Loan Modification
More and more Americans are struggling to keep up with their mortgage payments. One missed payment and you're facing default... and you feel as if there's nothing you can do. But it doesn't have to be that way. The sooner you talk to us, the sooner we can help. And, the more options you're likely to have available to you.What is a Loan Modification?
A Loan Modification is a permanent change to the terms of a mortgage to make it more affordable for borrowers with a financial hardship.Find out if you are eligible
Answer these simple questions to determine if you may be eligible for the Making Home Affordable or another Chase Loan Modification Program.
What to Expect
Four key steps in the loan modification timeline
At the first sign of trouble in paying your mortgage, contact us right away. There are many possible outcomes and we evaluate each situation on a case-by-case basis. Loan modifications are the most common option that may be available to help customers like you.Here are the four key steps we follow to support loan modification requests.
Step 1 - Initiating the Loan Modification Request
- Determine eligibility - Use our quick assessment tool to determine if you may be eligible for a loan modification.
- Prepare your application - Once you've confirmed that you're eligible, you'll need to complete the required documents. To ensure the security of your information, you can either log on to Chase Online and complete the forms in our secure Loan Modification Center, or download the forms as PDFs on your own computer.
- Gather your supporting documents - We'll provide a checklist of the required supporting documents (e.g., bank statements, W-2 forms) that you'll need to submit with your Request for Modification.
- Sign and submit your documents - Once you've completed and printed the required documents and gathered the required supporting information, FedEx, fax or mail the complete package to Chase. Learn more about free FedEx shipping.
Step 2 - Review & Analysis
After we receive your package, a home retention specialist will review all the information you've submitted to confirm your eligibility for a loan modification.
5. Then, be sure to verify that that goal payment meets the lenders debt ratio guidelines-The Complete Loan Modification Guide will take you step by step through calculating your debt ratio to help you qualify.
6. Carefully complete the required Financial Statements detailing all of your income and expenses. Do not leave anything out-the bank will verify this information from a credit report and your bank statements-undisclosed information could result in denial of your Chase loan modification.
7. Double check your financial statements-the trick is to show the bank that you cannot afford the current loan payment, but you can afford a new lower modified payment-The Complete Loan Modification Guide makes this easy by providing a Current Financial Statement and a Proposed Financial Statement and gives you detailed directions to help you complete them. You will also learn what the lender needs to see for disposable income.
You can get the help you need with a Chase loan modification by taking the time to research, learn and prepare. Not all borrowers will qualify for help, but you can increase your chances by knowing what the requirements for approval are, completing the required forms properly, and then putting it all together into a professional and acceptable loan modification application. Take the time to learn and prepare and you too may be able to get the Chase loan modification help you need and deserve.
- This review process may take up to 30 days.
- Your home retention specialist may request additional information from you and from third parties, such as appraisers or mortgage insurers.
- During this time, it's in your best interest to continue making your home loan payments.
Step 3 - Trial Period Plan
If your loan modification request is approved, you'll receive a letter from Chase explaining the terms of your loan, the amount of your new trial period mortgage payments and the next payment date. When you receive this letter, you'll begin a three-month Trial Plan. Making your mortgage payments during the trial period is essential, because it shows us that the new loan terms will work within your budget.
There may be other alternatives before foreclosure if a modification is not available. They are spelled out under the Home Retention Options Section on this page. Even so, unfortunately, the threat of foreclosure is real for many Americans.
The lender is required to report all foreclosures and deeds-in-lieu of foreclosure to the Internal Revenue Service. Because the IRS may view these events as forgiveness of debt, you may have increased tax liability. We recommend you consult with a tax advisor for additional guidance.
source:https://www.chase.com/chf/mortgage/hrm_expect
Homeowners must qualify by meeting certain Chase loan modification guidelines. Here are 6 important tips that can help you to get the help you need and deserve:
2. Ask them to mail you a Chase loan modification application-this way you can review it and complete it carefully. Make sure to inquire about their basic criteria for loan modification approval. Most lenders require that the new modified payment equal between 38-45% of your gross monthly income. This is important as this information will help you complete the forms properly.
3. Write a convincing hardship letter outlining the circumstances that caused you to fall behind, what steps have been taken to correct the situation, and assure them of your intentions to pay the new lower payment in a timely manner. The Complete Loan Modification Guide provides an outline and template to help you write your hardship letter effectively.
