If you are finding it tough to continue with unaffordable home mortgage payments, you may actually qualify for a Chase mortgage modification to avoid losing your house. With the subsidized mortgage plans offered by President Obama and the Treasury Department, millions of Americans receives a bailout from facing home foreclosure.
Chase Bank has put together a new mortgage loan modification package for an expected 400,000 families that are at risk for home foreclosure. Every modification loan application will be reviewed case by case on the following aspects: modify the loans of delinquent borrowers, assign financial counselors to advise delinquent borrowers with proper financial advice and guide to get out of debt, withhold foreclosure until the application review is completed.
Do not let your house be lost due to foreclosure through your own negligence by sitting on the decision to apply for loan modification or not. You have nothing to lose by reading the online reviews and testimonials from homeowners that have been granted the Chase mortgage modification loan.
The first thing to check is whether you qualify for a Chase Bank Home Loan Modification or not. There are certain criteria to be met before you can apply for this loan workout which reduces your home mortgage payments to only 31% of gross monthly income. If you understand these criteria, you can improve your chances of getting the Chase modification.
Take note of the requirements of the Obama mortgage bailout before you go and apply for the new loan. Firstly, the loan officer will check if you are really in financial hardship where you are currently unable to afford further mortgage payments which can be due to wage cuts, medical bills, divorce settlements, other debts to service etc and unable to get any other bad credit refinancing options. Chase Mortgage will check your income statements to make sure you can afford to service the new modified loan payments.
Only home mortgages that were originated before January 1, 2009 and below $729,750 can be considered for a Chase modification loan. Finally, you can check whether Freddie Mac or Fannie Mae insures your home loan by checking with Chase on the loan insurer. If it is, then chances of you being eligible for President Obama's $75 Billion Homeowner Stability Initiative to Prevent Foreclosures is much higher. You can increase chances of a Chase mortgage modification loan as long as you show them the above three requirements are met by your case. Do it right and you can avoid repeated use of fast cash online loans to get you through every month.They may contact you for verification, so make sure you remember what you wrote so that the statements tally or your application may be rejected.
Chase In-House Program For Mortgage Loan Modification
In the event that your mortgage loan is not insured by either Freddie Mac or Fannie Mae, you can still try because Chase Mortgage has an in-house program for loan modification with some additional requirements. Firstly, you must be the owner-occupant and holding a first mortgage that has never been modified or refinanced. The next requirement is a bit tougher and that is your modified home mortgage payments are between 31% to 40% of your gross monthly income. You must be able to prove that you can afford this minimum modified mortgage loan payment even though it is higher than the Treasury Department financed Home Stability Initiative.
This Obama mortgage bailout can help many qualified homeowners in avoiding to file bankruptcy, have an easier time repaying their debts, stop home foreclosure etc. For further help on how to qualify for a Chase mortgage modification, you can visit the many Chase modification loans websites and download the applications forms. There are many homeowners sharing their experience and tips on getting that loan approval.
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