Homeowners who can no longer afford their monthly mortgage payment may be able to qualify for a Chase loan modification under HAMP-a government assistance program.  The Treasury Department is funding a loan workout program designed to offer relief to borrowers who are facing financial hardship and help them to avoid foreclosure by providing lower monthly mortgage payments.

A Chase loan modification under HAMP is available to borrowers who meet the approval guidelines that are directed by the federal program.  There are 5 basic eligibility triggers that must be met in order to apply for this loan workout plan:

1. Must live in the home as the primary residence
2. Loan taken out before January 1, 2009
3. Loan amount $729,750 or less
4. Current monthly mortgage payment equals more than 31% of monthly gross income
5. Facing a financial hardship situation

Once a borrower passes this initial screening, they will be asked to complete an application that includes a detailed accounting of their monthly income and expenses.  This information will be reviewed and if the borrower’s debt ratio, asset ratio and other calculations are correct, they may be offered an interest rate as low as 2% and a new lower mortgage payment.

A Chase loan modification under the government plan HAMP could be the answer for many struggling borrowers looking for a solution to their unaffordable loan.  Although not all homeowners will qualify, the chances of approval can be greatly increased by preparing the application and financial statement correctly.

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