Homeowners facing financial hardship may be able to get a lower mortgage payment with a Chase loan modification.  This is a good option if you cannot sell your home or refinance out of your bad loan.  A loan modification does not require any certain credit score or that you have any equity in your home.  In fact, the less equity you have the better chance you have of getting a loan workout.  You do not have to be late on your payments, but if you are that will not hurt you.  Here are the basic terms and requirements for a Chase loan modification.

Chase loan modification Requirement:  HARDSHIP

You must be able to show a change to your financial situation that has resulted in the current loan no longer being affordable.  This could be due to many reasons, perhaps an adjustable rate loan that has jumped up, a loss of job or income, medical expenses, divorce or separation or military service are a few.  You need to write a letter describing your current circumstances and submit it with your application.  There are a few critical elements to an effective hardship letter, make sure you cover all of them to gain your lenders empathy and cooperation.

Chase Loan Modification Requirement:  Provide proof of your income

Another requirement for a Chaseloan modification is that you are able to prove your income is sufficient to cover all of your debts and pay the new lower, modified mortgage payment.  The bank needs to be sure that you will not get in trouble again after your loan is modified.  You do this by completing a budget, or financial statement that details all of your income and expenses.  You will want to be sure that you eliminate any unnecessary or luxury items from this form.  Chase will be looking it over to make sure you have made home ownership your priority and are doing all you can to stay in your home.  You should be able to figure your debt ratio, new target payment and disposable income in order to be sure you meet the approval requirements.  If you need help with these calculations, use a software program designed just for homeowners that actually does all these calculations for you automatically.  Simply input your own monthly income and monthly expenses and you will see immediately if you need to make any adjustments in order to qualify.

Chase Loan Modification Terms:  Lower interest rate, longer term, reduced principal balance

The terms of a Chase loan modification can vary, depending on the program you qualify for.  The most aggressive workout currently is Obama’s plan which is called Home Affordable or HAMP.  This is available to borrowers who meet certain guidelines, and offers interest rates as low as 2% and loan terms up to 40 years.  The bank will be paid to modify loans under this plan by the Treasury Department, so as long as you can meet the guidelines you have a good chance of getting approved.  The Loan Mod Quick APP software program actually mimics that same guidelines as HAMP and will give you the tool you need to prepare your own acceptable application.

It’s time to get serious about saving your home-make sure you are prepared and have your paperwork ready before you call Chase to apply for a loan modification.  Even deserving borrowers can be turned down if they do not know how to complete their paperwork or say the wrong thing to the bank.  This does not mean you should have to pay thousands of dollars to an attorney or company-you can do it yourself for free.  The secret is to understand the basics, use the right resources and tools so you can prepare your paperwork and get approved for the loan modification you deserve.

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Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.