If you are one of the millions of Americans who are struggling with their mortgage payment then you have a great Full to modify your loan. Chase offers several programs to provide you with mortgage and foreclosure assistance. They want to do what they can to proactively prevent or stop a foreclosure. Even if you are current on your payments today, but you think you have chances to fall behind in the future due to a financial hardship or emergency then there are several options that are available to help you stay current and keep your home.

Chase Mortgage Loan Modification:

Chase has both expanded and enhanced loan modification programs. Now they can help you with many hardship situations and emergencies such as layoffs, short term income reductions, job loss or even permanent hardship such as the death of a spouse, divorce, disability and severe medical situations. The enhanced and expanded loan modification programs may allow the homeowners an ability to modify or change the term of your existing loan, possibly adjust the principal balance, lower the interest rate, and maybe reduce the monthly payments you need to make to an amount you can afford.The main goal of loan modification is to keep the homeowners in their home, and prevent a foreclosure. Chase has successfully modified thousands of loans.

Chase is strongly committed to make loans permanent as well. They have a detailed and considerable process to facilitate loan modification. Some of the important steps for loan modification process are below;

  1. Complete the following forms: –
    • Request for Mortgage Assistance Form
    • Form 4506T-EZ
  2. Collect and send copies of your financial documents: –
  • Employment Income for all borrowers:-
    • Your 2 most recent pay stubs with year-to-date earnings
    • If you are self-employed or an independent contractor then send your most recent signed and dated quarterly or year-to-date Profit & Loss Statement with company name and date; send all statement pages, even if they are If you do not already have a P&L Statement, you can use the sample form.
  • Other Income Sources for all borrowers:-
    • If you receive Social Security, disability or death benefits, pension, public assistance or unemployment income, send your benefits statement; proof of monthly insurance benefits or government assistance (if applicable) or letter from the provider with the amount, frequency and duration of the benefit and two most recent bank statements showing receipt of payment; send all statement pages, even if they’re blank.
    • Documents showing additional income you would like them to consider.
  • Financial Statements for all borrowers:-
    • Your 2 most recent personal checking, savings, money market, mutual fund, stock and bond statements; send all statement pages, even if they are blank
    • Well crafted financial hardship letter that prove your inability to pay mortgage installments.
  1. Legal Documents (if applicable)
  • Divorce or legal separation:-
    • Your divorce decree or separation agreement; current credit report showing divorce, separation or non-occupying borrower
    • Legal documents showing the amount, frequency and duration of child support, alimony or separation maintenance income if you would like us to consider it as qualifying income AND your 2 most recent bank statements showing receipt of the payment;
  • Death of a borrower:
    • Copy of the death certificate or obituary or newspaper article reporting the death
  • Income from rental properties:
  • Copy of one of these documents showing rental income: current rental agreement(s) or handwritten lease agreement(s)/contract(s)
  • Copies of two cancelled checks or two most recent bank statements showing rental and/or boarder income (we will not accept handwritten receipts);
  1. Documents related to your property
  • If you pay your property taxes and/or insurance directly to the provider and not into an escrow account as part of your monthly mortgage payment:
    • Copy of current property tax bill and proof of payment, such as a cancelled check
    • Proof of payment of homeowner’s/property insurance, such as a cancelled check and declaration page showing amount due
  • If you have flood insurance:
    • Copy of your current policy or declaration showing proof of flood insurance
  • If your property is in a Homeowners or Condominium Association:
    • Proof of payment of association dues and fees, including the total amount Hardship Documentation
  • Chases uses loan-modification counselors at the local level as they have opened offices across the country. They have in place a network of 30 Chase Home ownership Centers located in 13 states, in which they offer face to face counselling.
  • They follow up with the homeowner and will attempt to contact them multiple times. They will call a customer up to 36 times, reach out to them by mail at least 15 times and they will also make at least two home visits, if necessary, to the customer.
  • They employee counselors who specialize in outreach efforts and these counselors specifically target borrowers with proximity to Chase Home Ownership Centers, allowing in-person support and extensive face to face contact.
  • They ease the requirements on loan modification counselors by centralizing the review of borrower documentation for completeness and accuracy.
  • Chase has enhanced document collection efforts as well as tracking capabilities to increase process efficiency of the mortgage modification process.

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