Think you don’t have any control over whether Chase approves your loan modification application? Well, you do have control over how you submit your loan workout paperwork, and that greatly affects whether your loan modification is approved or denied. Here are 5 mistakes that borrowers need to avoid to increase their chances of success when working with the lender.

Loan Modification Application Mistake #1: Not understanding your lenders approval guidelines before preparing your paperwork is a big one. When you blindly submit your application without understanding what Chase needs to see on it to approve your loan workout, you have much smaller chance of success.

Application Mistake #2: Speaking with the collections department instead of a loss mitigation counselor is is big mistake and a big waste of your time and efforts. You are probably getting phone calls at home from your lender demanding payment, but this is not who you need to speak with about a loan workout. You are wasting valuable time and energy talking with anyone other than Chase’s loss mitigation department.

Loan Modification Application Mistake #3: Waiting too long to make contact with your bank to begin the loan workout process is not going to help your situation. Even if you are frightened or intimidated, the truth is the sooner you start talking to your bank the sooner you will be able to find a loan workout solution. Chase no longer requires you to be delinquent on your payments to apply for a loan modification, you just have to be facing a financial hardship that will cause the likelihood of default-this is called “imminent hardship”.

Application Mistake #4: Submitting an unacceptable or unrealistic loan modification proposal that does not fit your lenders guidelines for approval. Every lender has their own criteria for approval that must be met and Obama’s federal plan has standard guidelines as well. Chase is offering the federal plan so learn these guidelines and then you will be able to know how to determine your target payment that will fit your budget as well as meet your banks guidelines.

Loan Modification Application Mistake #5: Misrepresenting or omitting your income or assets can be a cause of denial. Remember, your bank will pull your credit report and review your bank statements to verify your information. If you leave out a debt or asset, your calculations with be off and that could mean a decline of your application.  CAUTION!:  do you know the maximum amount of money you are allowed to have in your bank accounts to qualify?

It takes a little bit of effort and preparation to make sure that your Chase loan modification application has been completed properly, but the result will be worth it. Saving your home is too important to just give it a shot-make sure you give it your best shot with an acceptable, accurate and complete loan modification application.  You  can learn the lender and federal guidelines for approval in the #1 resource for homeowners, The Complete Loan Modification Guide, and use that information to fine tune your own proposal so that it fits those guidelines.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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.

Home Edition Loan Modification Kit with Customer Assist

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. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Chase is offering a plan available for homeowners who are either in default on their mortgage or facing imminent default due to financial hardship. Sponsored by Fannie Mae and paid for by the Treasury Department with $75 billion in stimulus funds, this loan modification program could be the answer you need to say in your home. Learn what is required to qualify and how to apply correctly so that you can get the help you need quickly.

Chase is authorized to offer its borrowers the Fannie Mae plan, called Home Affordable Modification, or HAMP. The best feature of this program is that it offers standard approval guidelines and standard methods of modifying your loan. This means it is much easier to apply and qualify-IF you know what those guidelines are. If you want to get approved quickly, it makes sense to learn the basics, work on your loan modification forms ahead of time and make any necessary adjustments, and then submit your proposal that you know meets the approval criteria.

Here is the basic method that Chase will use to determine if a homeowner is eligible for this plan:

• Do you live in the home as your primary residence?
• Is your current mortgage payment greater than 31% of your gross monthly income? (including principal, interest, property taxes, homeowners insurance and any homeowners dues)
• Was you loan taken out before January 1, 2009?
• Is your loan amount less than $729,750? (for 1 unit properties-higher limit for 2-4 units)
• Are you facing a hardship situation making your payments unaffordable?

Work on your budget now

Chase will use the Fannie Mae Home Affordable Modification method of determining your new modified payment – and you must be able to meet this debt ratio calculation to qualify:

• New target payment equals approximately 31% of gross monthly income
• Gross monthly income times 31% equals close to target payment
• Decrease interest rate to as low as 2%, extend loan term to 40 years, defer or forgive principal balance to reach target payment and meet 31% debt ratio requirement.

There are 4 steps to determine if you can meet the target payment and debt ratio requirement. Learn these steps and you can pre-qualify yourself easily. Then you can prepare your loan modification forms correctly, present an acceptable proposal and your application will have a very good chance of getting an approval quickly!  You are provided withe detailed directions and step by step instructions for computing your target payment and debt ratio in the #1 resource for homeowners, The Complete Loan Modification Guide.  This is the inside edge you need to get approved quickly-don’t take chances and risk being denied.

Get the help you need to apply and qualify for a Chase loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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.

