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