Chase Loan alteration – Don’t Give Up Until You Check Into It!
If you are facing foreclosure on your Chase Mortgage, there may be help obtainable. Don’t give up hope until you see if you qualify to apply for a Chase Loan alteration.
President Obama’s Treasury Department has set aside funds by the 2009 Stimulus Plan to help distressed homeowners. Under this program, financial incentives are paid to lenders on the approved list to encourage them to rework mortgages for homeowners facing foreclosure.
The goal of the reworked mortgage is to lower the monthly payment (taxes, insurance and homeowner dues included) to below 31% of the homeowner’s gross monthly income. This is done by one or all of these methods obtainable to Chase: lowered interest rates, extended loan term, waived late fees, and already reduced principal.
What guidelines are there to acquire a Chase Loan alteration? To apply, a homeowner must meet the following:
· The home must be a dominant residence.
· The original Chase mortgage must have been signed on or before January 1, 2009.
· The amount of the loan must not go beyond $729,750.
· The homeowner’s current Chase mortgage payment must be more than 31% of their gross monthly income. (This payment includes amounts paid for character taxes, homeowner’s insurance, and homeowner’s association dues.)
· The borrower must have experienced a financial Hardship; job loss, medical bills, military service, divorce, etc… This must be verified.
· It is also necessary for Chase to be convinced that the homeowner can and will pay the alternation mortgage.
A Chase Loan alteration by the stimulus bill will not be an option indefinitely. And, you can only apply once, consequently, you see the importance of getting it right the first time. It is advisable to compile your budget and documentation before you contact Chase. This will allow you to adjust your paperwork and be confident when you approach Chase Bank Loss Mitigation Specialists.