Home Edition Loan Modification Kit with Customer Assist

You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Homeowners seeking help with an unaffordable home mortgage have a second chance to keep their homes with the federal stimulus loan modification plan.  Close to 4 million are targeted with $75 billion in stimulus aid.  Chase promises a systematic review of its entire mortgage portfolio and aggressively offer loan workouts to those borrowers who qualify.

JP Chase Morgan, who also owns Washington Mutual and EMC will be participating in the Home Affordable Modification program by implementing proactive outreach efforts to borrowers who have loans with the three companies. The special features to this program include:

• Interest rates reduced to 2%
• loan terms extended to 40 years
• principal reduction or deferral

The bank has already helped over 250,000 borrowers with a Chase loan modification. The total foreclosure preventions are projected to exceed 650,000 loans representing $110 billion in mortgages. When Chase acquired Washington Mutual, they inherited a large portfolio of the risky Option Arm loans which have proved to have a high default rate. The decision was made to offer loan modifications that eliminate negative amortization and will be more affordable for borrowers over the long term.

Homeowners who are having difficulties paying their Chase, WaMu or EMC mortgages should apply for the new Chase loan modification program. If you can answer yes to these basic qualifications, you are a good candidate for help:

• live in the home as your primary residence
• loan originated before January 1, 2009
• loan amount less than $729,750
• Facing a financial hardship situation
• Current payment equals more than 31% of your gross monthly income

Interested borrowers should contact Chase and ask to be considered for the Home Affordable Modification Plan. The homeowner then needs to complete the application and provide the necessary documentation for final approval to obtain the new modified payment. During the review process, any foreclosure proceedings will be halted.

Not all borrowers will qualify, so it is important to learn about the guidelines and know how to complete the paperwork properly. If the paperwork is not completed properly, even the most deserving homeowner may be denied the loan modification help they need and deserve. It is important for homeowners to learn about the application process so they will have a better chance of approval for a Chase loan modification.

You can get the help you need to apply and qualify for a Chase loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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.

Home Edition Loan Modification Kit with Customer Assist

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. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Chase is authorized to offer qualified borrowers the federal stimulus loan modification plan.  homeowners who are facing financial hardship and are at risk of losing their home need to find out about the alternatives available to them to avoid foreclosure. The Treasury Department is paying the bank to offer loan workouts, so don’t miss out on your chance for help.  Here are some of your options:

• Repayment Plan: If you have a temporary reduction in your income or a temporary financial hardship, Chase may offer you a repayment plan to bring your loan current. This plan will allow you to make up the missed payments by paying a portion of the past due amount each month in addition to your normal payment.
• FHA Loan-Partial Claim: A loan is issued by the FHA insurance fund to pay the past due amount and bring your loan current. You sign a promissory note for the delinquent amount, however no interest or payments on due on this loan until the home is sold or refinanced. Your payments must be at least 4 months in arrears but no more than 12 months behind-FHA loans only.
• Chase loan modification: Borrowers who have experienced a financial hardship due to reduction in income, medical expenses, death in family, or a legitimate increase in expenses may qualify for a loan modification.

Federal Plan

The Chase loan modification process requires the homeowner to submit an application for loan modification that includes certain documentation that will be reviewed before a loan workout option is recommended. The bank needs to have a good understanding of your current financial situation. Below is a list of some of the information required by Chase:

1. Hardship Letter outlining the events which have caused the difficulty
2. Financial Statement that details your income and expenses
3. Pay check stubs, W2, tax returns or other proof of income
4. Bank statements

It is important that the loan modification forms are completed accurately and correctly by the homeowner so that they will have a better chance of qualify for assistance. a clear understanding of what is required by the lender during the loan modification process can make the difference between an approval or denial. A successful loan modification results in a lower, affordable and sustainable monthly payment for the homeowner. A loan modification my include one or more of the following options to arrive at a new affordable monthly payment:

• Interest rate reduction to as low as 2%
• Longer loan term ie: 40 years
• Principle forgiveness to restore lost equity

IMPORTANT-Don’t wait until it’s too late to ask for help. The Chase modification process takes some time, so borrowers facing payment default should start now to learn as much as they can about loan modifications. Not all borrowers will qualify, so it is important to learn about the guidelines for acceptance before beginning the loan modification process. Even the most deserving homeowner will be declined if the paperwork is not completed properly. Now is the time to get educated and be prepared to save your home with a loan modification.  You can learn about the guidelines for approval in Chapter 2 of the #1 resource for homeowners, The Complete Loan Modification Guide.

You can get the help you need to apply and qualify for a Chase loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit 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.

Home Edition Loan Modification Kit with Customer Assist

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. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com