Chase Mortgage Loan Modification

Beware of foreclosure rescue and guaranteed chase mortgage loan modification scams because help is freely available online!!

You may qualify for a Chase mortgage loan modification if you answer yes to the following questions. There are millions of homeowners defaulting on their mortgage payments and worried about the danger of losing their houses. They are finding it difficult to pay their monthly mortgage because they have reduced incomes or other financial commitments to handle such as medical bills etc. President Obama has announced the Administration's $75 billion plan to help homeowners stop foreclosure and assist them with Chase mortgage loan modifications to make monthly payments affordable.

Is the house that require a Chase modification loan your primary residence (the one you live in)?
Is your house a one to four unit property (it does not matter if you rent out the other units)?
Is you first mortgage owed on the house lesser than $729,750 (even if you have taken a second mortgage on your house, your first mortgage is still eligible for a Chase mortgage loan modification)?
Are you in financial hardship and finding it tough to pay your monthly mortgage?
Is your current mortgage contract made before January 1st 2009?
Is your mortgage payment exceeding 31% of your current gross income?

You can qualify for a Chase mortgage loan modification to help reduce your monthly mortgage payment to 31% of your gross income. You need not have already missed a few monthly mortgage payments in order to be eligible. For example, if you anticipate that you will be finding it difficult to continue paying the mortgage at its current level, you can also apply for a Chase mortgage loan modification as long as you can produce the supporting income and expenses statements and other relevant documents. Do note that if your loan is current, it may take some time for the loan modification servicers to process all the applications from homeowners that are late in their mortgage payments.

Do not worry if your mortgage loan is not insured by Fannie Mae or Freddie Mac, because you will still be eligible to apply for a mortgage modification. Even if your mortgage loan is scheduled for foreclosure soon, you can still apply to postpone foreclosure sales as long as you meet the minimum eligibility criteria for a Chase mortgage modification until your application is fully processed. Do make sure you call in or contact an approval officer if foreclosure applies to you after you have submitted your documents.

The US Treasury is providing incentives to modify the interest on your first home mortgages down to 2% if necessary to arrange for a monthly mortgage payment you can afford based on your gross income. They will try to reduce it to 31% of your gross income by extending your mortgage term by up to 40 years. If the above two steps are still not enough, principal forbearance may be granted on part of your debts so that you can defer repayment on interest free terms until a later date. The mortgage forbearance will be active once you have cleared the other portions of your debts. Depending on the circumstances, principal forgiveness may also be granted on parts of your mortgage.

If you are approved under the Chase mortgage loan modification, note that there is no modification fee or past due late fees. You should be wary of any company that tries to charge a fee for Chase loan modification or housing counseling. To encourage homeowners to continue paying mortgages and keep their homes, the Home Affordable Modification plan provides up to $5,000 of financial incentives to reduce their loan principal on the first mortgage for borrowers that make the modified mortgage payments punctually over five years.

There are many online companies offering guaranteed Chase mortgage loan modification approvals by asking for an assistance fee. If you are already broke and have no money to make the monthly mortgage payments, would you risk your cash on what looks like scams? There is plenty of free information online to help you get the Chase mortgage loan modification successfully. Think of it this way, the Obama Administration cannot be pledging $75 billion dollars to help homeowners make their mortgage affordable, yet trying to make the application process difficult like hell right? You do not need a degree in finance to get all the relevant documents in proper order to apply for the Chase mortgage modification plan. Its even a bigger joke to have to pay thousands of dollars for a loan modification company to assist you. Note that some of these loan modification scams may even suggest you to provide false information in order to be approved for the Chase mortgage modification loan. Note that you are required to attest that all information you have provided is true and accurate and misrepresenting is a serious violation of the Federal Law.

You just need to prepare these documents for applying to the Chase mortgage loan modification.
Most recent pay slips and documentation of income (if any)
Most recent income tax return.
Detailed information on personal assets.
Information on all mortgages taken on the house.
Account balances and monthly payments on debts such as credit card loans, student loans etc.
A financial hardship letter describing your current situation and why you cannot afford your current mortgage. For example, say you used to earn a gross monthly income of $5000 and your current monthly mortgage including taxes, insurance etc is $2,000, which is still considered affordable. However, due to the sluggish economy, you have a pay cut and now earning only $4000 and thus the monthly mortgage has become 50% of your gross income which is greater than the 31% eligibility requirement.

You may worry about not meeting one or few of the loan modification eligibility rules, but still want to have your mortgage reduced by the Chase mortgage loan modification. What you can do for free is to bank on the prior experiences of homeowners that faced the same situation as yours but have successfully applied for the Chase mortgage loan modification. It is better to hear what they have done correctly since these are true unbiased information rather than pages of sales copy from loan modification websites telling you the tons of benefits you get by paying them fees unnecessarily when they offer no insights essential for increasing your Chase mortgage loan modification success.