Modifying Your Chase Bank Loan under the Federal Loan Modification Program

There is an option to foreclosure for homeowners facing economic woes caused by the economic situation our country is facing. If your mortgage is with Chase Bank, below is a list of the requirements for modifying your existing home loan. If your mortgage is with another lender, check with them for their specific requirements and processes.

Gather the information about your loan, including the lender’s name, address, and loan number. If your loan is with Chase Bank and you can’t put your hands on this information easily, just call a customer service representative at Chase Bank to assist you. You will definitely qualify for a government loan modification if you have a loan insured through the Freddie Mac or Fannie Mae programs. The goal of this program is to reduce your monthly mortgage payments to less than 31% of your monthly income.

You can only modify your loan once. You meet the requirements for this plan if the loan you seek to modify is for the primary home in which you live, the loan was closed prior to January 1, 2009, your mortgage debt is less than $729,750 and your monthly mortgage payment is currently greater than 31% of your total monthly household income.

If you don’t qualify for the federal loan modification program, you may still be able to get a loan modification through Chase Bank – even if your current mortgage is with another lender. Under Chase Bank’s requirements, you can apply for consideration of a loan modification for first mortgages on your primary residence that hasn’t been previously financed or modified. In addition, your loan payment must fall in the range of 31% to 40% of your total monthly income. As part of the loan modification approval process, Chase Bank will require that you submit a hardship letter and copies of relevant financial documents for their consideration.

For detailed facts and essential tips about how you can get approved for a Loan Modification, visit this simple, easy to understand loan modification guide and resource:Mortgage Loan Modifications.