Many people are finding it difficult to keep up with their monthly mortgage payments.  Whether it is due to the current economic climate, or to a one time hardship, or a combination of factors, most lenders, like Chase bank, are willing to try and work with their borrowers.  Chase, like most lenders, would rather receive payment from you than foreclose on your property.  The most important step a borrower can take if they are at risk of missing payments or facing foreclosure is to call the lender. 

Having the right information and documents together before calling will make the initial call go a lot smoother.  This is the information Chase recommends having together before calling:

• Loan number
• Bank statements
• Pay stubs
• Income tax returns
• Hardship letter

Borrowers who are in default are assigned a personal Chase representitive to work with them on their loan.  This representitive will work with the borrower to help bring the loan current.  The benefit of having one representative handle a case is that the representative gets to know the borrower and their particular circumstances well, which means they will be better able to assist the borrower.

Chase is willing to help homeowners stay in their homes and ha been implementing programs to this end since the beginning of the current mortgage crisis. These are some of the current options that Chase is offering their borrowers:

• Foreclosure Rescue Program

This can be initiated at anytime during the foreclosure process, up to five (5) days before a foreclosure is finalized. A hold is put on the foreclosure as the case is examined for ways to prevent foreclosure. Of course the sooner communication begins, the better the chances are that Chase will be able to help.

• Enhanced Streamline Refinance Program

This program uses prequalifications and streamlined documentation to convert adjustable-rate mortgages to low rate fixed mortgages. This can only be used on Chase-owned mortgages and is designed to help lower the monthly payments for those borrowers.

• Loan Modifications

Borrowers that do not qualify for refinancing may qualify for loan modifications instead. The terms of the original loan are modified to make a monthly payment that the borrower is able to make.

• Project Lifeline

A joint effort between private mortgage companies and the government, Project Lifeline is targeted at homeowners who are 90 or more passed due and are facing foreclosure.  Project Lifeline is intended to help all types of mortgage holders and helps put a hold on foreclosure proceedings.

If Chase holds the mortgage to your home and you are at risk of missing a payment or are facing foreclosure, here are some key facts to keep in mind:

• Chase only accepts full payments
• Chase does not charge any prepayment or modification fees
• Late and missed payments can result in fees or penalties being added to the loan
• Chase cannot help you unless you call
• Chase works with community groups to provide counseling to struggling homeowners

There are a number of initiatives taken by Chase to help their borrowers stay in their homes since the start of the current morgage crisis.  One such intiative is local meetings where struggling homeowners can meet in person with Chase representatives.  These meetings, held at hotels, churches, or community centers have been sponsored by Chase, church groups, government agencies, and community groups.

Chase has also joined forces with the government and other members of the mortgage industry to develop plans, including a freeze on interest rates, that will homeowners stay in their houses.  The interest rate freeze will help Chase get more homeowners approved for loan modifications.  Chase is in the process of refinancing more than half of their subprime mortgages with adjustable rates.