The current economic crisis has left many homeowners worried about how to save their home. Most of them are facing trouble repaying their home loan. Many are not aware of the loan modification programs that are issued by the genuine efforts of the present government. Along with other lenders, the Chase Bank loan modification program has some requirements that, if fulfilled, will allow you to lower your monthly payments by modifying your loan.
The first thing that you will have to consider is who the lender of your current mortgage loan is. If you don’t know the name, call the customer service representative of Chase and they will help you find out. If your lender is Freddie Mac or Fannie Mae, you can easily qualify for a government program that is designed to help you so that your installments are restructured at less than 31% of your monthly income.
The qualifications for this loan modification program are:
? You should live in the home whose loan will be modified, which means the house is your primary address
? The amount you owe to the bank is less than or equal to $729,750,
? Your loan was taken before January 1, 2009
? And the installments are more than 31% of your monthly income
If you qualify for these requirements, you are eligible to apply for the loan modification program designed for you if your lender is certified by the government and Chase bank.
When you apply for the loan modification program, you need to fill in all the information asked in the application form and provide relevant and verifiable documents in the support of your statements and declarations. The documents that you provide, along with the application, should also contain your present salary certificate and information about all sources of income. The bank or the lender will verify these documents and will first decide whether or not you are in a condition to repay your newly modified loan.
Before applying for the home mortgage modification, you should also see to it whether you would be able to repay the loan amount after modification. If you are confident that you will be able to meet the requirements of the modified loan, produce a draft of your budget along with other documents so that the bank is assured about the repayment of your mortgage modification.
Make sure to get in contact with Chase Bank’s Loss Mitigation department at the first signs of foreclosure. They will provide you with all the requirements for loan modification. Starting early is key in preparing yourself for the loan modification process. Chase Bank Loan Modification is a great option for lowering your monthly payments and reducing those high interest rates.