthly mortgage payment. Homeowners should understand that not every house loan will qualify for the Making Home Affordable home loan modification plan. It will take submitting many documents for up to six months to see a permanent loan modification for some homeowners.

Luckily, the Government has created many free resources online available at the Making Home Affordable website. These resources could help many Americans when it comes to lowering mortgage loan payments and hopefully getting their personal finances straight. With JP Morgan Chase working very hard to help customers understand their options it might be a very wise decision to consider the home loan modification process in the very near future as it could be the next step to financial freedom.

With the economy in very bad shape and many Americans looking to do anything possible to save a little bit of extra cash it might be smart to consider any possible way to reduce a mortgage payment. With President Obama and his staff working very hard to help Americans lower payments there is no reason to pass up on this opportunity. All borrowers must realize that not everyone will qualify for the Making Home Affordable Program. There are some homeowners who do not have an income that is low enough or they do not have the specific paperwork to get a permanent modification.

Luckily, many mortgage lenders are working hard to create other programs to go along with this government program that was created back in March of 2009. By contacting lenders some homeowners may find that there are other programs to help them reduce their monthly expenses.