Distressed homeowners seeking relief with a Chase loan modification may find themselves frustrated by confusion and lack of information on how to qualify for help. The lender has begun implementing a broad loan modification program which features enhancements to help make the process simpler and more timely.
The enhanced Chase loan modification program promises to systematically review its entire portfolio of loans of Chase, Washington Mutual and EMC borrowers. The bank has announced plans to hire 300 additional loan counselors and open 24 regional offices to offer face to face meetings with homeowners who need assistance. They also promise not to add any more foreclosures during the new loan modfication program implementation.
Homeowners must qualify by meeting certain Chase loan modification guidelines. Here are 6 important tips that can help you to get the help you need and deserve:
1. Don’t waste your time trying to speak with the collections department-they are simply trying to get you to pay them some of the past due balance. You need to speak with the Loss Mitigation Department. There is a new number that has been set up specifically to help you begin- call 1-866-550-5705. Make sure that you write down the name, time of call and direct call back number for the person you are speaking with on your Call Log provided in The Complete Loan Modification Guide.- Ask them to mail you a Chase loan modification application-this way you can review it and complete it carefully. Make sure to inquire about their basic criteria for loan modification approval. Most lenders require that the new modified payment equal between 38-45% of your gross monthly income. This is important as this information will help you complete the forms properly.
- Write a convincing hardship letter outlining the circumstances that caused you to fall behind, what steps have been taken to correct the situation, and assure them of your intentions to pay the new lower payment in a timely manner. The Complete Loan Modification Guide provides an outline and template to help you write your hardship letter effectively.
- Plan your new family budget that eliminates any unnecessary expenses and then determine what an affordable mortgage payment would be. Make that payment your goal when negotiating your Chase loan modification.
5. Then, be sure to verify that that goal payment meets the lenders debt ratio guidelines-The Complete Loan Modification Guide will take you step by step through calculating your debt ratio to help you qualify.- 6. Carefully complete the required Financial Statements detailing all of your income and expenses. Do not leave anything out-the bank will verify this information from a credit report and your bank statements-undisclosed information could result in denial of your Chase loan modification.
- Double check your financial statements-the trick is to show the bank that you cannot afford the current loan payment, but you can afford a new lower modified payment-The Complete Loan Modification Guide makes this easy by providing a Current Financial Statement and a Proposed Financial Statement and gives you detailed directions to help you complete them. You will also learn what the lender needs to see for disposable income.
You can get the help you need with a Chase loan modification by taking the time to research, learn and prepare. Not all borrowers will qualify for help, but you can increase your chances by knowing what the requirements for approval are, completing the required forms properly, and then putting it all together into a professional and acceptable loan modification application. Take the time to learn and prepare and you too may be able to get the Chase loan modification help you need and deserve.
You can get the help you need to understand the Chase loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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. 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. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
15 Responses
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Posted on March 3rd, 2009 at 10:16 am
We had problems even getting phone numbers for the escrow department… or when we did get thru to someone they hung up on us.. we went into Chase bank locations… only to be told NO CAN HELP… so We wrote to the FTC filed complaints.. and to the Office of the Comptroller at the US Dept of Treasury.. the Dept of Treasury stirred someone at Chase bank because we got a nice letter and an invite to work together to solve the problem… After all who holds the bailout monies??? the Treasury!!! here is where you can start your complaint process http://www.occ.treas.gov/customer.htm
Posted on May 1st, 2009 at 3:51 pm
WAMU’s loan modification program is a scam. They are not interested in modifying yourlaon if you have equity in your property. Their excuse to most consumer is that you do not have enough income to justify a loan modification.
They do not understand the fact that the very reason for filing a loan modification was becasue you cannot afford the current payment.
More people need to complain to the Dept. of Treasury of Chase’s practice for loan modification.
Thing to note is that you can never get in touch with your loan negotiator. They never call you back. Consumer’s only option is to talk to the call center Staff. Also Chase is notorious in backbilling payments that were not accepted by them while consumer is under loan modification program and they report delinquency to credit bureaus.
Dont trust CHASE. They will Chase you out of your property.
Posted on August 24th, 2009 at 10:04 pm
I agree, I had my mortgage modification denied. I’m told I have surplus income thought I’m running negative every month. I had my bofa 2nd loan modified.
Chase doesn’t even follow govt guidelines which requires the loans to be modified if the mortgage payment exceeds 31% of your salary. Chase customer service(for mortgage modification) persons are very rude. They behave as if they are giving money for free.
I agree with the above person that they denay modification if you have equity. They asked me to sell the house and walk out free or force the second lender to accept loss.
Posted on October 7th, 2009 at 5:46 pm
Chase is the worst bank to apply for a loan modification!
