Borrowers seeking help with a Chase loan modification to lower their monthly home loan payment will be offered an enhanced loan modification program.  JPMorgan Chase is initiating a systematic review of its entire loan portfolio and implementing outreach efforts to 400,000 homeowners.  These new enhancements include:

• Proactive outreach to qualified borrowers offering modification terms in writing
• 24 new regional counseling centers
• 300 additional loan counselors to meet homeowners face to face
• No new foreclosures while the program is implemented

Homeowners who need a Chase loan modification on their principle residence will see the benefits of this program within the next 90 days.  The bank is also offering loan modification help to homeowners who have loans with Washington Mutual and EMC, both of which Chase now owns.  JPMorgan Chase inherited a large portfolio of Pay Option Arm loans when it acquired WAMU and EMC earlier this year.  All Chase loan modification offers on these types of loans will eliminate negative amortization and will be more affordable for borrowers in the long run.

The enhanced Chase loan modification will offer financing alternatives featuring:

1. 30 year fixed rates
2. Principal deferral
3. Interest only payments for 10 years
4. Target payments at 40% of borrowers gross income

Qualified borrowers will have to provide proof of income and expenses to meet the debt ratio guidelines for a Chase loan modification.  Debt ratio is the percentage of gross monthly income that is spent each month on housing expenses.  By adding up the principal and interest, property taxes, insurance and HOA if applicable, then dividing that total by the gross monthly income, a debt ratio percentage can be calculated.  Borrowers will also document a financial hardship for review.  Homeowners interested in applying for loan modification help should first take the time to do their homework and learn about the loan modification process to improve their chance for approval.

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