There are several Chase modification programs-how do you know which one is right for you and how do you know if you received the best loan workout plan available?  The first step is to learn the different options and their benefits-that way you will be able to make a wise decision and not settle for something that does not work for you.  Remember, the bank will do whatever is best for them-so you need to be able to know what your goal is and then work towards that.

The basic Chase modification programs are the HAMP federal plan and the in-house or proprietary loan

Federal Plan

workout plans.  The difference is that the HAMP guidelines and terms are standard and they are monitored by the government.  Chase gets paid for every loan modification they complete under the federal plan and they must prove that they complied with the regulations.  The government plan features some of the most aggressive terms, with interest rates as low as 2% and 40 year terms, as well as principal reduction or deferment.  This should be your #1 choice as you could get a very affordable mortgage payment under this program.    In order to qualify you must meet standard guidelines and fit into a 4 step formula for approval.  You can use this same formula to prepare your financial statements so that you know you have the best chance of success.

Another Chase Modification program is their in-house or proprietary plans.  These can vary a great deal and are custom tailored for each borrower depending on the unique set of circumstances.  So if you do not fit into the HAMP guidelines for some reason, you should still apply because you could very well be offered some type of loan workout that could help you.  Many times these plans feature lower payments for a short while, only to go up again and cause future problems.  It is critical to be able to know what your target payment is so that you will not settle for an offer from Chase that will not benefit you.

Either way, you will have to complete an application and loan modification forms including a financial statement to be considered for any Chase modification program.  This information will be reviewed-your income, expenses, assets, etc must all be computed properly so that you will qualify.  If you are confused about your debt ratio, new target payment or the other requirements, take advantage of a software program designed just for homeowners that does all the calculations for you automatically.

The Loan Mod Quick App software is included in The Complete Loan Modification Guide kit, and will make it easy for you to prepare your own accurate and acceptable financial statement.  Simply input your own monthly income and monthly expenses, and you will see immediately if you need to make any adjustment to your budget in order to meet the guidelines.  You will avoid mistakes and be able to quickly prepare your forms correctly.  Save time and do it right the first time-give yourself the inside edge to approval and get back on track quickly.

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Get the help you need to prepare your own accurate and acceptable loan modification application. The 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.