| Struggling with unaffordable mortgage payments and | | | | critical elements to include in your letter. |
| wondering how to get a Chase loan modification so | | | | 2. Ability to prove your income, and be able to afford |
| you can stay in your home? There is some light at the | | | | to pay and maintain the new modified loan payment. |
| end of the tunnel for millions of Americans facing | | | | Chase will be verifying this by reviewing your financial |
| foreclosure with the federally subsidized plans offered | | | | statements and through a telephone interview. Be |
| by President Obama and the Treasury Department. | | | | prepared before you complete your loan modification |
| How can you benefit from the billions of dollars set | | | | forms, otherwise you could make a mistake and say |
| aside to modify loans? Here is some information to | | | | or do the wrong thing and be disqualified for help. |
| help you get started. | | | | 3. Your loan must have been originated before |
| Who qualifies for a Chase mortgage modification? | | | | January 1, 2009. You do not have to be delinquent on |
| You must be able to meet certain approval criteria | | | | your payments to qualify, but you must be able to |
| before the bank will offer a loan workout. | | | | prove an imminent financial hardship situation exists. |
| Understanding what it takes to get approved before | | | | You can find out how to apply and qualify for a Chase |
| completing your application is the key to success. Here | | | | loan modification by visiting the website, and the forms |
| are 3 basic requirements the lender will be looking for: | | | | are also available online. Just be sure you are prepared |
| | | | before you call the bank-when you take the time to |
| 1. Financial hardship situation: this means that due to | | | | complete your application beforehand you are able to |
| circumstances out of your control you can no longer | | | | make any adjustments and fine tune your figures. You |
| afford your mortgage payment. This could be due to | | | | want to have all of your information written down and |
| loss of income, excessive bills due to medical | | | | in front of you before you make the call to the lender. |
| expenses, divorce, adjustable rate resets, etc. You | | | | Understanding what it takes to qualify and them |
| prove this to the bank by writing a convincing and | | | | completing your paperwork accordingly will give you |
| compelling hardship letter. Make sure you know the 3 | | | | the best chance of approval. |