I applyed and my file has been in review w/the underwriter since 10/04/09 then something happened with that person. Obviously no one followed up and when they saw that my complete file had pretty much sat there for 2months they decided to give it to a new underwriter all over again. My “30-60 ” day process to get a decision turned into a 4month waiting period which had yet to produce any result. They can’t tell me whether or not I am approved or denied for 4 months, It’s completely ridiculous!!!! All the call center staff are bunch of robots who are programmed to say the same thing over and over again. Chases so called “loan specialists” have no idea what type of effect the loan modifcation will have on your credit or how it actually works. Over all its a disguisting process and most of the time you are treated like garbage and the way they speak to you is sickkk (like they’re doing me a favor) Its’ very unfortunate that all the bail outs and tax payer $ are pretty much going to waste. These programs were made to assist instead it turns out it’s just another scheme to screw you you! (AT LEAST IN CHASE’s CASE)
Posted on January 19th, 2010 at 3:53 pm
I agree with the above comments as well. The exception is that when I call the call center reps are pleasant. However I went through 4 months of processing and they kept sending me certified mail requesting the same info every 2 weeks or so. Then when I nailed them down and proved they received the same info several times they stated the underwritters changed and the guidelines…after all of that they denied me stating that I am not eligible because I am on unemployment. I asked then WHY didn’t they say that initially. They explained that the guidelines change monthly. Well whatever guidelines were in place at the time I applied should be what they use to determine my case!!! A bunch of BULL!!!!!!!!
Posted on February 2nd, 2010 at 3:44 pm
chase is a scam. they always say to call beack with in 1-2 weeks for an answer. its been 5 months and nooo answer. i have never been late on my payments. seems they help the people that dont pay on their loans first. so, i guess im done paying them. chase sucks!! and so do their rude customer service.
Posted on February 8th, 2010 at 2:01 am
Unfortunately, if you are not yet delinquent on your payments then your application is at the bottom of the stack. Obama’s Home Affordable Modification Plan (HAMP) has provisions for helping borrowers who are not yet late on their mortgage but face an “imminent risk of default”. This is actually a mathematical equation that lenders use to determine if current borrowers are eligible for a loan modification. The formula for Imminent Risk of Default is included in the Loan Mod Quick App software, which is included in The Complete Loan Modification Guide kit.
You must be able to pass this trigger if you are not yet late on your mortgage, so make certain that you have completed your financial statement correctly-the software can help you do this.
http://www.myloanmodificationcenter.com
Posted on February 9th, 2010 at 1:20 pm
We had been working with Chase since 11/08. Trying to get a modification done. Were bounced from one program to another until 8/09 when we were told that we qualified for “Obama’s plan”. We have sent everything and pretty much jumped thru hoops to make sure that they have everything that they requested. We were told each time to check back in 2 weeks. We were put on a “trial payment” that started in November of 2009 and was supposed to only be until January of 2010. We were assured that a decision would be made by January. Still nothing and when I called last week, I was told that some of our paperwork had expired and to refax it and check back this week. I just called them and was told that our paperwork has been updated and to check back in 2 weeks (AGAIN!!!!)
I’m so frustrated!!!! This has been going on far too long with no end in sight! But what can I do??? ABSOLUTELY NOTHING!!! Until Chase decides what they are going to do!
Posted on February 10th, 2010 at 12:57 pm
The latest news for Obama’s HAMP procedure is that banks can no longer offer a trial modification without first APPROVING the homeowner-this means that all of the financial information you provide must be reviewed within 30 days of receipt and a decision made to either approve the loan modification or deny it. If your loan workout is approved, then you will be placed on the trial modification for 3 months, and if all those payments are made on time the modification will automatically become permanent.
No more of this updating information, hanging in limbo, getting a trial modification only to be denied after you make those payments.
If you are denied, then your file will be moved to HAFA-Home Affordable Foreclosure Alternative or short sale. The same paperwork will be used to determine if you qualify for this alternative to foreclosure sale. A short sale is a lot less damaging to your credit, and under the new HAFA guidelines, the lender CANNOT pursue a deficiency balance judgment against you. The sale proceeds must be accepted as payment in full. Also, homeowners must receive a $1500 transition payment, to help with moving expenses.
Banks are paid by the Feds (again-big surprise!) to participate in HAFA, and are governed by a procedure with timelines and documentation requirements.
So, one way or the other, homeowners will know within 30-45 days whether they qualify for HAMP or HAFA-no more limbo.
You only get one chance now to prepare your loan modification application correctly, get it into your bank and hopefully get a loan modification under Obama’s HAMP or other loan workout program. Remember, the information you provide will be reviewed to decide if you meet the eligibility guidelines or not. It is critical that you submit an accurate and acceptable financial statement.
I created the Loan Mod Quick App to help homeowners with the calculations used under HAMP-the 7 triggers for approval are figured automatically for you-simply input your own income and expenses and your debt ratio, target payment, new interest rate and disposable income are figured immediately. You will see if you need to make any adjustments to your budget before the bank reviews your application!
Do you know if you meet the Asset Ratio requirement? What about your current Debt Ratio? Imminent Risk of Default category? The Complete Loan Modification Guide Kit and Loan Mod Quick App will calculate those for you-avoid mistakes and give yourself the best chance of approval-now is the time to get serious about saving your home.
