If you are struggling to make ends meet, what are your alternatives to foreclosure? Your loan insurance company and your lender determine when and how you can initiate a loan modification, so read on to learn about Chase Bank Home Loan Modification options available to you.
First, you need to know who your loan insurer is. Many homeowners don't know, since there has been no need. You can call Chase for the insurer's name. If Fannie Mae or Freddie Mac insures your loan, then in all likelihood you are eligible for the President's Homeowner Stability Initiative, a program that cuts mortgage payments to 31% of gross monthly income through working with borrowers and lenders.
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Naturally, some rules apply. The program is only available to owner-occupants; the unpaid principal must be under 9,750; and your mortgage must have originated prior to 2009. Also, your loan must be greater than 31% of your gross income. Finally, each loan can be modified only once under the plan.
This plan can really help qualified homeowners turn their finances around. If you believe you are eligible, then see a financial counselor. The President's plan provides incentives to both lenders and borrowers to ease the financial burden. Therefore, these government loan modifications give borrowers a better rate than available directly via their bank.
Even if your loan is not via Fannie Mae or Freddie Mac, there is hope. Chase Bank has its own program for loan modification, so check it out before you decide to initiate foreclosure proceedings. The Chase plan stipulates that you must be the owner-occupant; that you are holding a first mortgage, not yet refinanced or modified; and that you must be able to afford 31% to 40% of your gross monthly income as payment. Yes, this rate is higher than the government's, as Chase's loan modifications are not the government-financed Home Stability Initiative. Provided that you qualify, Chase will need a package from you that includes tax returns, a financial statement, bank statements, pay stubs, and a hardship letter.
However you refinance, whether via the government or Chase, loan modification is a far better choice than foreclosure, as you will keep your home and your credit rating.
What Customers Should Know About Chase Bank Home Loan Modification
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