Chase loan modification is a possible option for thousands of borrowers facing the prospect of losing their homes due to unaffordable mortgage payments. Chase has implemented one of the most aggressive and far reaching programs for their borrowers who are struggling with adjustable rate home loans and need a loan modification to be able to stay in their home. Here is some helpful information for homeowners who are interested in applying for a loan workout with Chase.
Homeowners who currently have a mortgage owned or serviced by Chase, WAMU or EMC may qualify for loan modification that will seek to convert adjustable rate loans and Pay Option Arm loans into programs with low, fixed interest rates. This will be accomplished by:
- 30 year fixed interest rates
- Principal deferral
- Interest only payments for up to 10 years
- Elimination of Negation Amortization Option
Chase has opened regional centers staffed with 2500 loan counselors who can work directly with homeowners to apply for a Chase loan modification program. Since the implementation of this outreach effort, 80,000 foreclosures have been paused to allow borrowers the opportunity to try to qualify for assistance. What are the qualifications for a loan workout? Borrowers will have to submit a loan modification application that demonstrates their current financial hardship as well as proof that they will be able to pay and maintain the new, modified loan payment. Homeowners will have to provide proof of their income, bank statements and other documentation that will be reviewed for eligibility. Borrowers will have to meet certain debt ratio requirements for approval as well as other qualification criteria.
Unfortunately, not all borrowers will qualify for this Chase loan modification program, however, help is available for those who know how to get it. Interested homeowners should take the time to learn about the requirements and prepare their application before contacting the lender to increase the chance for approval. Thousands of homeowners have already received a Chase loan modification, but with hundreds of thousands of borrowers facing default, so the time to apply is now-don't wait to get the help you need and deserve.
You can get the help you need to understand and apply for a Chase loan modification by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
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