Troubled homeowners seeking relief with a Chase loan modification will have to provide proof of a financial hardship in order to qualify for assistance. If you are a borrower with an unaffordable Chase home loan, there are some options available you should learn about. Here are some alternatives that may help you to avert foreclosure:
- Repayment Plan: If you have a temporary reduction in your income or a temporary hardship, a repayment plan will allow you to pay of portion of the past due amount each month in addition to your regular payment until your loan is brought current.
- FHA Loans-Partial Claim: If your loan is at least 4 months delinquent, but no more than 12 months past due, the FHA insurance fund will bring your loan current immediately by requiring you to sign a promissory note for the delinquent amount. There are no payments or interest due on the note, however the note must be paid off upon refinance or sale of the home.
- Chase Loan Modification: When you have a permanent hardship situation caused by a reduction in your income, loss of spouse or co borrower, medical expenses or legitimate increase in expenses a loan modification may be offered based on your individual financial circumstances.
A Chase loan modification is a change in the terms of your existing loan that provides an affordable and sustainable monthly payment. A loan modification can include one or more of the following revisions:
- A reduction in your interest rate
- Interest only payments for a pre-determined length of time
- A longer loan term
- Forgiveness of principle
Not all borrowers will qualify for a Chase loan modification. Before a loan workout solution can be offered, Chase will ask to review certain documents from you to determine an appropriate solution. Among other items, you will be asked to provide the following:
- Hardship letter describing your current circumstances
- Pay stubs for all borrowers to cover the last 30 days
- 2 years tax returns
- Bank statements for all accounts for 2 most recent months
Many homeowners make the mistake of waiting until it is too late to ask for help. A Chase loan modification could be the answer you are looking for. There are new Federal government incentives that encourage lenders to offer a loan modification before pursuing foreclosure. Don't miss out on the billions of bailout money earmarked to help homeowners find a loan workout solution and avert foreclosure. Now is the time to learn as much as you can about the loan modification process. Take the time to educate yourself about how to qualify for a loan modification and be prepared before you contact your bank. After you have a good understanding of how to apply and qualify for a loan modification, you can contact Chase at 1-800-848-9136. They want to help you keep your home.
An excellent source of up to date information is The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will give you all the information you need to prepare a professional and successful loan modification application. You are provided with all of the required loan modification forms and given detailed directions so you can complete them properly. The Complete Loan Modification Guide will help you with calculating your debt ratio, writing an effective hardship letter, your legal rights, and much more. Give the help you need, order and download The Complete Loan Modification Guide today and get started back on the path to home based financial security. |
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