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How Can You Get a Chase Bank Home Loan Modification?
It is every homeowners’ worse nightmare, a financial crisis that may result in the loss of the family home. There is a solution, an alternative to foreclosure, and that is a modification to the mortgage loan. This depends on your bank and your loan insurer so before you investigate loan modification you should first make an appointment with your mortgage lender. This article outlines the usual expectations for those who hope to get a Chase Bank mortgage modification.
First you need to know who insures your loan. This is not something that people commonly know, usually you don’t even need to access this information, so don’t stress if you don’t have this information immediately. All you need to do is phone Chase Bank and ask. You are in luck if it turns out your insurer is Freddie Mac or Fannie Mae. A $75 billion government loan modification program has recently been developed for those with Fannie and Freddie loans that is meant to help homeowners survive this recession by modifying their monthly payments so they are reduced to just 31% of gross monthly income.
Of course, there are some standards that must be met before you are allowed to access this Making Home Affordable Plan. You must live in the home you own, your debt cannot exceed $729,750 and the loan must have been secured prior to January 1, 2009. Your current monthly payment must be more than 31% of your gross monthly income and you must not have had previous loan modifications. This is a very good plan and if you think you might qualify; find a HUD-approved financial counsellor who will be able to give you more information. The government is actively encouraging modification programs to help everyone by giving both the borrowers and lenders incentive payments.
If you are not insured through Fannie Mae or Freddie Mac, there is still hope. Chase Bank still offers modifications. It won’t be as good as the Making Home Affordable Plan since there is no government funding, but it is still better than foreclosure both for you and for your credit rating. Applicants must still be living in the home they own, and must be holders of a fist mortgage that has not been refinanced or modified earlier. The monthly payments, since government help is not a factor here, may be in the range of 31% to 40% of your monthly income before taxes. If you do meet these requirements, you will have to submit whatever paperwork Chase Bank requests. This will include a hardship letter, all financial records, your pay stubs and your tax returns.
If you are facing foreclosure due to an inability to pay your mortgage, check out Chase Bank home loan modification. If your income and loan fall into the eligible range, you might find you can modify your loan and reduce your monthly payment to something you can afford.
Chase Customers and Chase Bank Home Loan Modification – The Truth
For a lot of people making ends meet is a challenge right now and they are starting to worry about impending foreclosure. This does not have to happen, however, mortgage loan modifications can help prevent this and give homeowners some time to get their finances in order. Your lender and loan insurer are the determining factors in determining if and how your loan can be modified. This article will focus on the requirements of Chase Bank home loan modifications and how to get one.
Before you begin, you need to know who insures your loan. A lot of people don’t know this since they usually have no reason to. The quickest and easiest way to find out is to call Chase Bank and ask. If you find that Fannie Mae or Freddie Mac insures your loan, you may be a candidate for the President’s $75 Million Homeowner Stability Initiative. This program works with lenders and borrowers to lower monthly mortgage payments to no more than 31% of your monthly income before taxes.
There are, naturally, some requirements. You must own the home you live in, owe no more than $729,750 on your mortgage and must have negotiated your loan before 2009. You must be making payments that exceed 31% of your gross monthly income and you cannot have had your loan modified in the past. If you meet all these requirements, consult with a financial planner to tell you more about it. This government plan helps both lenders and borrowers, so homeowners get better deals through this program than they would when dealing directly with banks.
If it turns out that Fannie Mae or Freddie Mac does not insure your loan, you do not qualify for this government program. There are still alternatives. Chase bank does have its own process and it is worthwhile to investigate their loan modification process, especially before accepting foreclosure. Again, you must own the home you live in, have a mortgage that has never been modified or refinanced and be able to pay a monthly payment of between 31%-40%. The monthly payments may be a little higher since there is not government help as there is in the Homeowner Stability Initiative. If you fill these requirements, Chase will also request a hardship letter, your financial statements, your pay stubs, bank statements and ask to see your tax returns.
Whatever approach you take, either approaching Chase Bank or applying for the Homeowner Stability Initiative, a loan modification is a much better alternative than foreclosure. Your credit score will not be damaged and you can keep your family home.
If you are having trouble paying your mortgage, check out Chase Bank home loan modification and the government initiative program.