Banks are getting serious now about clearing out their delinquent loans and homeowners will have to make some tough decisions quickly-don’t wait until its too late. Trustee Sales are no longer being delayed. Get started now so that you have a fighting chance to take advantage of the $75 billion dollars in stimulus money that is funding HAMP.
Learn more about how to begin at http://www.myloanmodificationcenter.com.
There are pages and pages of FREE information on this site, and if you wish you can purchase the Kit and Software to help you.
Posted on February 11th, 2010 at 10:45 am
Remember, a Chase Loan Modification under obama’s HAMP guidelines requires that you meet the 7 triggers for approval. Chase will review your financial statement and the information you give them on this form will be used to decide if you fit the approval criteria. Wouldn’t it make sense to know what those guidelines are and then fine tune your loan modification application so that it has the best chance of approval?
Your debt ratio, disposable income and target payment are calculations that Chase will perform to determine if you fit in the small box of qualifying criteria. You can use the #1 resource for do it yourself homeowners to help you prepare your financial statement correctly-The Complete Loan Modification Guide kit including the Loan Mod Quick App software provides you with the tools needed to avoid mistakes and get it right the first time. Simply input your own income and bills into the software program, and it does all the calculations automatically for you! See immediately if you need to make any adjustments to your budget before Chase ever reviews it.
The new HAMP approval timeline now has been shortened and you only get one chance-take the time to prepare your paperwork correctly and give yourself the best chance of approval.
You can visit http://www.myloanmodificationcenter.com for hundreds of pages of FREE information, and if you wish you can purchase The Complete Loan Modification Guide Kit and Loan Mod Quick App software to help you complete your paperwork for submission.
Your success is my goal-be persistence, be informed and get going.
Posted on February 12th, 2010 at 12:16 pm
I have applied for a loan mod three times, Since 2/2/09 I have completed three harship letters, It all started with lossing hours at work, Then went to lossing the job, and now just recently was diagnosed with cancer, and these RUDE! robots have the currage to still say my loan mod is denaid do to my hardship not being a permanent nature….. I could not belive when i recieved the letter for Chase…. these people have no clue and WILL NOT help no matter what you sitution is….
Posted on February 23rd, 2010 at 1:44 am
If you guys want to really get the steam coming out of your ears about Indymac loan modifications and why they do not help very many homeowners, watch this video and get some insight onto why Indymac-OWB posted a $1.5 BILLION dollar profit last year!
Aren’t you glad your tax dollars are hard at work? Watch the 1st 4 ½ min of this.
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1449076
This is unbelievable but true- Indymac loan modifications are just not being done because OWB makes millions of dollars on each short sale or foreclosure. The FDIC set up a deal with Indymac & OWB so that they are incentivized to take homes from borrowers instead of helping them. I don’t think this is what Obama had in mind when he launched Making Home Affordable. Once again it’s all about the banks and the homeowners get the shaft.
You won’t believe the sweetheart deal that the Indymac boys were given by the FDIC.
Posted on February 23rd, 2010 at 11:52 am
OWB - Indymac bank just modified a jumbo loan with unbelievable terms! 10 year interest only with a 2% interest rate and over $250,000 in deferred principal. This homeowner was able to save her home with a very aggressive loan workout from Indymac-OWB that blew me away. This is not HAMP or Obamas loan modification plan-this is an in house program and the terms are very affordable for this homeowner.
She had a sale date already and was facing losing her home, but she reapplied with an updated budget she prepared using the Loan Mod Quick App software program. Indymac came back this unbelievable loan modification and she is now able to easily afford her mortgage payment. I guess miracles can happen-unfortunately not often enough though for the majority of homeowners.
The lesson here is to not give up and make sure your loan modification application is prepared correctly.
Posted on March 1st, 2010 at 11:11 am
Here’s my story…I sent in all my paperwork for the making home affordable w/Chase end of November/09. The middle of Dec I get a letter stating their was a shortage in our escrow acct and the payment will increase $600 per month if we cant come up w/$4500 to cover the shortage. I made a regular payment for December and stopped making my house payment from Jan/10 till present. I called every 1-2 weeks to see if Chase had made a decision and nothing…2 weeks ago I call Chase and they tell me I’ve been denied, no explanation why and then they transfer me to the collection deparment who basically make a payment arrangment w/me. The Rep who was actually pretty nice told me I what I needed to pay for March, April and May and said after I have made those payments Chase would come up w/a permanent solution which could be lower the interest and put the negative balance to the back of the loan, etc. I received the forebearance paper work in the mail yesterday and it stated the 3 pymt’s the rep told me about and then a balloon payment of $5000 for a 4th payment that no one mentioned. I am furious at how they are not helping my situation at all. What they are doing is basically making an arrangement for the balance we owe…do they not understand that my husband lost his job and the increase in payment due to their calculating our pymt incorrectly has made it hard for us to pay. If I had the money I wouldnt be behind or need the help! Im not sure how they feel in 3 months I can pay $5000 addl when our income has decreased and finding a job isnt as easy as it used to be. Anyone else had this problem or advice they can give me?
Posted on March 10th, 2010 at 2:21 am
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