Are You Eligible for a Chase Bank Home Loan Modification?

Financial Crisis is forcing every homeowner to think that there isn’t a second option but loose their home. But thanks to god, their is another good alternative to foreclosure, that is to modify your mortgage loan. Obviously your first step should be to consult about this with your mortgage lender, as it all depends on your bank and who insures your loan. Following are the general requirements for Chase Bank home loan Modification.

If you don’t know who insures your loan, which is the case with most people, don’t feel stupid, just find out who does. You can simply do that by making a phone call to the bank. You’ll be lucky if the answer is Freddie Mac or Fannie Mae. Home owners with Fannie and Freddie loans can benefit from a new $75 billion government loan modification program, which will modify monthly payment to 31% of your gross monthly income, and it’ll surely help you get back on your feet.

Before participating in the Making home affordable plan, the home owners must meet some general requirements. The loan should have been taken out before January 1, 2009 and the amount which one owes should be less than $729,750, and of course they must be the owner-occupant of home.

The payment rate should be above 31% of your monthly income, please make sure to note that one can only modify the loan once. If you feel that you qualify then benefit yourself from this program, a HUD-approved financial counselor can help you know more. Government is giving incentive payments to lenders and borrowers, so at to encourage successful modification.

You don’t have to worry incase your loan is not insured by Fannie or Freddie. The modifications offered by chase banks is still available. Well it may not be so good without government funding, but its better then nothing. Well to apply for this chase wants applicants should be the occupants of the concerned house, and in a state to pay between 31% to 40 % of their gross monthly income. In order to modify the loan you’ll have to submit several financial documents to the bank, which includes tax returns, hardship letter, pay stubs, financial documents and statements.

For essential tips and facts about how to get approved for a Loan Modification, visit our simple, no nonsense loan modification guide and resource: Mortgage Modification Loan.