It is every homeowners' worse nightmare, a financial urgency that may supervene in the loss of the family home. There is a solution, an alternative to foreclosure, and that is a modification to the mortgage loan. This depends on your bank and your loan insurer so before you explore loan modification you should first make an appointment with your mortgage lender. This article outlines the usual expectations for those who hope to get a Chase Bank mortgage modification.
First you need to know who insures your loan. This is not something that people ordinarily know, ordinarily you don't even need to way this information, so don't stress if you don't have this information immediately. All you need to do is phone Chase Bank and ask. You are in luck if it turns out your insurer is Freddie Mac or Fannie Mae. A billion government loan modification program has recently been industrialized for those with Fannie and Freddie loans that is meant to help homeowners survive this stepping back by modifying their monthly payments so they are reduced to just 31% of gross monthly income.
Current Fannie Mae Refi Plus Programs
Of course, there are some standards that must be met before you are allowed to way this development Home Affordable Plan. You must live in the home you own, your debt cannot exceed 9,750 and the loan must have been secured prior to January 1, 2009. Your current monthly cost must be more than 31% of your gross monthly income and you must not have had former loan modifications. This is a very good plan and if you think you might qualify; find a Hud-approved financial counsellor who will be able to give you more information. The government is actively encouraging modification programs to help every person by giving both the borrowers and lenders incentive payments.
If you are not insured straight through Fannie Mae or Freddie Mac, there is still hope. Chase Bank still offers modifications. It won't be as good as the development Home Affordable Plan since there is no government funding, but it is still best than foreclosure both for you and for your prestige rating. Applicants must still be living in the home they own, and must be holders of a fist mortgage that has not been refinanced or modified earlier. The monthly payments, since government help is not a factor here, may be in the range of 31% to 40% of your monthly income before taxes. If you do meet these requirements, you will have to submit anyone paperwork Chase Bank requests. This will contain a hardship letter, all financial records, your pay stubs and your tax returns.
If you are facing foreclosure due to an inability to pay your mortgage, check out Chase Bank home loan modification. If your income and loan fall into the eligible range, you might find you can modify your loan and cut your monthly cost to something you can afford.
How Can You Get a Chase Bank Home Loan Modification?
