| Homeowners having difficulty making their loan | | | | is a list of some of the information required by Chase: |
| payments may be able to get the help they need by | | | | |
| learning about the Chase loan modification process. | | | | 1. Hardship Letter outlining the events which have |
| Borrowers who are facing financial hardship and are | | | | caused the difficulty |
| facing payment default need to find out about the | | | | 2. Financial Statement |
| alternatives available to them to avoid foreclosure. | | | | 3. Pay check stubs, W2, tax returns |
| Here are some of your options: | | | | 4. Bank statements |
| - Repayment Plan: If you have a temporary reduction | | | | It is important that the loan modification forms are |
| in your income or a temporary financial hardship, | | | | completed accurately and correctly by the |
| Chase may offer you a repayment plan to bring your | | | | homeowner so that they will have a better chance of |
| loan current. This plan will allow you to make up the | | | | qualify for assistance. a clear understanding of what is |
| missed payments by paying a portion of the past due | | | | required by the lender during the loan modification |
| amount each month in addition to your normal | | | | process can make the difference between an |
| payment. | | | | approval or denial. A successful loan modification |
| - FHA Loan-Partial Claim: A loan is issued by the FHA | | | | results in a lower, affordable and sustainable monthly |
| insurance fund to pay the past due amount and bring | | | | payment for the homeowner. A loan modification my |
| your loan current. You sign a promissory note for the | | | | include one or more of the following options to arrive |
| delinquent amount, however no interest or payments | | | | at a new affordable monthly payment: |
| on due on this loan until the home is sold or refinanced. | | | | - Interest rate reduction |
| Your payments must be at least 4 months in arrears | | | | - Longer loan term ie: 40 years |
| but no more than 12 months behind. | | | | - Principle forgiveness to restore lost equity |
| - Chase loan modification: Borrowers who have | | | | IMPORTANT-Don't wait until it's too late to ask for |
| experienced a financial hardship due to reduction in | | | | help. The Chase modification process takes some |
| income, medical expenses, death in family, or a | | | | time, so borrowers facing payment default should start |
| legitimate increase in expenses may qualify for a loan | | | | now to learn as much as they can about loan |
| modification. | | | | modifications. Not all borrowers will qualify, so it is |
| The Chase loan modification process requires the | | | | important to learn about the guidelines for acceptance |
| homeowner to submit an application for loan | | | | before beginning the loan modification process. Even |
| modification that includes certain documentation that | | | | the most deserving homeowner will be declined if the |
| will be reviewed before a loan workout option is | | | | paperwork is not completed properly. Now is the time |
| recommended. The bank needs to have a good | | | | to get educated and be prepared to save your home |
| understanding of your current financial situation. Below | | | | with a loan modification. |