Chase Loan Modification – Help to Apply & Qualify

Homeowners seeking help with an unaffordable home mortgage were given hope by the announcement of a new aggressive Chase loan modification outreach effort. The special enhanced program aims to help 400,000 families with $70 billion in mortgages to be modified so they can stay in their homes. Chase promises a systematic review of its entire mortgage portfolio.

JP Chase Morgan, who also owns Washington Mutual and EMC will be extending its already significant Chase loan modification program by implementing proactive outreach efforts to borrowers who have loans with the three companies. The special enhancements to their program include:

  • Pre qualified modification terms sent out to needy borrowers
  • Opening regional counseling centers staffed with trained counselors to met borrowers face to face
  • Independent review process for any loan prior to initiating foreclosure
  • No new foreclosures while these enhancements are implemented

The bank has already helped over 250,000 borrowers with a Chase loan modification. The total foreclosure preventions are projected to exceed 650,000 loans representing $110 billion in mortgages. When Chase acquired Washington Mutual, they inherited a large portfolio of the risky Option Arm loans which have proved to have a high default rate. The decision was made to offer loan modifications that eliminate negative amortization and will be more affordable for borrowers over the long term.

Homeowners who are having difficulties paying their Chase, WaMu or EMC mortgages should apply for the new Chase loan modification program. The enhanced program will offer:

  • 30 year fixed loans with affordable payments
  • principal deferral
  • interest only payments for 10 years

Borrowers will be contacted by mail with Chase loan modification offers. The homeowner then needs to complete the application and provide the necessary documentation for final approval to obtain the new modified payment. Not all borrowers will qualify, so it is important to learn about the guidelines and know how to complete the paperwork properly. If the paperwork is not completed properly, even the most deserving homeowner may be denied the loan modification help they need and deserve. It is important for homeowners to learn about the application process so they will have a better chance of approval for a Chase loan modification.

Chase Loan Modification – 4 Crucial Tips to Prevent Losing Your Home to Foreclosure

Chase loan modification program is helping struggling homeowners to lower their monthly mortgage payment in an attempt to avoid losing their homes through foreclosure. This program which is offered by the JP Morgan Chase Bank, allows homeowners to avoid foreclosure. Deciding what bills to pay or even to neglect has brought about the need for many families to consider the loan mod process. For some homeowners, paying their monthly mortgage has no longer become a priority and has lead thousands of families in fear of losing their homes.

If you are in need of a loan mod with the Chase Corporation, they do work out of 24 mortgage centers, so keep reading this article to learn how to qualify. Getting a Chase loan modification will take some preparation and if you’re not experienced in this arena, the following tips may help you succeed in saving your family from the embarrassment of losing your home.

First: Do not contact Chase on your own, they will direct you to the collections department and their goal will be to get another payment out of you. There are loan modification services that will help you through the process. Unless you are experienced in this field of finance, the loan mod service will do all the work for you. They will speak with Chase on your behalf, and get the modification process started right away. If you’re home is already in the process of foreclosure, the loan mod service should be able to request a temporary hold from Chase.

Second: You’ll need a professional hardship letter to document your circumstances for your lender. If you write one yourself and are denied, it may be difficult to go back and re-apply with completely different documentation or financial information. This is your home you are trying to save – taking chances may cost you your family’s home. Again, if you hire a loan modification service, they will ensure that you make the right steps to begin with.

Third: Avoid any online “do-it-yourself guide”. There are many scams offered by self-proclaimed experts willing to offer you information on how to do loan modifications on your own. Do you really want to take a chance on losing your home with a guide that may have been written by some know-it-all in his mom’s basement?

Fourth: Saving your home is a family affair. A chase loan modification may help you avoid foreclosure, but your family will need to work on a new budget and eliminate all unnecessary expenses.

Mortgage Modification Tips – How to Obtain a Chase Bank Loan Modification

The Chase loan modification program is offered by JP Morgan Chase Bank. Chase bank offers loan modifications for those who are struggling under the impact of the present difficult economic crisis which grips them with the fear of losing their home. This plan will enable those seeking for a loan to get better interest rates and easier installments. For obtaining this loan modification, you will need to provide Chase with a complete understanding of your current financial situation with supportive documentation. The advisor, in turn, will scrutinize the documents provided by you and advise any further information required.

Upon satisfying all the document requirements, Chase will issue a letter to confirm the terms, next payment date, and payment amount and contribution, if any, from you. You will then be eligible for a loan modification, subject to you giving a signed modification agreement to Chase. The modification will be a helping hand in saving your home, as it will significantly reduce monthly mortgage payments.

Benefits of a Chase Mortgage Loan Modification

· Easy to get and more beneficial for homeowners

· Will help homeowners to get a more affordable monthly mortgage payment

· Chase provides this facility to the homeowners who are facing “Financial Hardships” like, loss of job or income, hospital bills, an increase in mortgage payments, etc.,. Those who are facing these problems may contact the authorities with their plan to restore their financial stability with proof of any hardships. The hardship letter and proof should be included with your home loan modification application

· Chase will allow homeowners a chance to modify their mortgages, even if the homeowner owes up to 5% more on the home loan than actual market value

· Moreover, Chase has an efficient supportive care set up in the form of customer care and grievances, so that any distressed person can approach them 24/7

Draw backs:

· The process is said to be a little time-consuming

· It will not be beneficial for homeowners who currently pay less than 31% of their gross monthly income on their mortgage

· In case of early retirement or any other occasions, this plan will create hurdles unless you pay regularly and in full for the years to come

Notwithstanding its very few draw backs, Chase home loan modifications are easier and more beneficial for the typical homeowner than other refinancing options. Taking advantage of a mortgage modification is highly advisable for people who are struggling hard to make ends meet at home.