New Chase Bank Loan Modification Program
Chase has offered a loan modification program that plans to help their borrowers who default on their loans. However, due to the lack of proper dissemination of information, many applicants ended up confused and discouraged. As a result many homeowners ended up losing their homes simply because they did not know enough about the program requirements. Chase Bank's new loan modification program is designed to be easy to understand, to avoid all the pitfalls the last program had.
With this, an improvement to the Chase loan modification program was implemented. It promises a systematic review on the loans handled by Chase, Washington Mutual and EMC. Applicants are ensured of a simpler and timelier loan modification procedure and no foreclosures will be added during the implementation. In addition, bank counselors in 24 regional offices will be available to provide round the clock assistance to distressed borrowers.
The most significant change is the guidelines are drawn to clearly help the applicants understand the what’s, how’s and why’s of the new and enhanced Chase loan modification program.
Here are Tips to Get Qualified for the Chase Loan Modification Program.
- Make that phone call. If you are interested and do not know where to start, get the information information you need by calling the Chase Loss Mitigation Department at 1-866-550-5705. You should log your call with the call back number of the person you spoke with, their name, time of call, and your conversation that transpired.
- Get the Chase Loan Modification Application Forms. You can ask for the forms to be mailed to you or download them online. Before you start to complete the forms, inquire about the basic criteria to get an approved modification. Typically, new modified mortgages will be based on a 38-45% figure of your monthly gross income. This information is vitally important to get a successful loan modification with Chase Bank. Make sure that you accurately and completely fill-out the forms. Carefully Review everything before you send them in. Visit our Loan Modification Forms page for a list of links to directly download your banks loan modification application form.
- Write a Hardship Letter. This letter must be included in your loan modification package. Be precise and true with your financial situation. Outline the circumstances that led you to fall behind on your payments and the actions you have taken to catch up. Give them the assurance that your intentions are to stay current on your modified payments and keep your home. Read our article on How To write a Hardship Letter for more information. You may also refer to our Free Sample Hardship Letters for a general hardship letter template.
- Layout your monthly gross income. Do all the reductions including monthly bills and other credits and fees incurred monthly. Make the remaining figure your basis in your negotiation to get a lower mortgage payment with chase bank. Calculate if your goal meets the debt to income ratio set by the Chase loan modification program.
- Submit financial statements. Submit a Current Financial Statement Form and a Proposed Financial Statement. Your current financial statement must show your difficulty to cope with the current mortgage payment while your proposed financial statement must show why your payment goal is sustainable.
