Home Loan Modification For Chase – Ways to Successfully Modify a Chase Home Loan

Are you one of the millions of people who are having trouble making your mortgage payment each month? Do you have a loan with Chase? If so, there are some things you need to know about home loan modification for Chase customers; there are ways to successfully modify a Chase home loan.

These are the key things Chase can do in order to help you meet your goal of keeping your house and meet their goal of not having a property sitting around that they can’t sell. They can:

  1. Waive any late fees that have been assessed and stop any future ones.
  2. Lower your interest rate
  3. Eliminate foreclosure charges.
  4. Increase the number of years you pay on your loan.
  5. Otherwise change the terms of the loan.

How do you go about successfully modifying your Chase home loan? First and foremost, you must contact your lender. You must offer them proof of hardship. You can telephone first, but they will most likely need it in writing. Do not lie. They will want verifiable proof.

Get all the guidelines you need and fill out all paperwork in its entirety. Gather all the necessary information. You will need proof of all income and expenses, your loan account number, and so on.

Keep track of everything you send to Chase that has anything to do with the Chase home loan modification. If you send information, record the date and time you sent it. If you make a phone call, record the date and time, with whom you spoke, and the results of the conversation. I highly recommend getting a logbook specifically for this purpose.

Loan Options of the Chase Mortgage Company

The Chase Mortgage Company is a subsidiary of the JPMorgan Chase group. The name Chase is used for US consumer and commercial banking purposes since JPMorgan and JPMorgan Chase are the names being used in worldwide deals. As a leading lender in the US market, Chase Mortgage Company offers different loan options for you to choose from.

The Chase Mortgage Company has different loan packages available for your different needs. Whether you are a first time borrower or you need to refinance you home, Chase Mortgage Company has the answers to your dilemma.

They have seven main types of mortgage packages namely Fixed rate mortgages, Jumbo Mortgages, Adjustable rate mortgages, Interest-only mortgages, Specialized loans, First-time homebuyers loans, and Homebuilder loans. The advantages of each type of mortgage package are discussed below:

Fixed Rate Mortgage

An option of a 15, 20, 30, 40 year loan term with fixed monthly payments and evenly spaced out payments.

Jumbo Mortgages

Jumbo Mortgages are called as such since they are loan amounts greater than the normal limits allowed. They come in 10, 15, 20, 25, and 30 loan term with a fixed interest rate therefore having a fixed monthly payment as well.

Adjustable Rate Mortgages

The concept of adjustable rate mortgages is that the interest rate is fixed for a chosen period, then, adjustable for the remainder period of loan. An advantage of this type of mortgage is the chance to benefit from lower interest rates in the future.

Interest-Only Mortgages

This type of mortgage enables the client to pay the interest only for the loan amount for 10 years. After which, the client will be required to pay the principal plus interest for the remainder of the loan period. Paying interest only for the first 10 years will enable the borrower to improve his cash flow. The interest-only mortgage of the Chase Mortgage Company also offers the option to have it as a fixed rate or adjustable rate mortgage.

Specialized Loan Options

The Chase Mortgage Company also offers loans to those people that do not have the usual requirement in obtaining a loan. This type of loan is very helpful to self-employed individuals and to those working abroad yet planning to invest in a US home.

First-time Home Buyers Loans

The Chase Mortgage Company also offers a light plan for those first-time home buyers. They even consider people with less than perfect credit standing. Their First-time Home Buyer loans are usually fixed rate loans that do not need borrower investment and have predictable monthly payments.

Home Builders Loans

Depending on the type of Home Builder Loan package, the interest rates differ from being a fixed rate, adjustable rate, or lock-in rate.

These are the different mortgage packages offered by the Chase Mortgage Company and it is your choice to select the best one.

Is a Chase Manhattan Mortgage Right For You?

Chase Manhattan Mortgage Co. is the third largest provider and servicer of mortgage loans in the US according to Inside Mortgage Finance. Chase Manhattan Mortgage Co. is a lending unit of JP Morgan Chase & Co, the second largest bank in the country. With this powerhouse, homeowners have the security benefit of a financially stable lending firm.

There are several ways to get a mortgage loan from Chase Manhattan. You can look up their toll free number in the yellow pages and talk to a loan officer. You can also apply through the internet or in person.

The company also has many loan programs you can select from. There are mortgages designed to help new borrowers purchase their first homes, opportunities for second mortgages and refinancing. Home equity loans are also available.

Chase Manhattan is strongly committed to help American citizens become homeowners. Not only does the company provide quality loan products, it also creates programs that would help minority groups and families belonging to the low-income bracket realize their American dream. For instance, the company, in partnership with National Urban League and Fannie Mae, created a low-cost financing program that helped undeserved households in 6 cities purchase their homes.

In 1996, Chase Manhattan Mortgage provided special mortgage loans to borrowers of Good Cent Mortgage. Good Cent Mortgage is a special finance program for building of (and encourage the building of) energy efficient homes.

Chase Manhattan also supports federal programs, like the Rural Housing Service, to help households in rural communities realize their dreams of owning a home.

Whether you want a new home, get refinancing, or tap into your home equity, Chase Manhattan has the right loan program for you. Whether you have a low or big income, from a minority or dominant group, from rural or urban community, Chase Manhattan Mortgage is dedicated to bring you your American Dream into a reality.