If you've got a Chase owned loan and need help staying in your home, there's hope. The Chase Loan Modification program could be an option for you. This program is designed to help troubled homeowners like you to readjust the terms of their mortgage so they don't have to face the awful reality of foreclosure.
As long as your loan is owned or serviced by Chase, you could be eligible to get a loan modification. Modifications are done in one of three ways: a 30-year loan with a fixed interest rate, interest-only payments for up to 10 years, or principle forbearance.
In addition to Chase customers, Washington Mutual or EMC customers may qualify for this program.
To this point, this program has enabled 80,000 homeowners to at least delay foreclosure while they rework their finances and get back on top of their financial situation. If you don't qualify for Chase Loan Modification, you have other avenues to pursue, like:
Repayment Plan-lets homeowners pay a portion of the overdue payments along with their regular monthly payment until they catch up on the loan.
FHA-Partial Claim-gives the FHA (Federal Housing Administration) permission to bring the loan up to date right away. In turn, homeowners must sign a promissory note for the delinquency. This is only an option if you are between 4 and 12 months late on your monthly payments.
Of course not everybody will be eligible for programs like these, but you do have options out there. If you are having trouble and need some help making your financial obligations, call Chase at 1-800-848-9136 and ask what they can do for you. You won't get assistance if you are too afraid to ask.
If it sounds like you might try qualifying for one of the options above, be prepared to present financial documents and an explanation of your situation. You'll also need to prove that you can stay current on modified payments. You can do this by giving your lender:
1. A hardship letter
2. Financial documents such as pay stubs, bank statements, and tax returns
3. Bills pertinent to your financial hardship (excessive and unexpected medical bills and so on)
Get educated about Chase Loan Modification options and start gathering the pertinent information you'll need to provide. Calling your bank to ask for help with your mortgage may be the most important call you ever make.
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