Think you don’t have any control over whether Chase approves your loan modification application? Well, you do have control over how you submit your loan workout paperwork, and that greatly affects whether your loan modification is approved or denied. Here are 5 mistakes that borrowers need to avoid to increase their chances of success when working with the lender.

Loan Modification Application Mistake #1: Not understanding your lenders approval guidelines before preparing your paperwork is a big one. When you blindly submit your application without understanding what Chase needs to see on it to approve your loan workout, you have much smaller chance of success.

Application Mistake #2: Speaking with the collections department instead of a loss mitigation counselor is is big mistake and a big waste of your time and efforts. You are probably getting phone calls at home from your lender demanding payment, but this is not who you need to speak with about a loan workout. You are wasting valuable time and energy talking with anyone other than Chase’s loss mitigation department.

Loan Modification Application Mistake #3: Waiting too long to make contact with your bank to begin the loan workout process is not going to help your situation. Even if you are frightened or intimidated, the truth is the sooner you start talking to your bank the sooner you will be able to find a loan workout solution. Chase no longer requires you to be delinquent on your payments to apply for a loan modification, you just have to be facing a financial hardship that will cause the likelihood of default-this is called “imminent hardship”.

Application Mistake #4: Submitting an unacceptable or unrealistic loan modification proposal that does not fit your lenders guidelines for approval. Every lender has their own criteria for approval that must be met and Obama’s federal plan has standard guidelines as well. Chase is offering the federal plan so learn these guidelines and then you will be able to know how to determine your target payment that will fit your budget as well as meet your banks guidelines.

Loan Modification Application Mistake #5: Misrepresenting or omitting your income or assets can be a cause of denial. Remember, your bank will pull your credit report and review your bank statements to verify your information. If you leave out a debt or asset, your calculations with be off and that could mean a decline of your application.  CAUTION!:  do you know the maximum amount of money you are allowed to have in your bank accounts to qualify?

It takes a little bit of effort and preparation to make sure that your Chase loan modification application has been completed properly, but the result will be worth it. Saving your home is too important to just give it a shot-make sure you give it your best shot with an acceptable, accurate and complete loan modification application.  You  can learn the lender and federal guidelines for approval in the #1 resource for homeowners, The Complete Loan Modification Guide, and use that information to fine tune your own proposal so that it fits those guidelines.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com