4. Plan your new family budget that eliminates any unnecessary expenses and then determine what an affordable mortgage payment would be. Make that payment your goal when negotiating your Chase loan modification.
Step 4 - Final Modification Agreement
If you successfully make your payments during your trial period, and the documentation you provided supports the home retention specialist's initial review, we will approve your request and your loan modification will become permanent. When you've successfully completed the Trial Plan:
- We'll mail the loan modification agreement to you.
- You'll need to sign and return the Final Modification Agreement.
- Once we receive the signed final document, we'll conduct a final review. This review may take up to 30 days. Once we complete this review, the loan modification will be final.
There may be other alternatives before foreclosure if a modification is not available. They are spelled out under the Home Retention Options Section on this page. Even so, unfortunately, the threat of foreclosure is real for many Americans.
What if foreclosure is the only option?
Be assured, Chase does not want to foreclose on your property; however, for some, it may be the only option. In those cases, we work with our customers to make the process as smooth and as easy as it can be.What are the consequences of foreclosure?
When a lender forecloses on your home, you lose your home and all the money you have invested in it. In addition, the foreclosure goes on your credit report and may affect your ability to obtain another mortgage in the future. In some states, you also can be held liable for any loss the lender experiences in selling the home.The lender is required to report all foreclosures and deeds-in-lieu of foreclosure to the Internal Revenue Service. Because the IRS may view these events as forgiveness of debt, you may have increased tax liability. We recommend you consult with a tax advisor for additional guidance.
source:https://www.chase.com/chf/mortgage/hrm_expect
Chase Loan Modification-7 Important TIPS
Distressed homeowners seeking relief with a Chase loan modification may find themselves frustrated by confusion and lack of information on how to qualify for help. The lender has begun implementing a broad loan modification program which features enhancements to help make the process simpler and more timely.
The enhanced Chase loan modification program promises to systematically review its entire portfolio of loans of Chase, Washington Mutual and EMC borrowers. The bank has announced plans to hire 300 additional loan counselors and open 24 regional offices to offer face to face meetings with homeowners who need assistance. They also promise not to add any more foreclosures during the new loan modfication program implementation.Homeowners must qualify by meeting certain Chase loan modification guidelines. Here are 6 important tips that can help you to get the help you need and deserve:
1. Don’t waste your time trying to speak with the collections department-they are simply trying to get you to pay them some of the past due balance. You need to speak with the Loss Mitigation Department. There is a new number that has been set up specifically to help you begin- call 1-866-550-5705. Make sure that you write down the name, time of call and direct call back number for the person you are speaking with on your Call Log provided in The Complete Loan Modification Guide.
2. Ask them to mail you a Chase loan modification application-this way you can review it and complete it carefully. Make sure to inquire about their basic criteria for loan modification approval. Most lenders require that the new modified payment equal between 38-45% of your gross monthly income. This is important as this information will help you complete the forms properly.
3. Write a convincing hardship letter outlining the circumstances that caused you to fall behind, what steps have been taken to correct the situation, and assure them of your intentions to pay the new lower payment in a timely manner. The Complete Loan Modification Guide provides an outline and template to help you write your hardship letter effectively.
4. Plan your new family budget that eliminates any unnecessary expenses and then determine what an affordable mortgage payment would be. Make that payment your goal when negotiating your Chase loan modification.
5. Then, be sure to verify that that goal payment meets the lenders debt ratio guidelines-The Complete Loan Modification Guide will take you step by step through calculating your debt ratio to help you qualify.
6. Carefully complete the required Financial Statements detailing all of your income and expenses. Do not leave anything out-the bank will verify this information from a credit report and your bank statements-undisclosed information could result in denial of your Chase loan modification.
7. Double check your financial statements-the trick is to show the bank that you cannot afford the current loan payment, but you can afford a new lower modified payment-The Complete Loan Modification Guide makes this easy by providing a Current Financial Statement and a Proposed Financial Statement and gives you detailed directions to help you complete them. You will also learn what the lender needs to see for disposable income.
You can get the help you need with a Chase loan modification by taking the time to research, learn and prepare. Not all borrowers will qualify for help, but you can increase your chances by knowing what the requirements for approval are, completing the required forms properly, and then putting it all together into a professional and acceptable loan modification application. Take the time to learn and prepare and you too may be able to get the Chase loan modification help you need and deserve.
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