Due to change in the economy, many people face different types of problems such as pay offs, lay offs and losing their jobs. The whole world is facing this problem. The monthly installments payable by the homeowners have increased out of proportion and out of capacity for the majority of us. This problem increases the risk of losing home to foreclosure. Then, along with other banks, chase bank mortgage modification has helped many people who are facing this problem.
Many homeowners suffer from a great problem of auction due to non payment of the installments for a long period of time. Chase Bank Loan Modification is a great solution for many home owners suffering this financial distress.Chase Bank stipulates some friendly terms and conditions to the borrower and helps in solving the problem. Chase appoints a representative to discuss freely with the borrowers about heir options for modifying their loans.
In Chase Bank Mortgage Modification, the representative appointed by the bank demands the last two months bank statements, a hard ship letter and the income tax statement with pay slips. According to the problem of the customer, Chase will find a suitable solution on an individual basis.
There must be some basic requirements and eligibility in getting a Chase Bank Mortgage Modification.
According to Chase, mortgage modification, the person needing the modification should produce financial statement, bank statement, tax returns and hardship letter. It is a hardship package required by the chase.
*The first step for modification is to mortgage the loan with Chase.
*The property must be a primary residence and it must be occupied by the owner.
*Chase offers option of ARM loans, subprime and adjustable mortgages rates.
*The homeowner should be in a position to afford 31% to 40% of his gross monthly income for the payment of the debt.
Now with the help of Chase Bank, many homeowners, those who were afraid of losing their homes due to non payment of their mortgage loans, come in a position to save their homes.