This current economic crisis is causing homeowners to wonder if they have no other option than to lose their home. Actually, homeowners should consider modifying their mortgage. Since bank practices vary, it's important to check with your lender. Chase has the following requirements for modifying your loan:
First, find out who is your loan holder. Don't worry if you don't know. Most people don't have this information if there has never been a need for it before. Call Chase and a customer service representative will be happy to help you. If you are lucky enough to have a loan insured by Freddie Mac or Fannie Mae, then you will qualify for a goverment program designed to help you. This program will allow you to make payments that are no more than 31% of your monthly income.
How do you know if you meet the requirements for this plan? You must both own and live in the home and not owe more than$729,750. Furthermore, the loan should not predate January 1, 2009. If you already pay less than 31% of your total monthly income, you won't qualify. This plan allows you to modify your loan only once. Contact your HUD office for more information if you think you may qualify.
While loans through Freddie Mac and Fannie Mae qualify for goverment funding, Chase is still able to assist you even if your loan is through a different lender. Though it won't be as good of a deal (since there is no $75 billion bailout being applied to these programs), it's still a lot better than foreclosure. To qualify for assistance through Chase, you must live in the house in question and it must be your first mortgage. You must not have previously refianced or modified a loan. Since there is no governmental assistance, you will need to be able to pay between 31% and 40% of your total monthly income. If you believe that you qualify you must submit a letter documenting the reason you are having difficulty making your payments, along with pay stubs, tax returns and other relevant financial documents.
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