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Steps To Receive A Chase Loan Modification And Get Approved
Author : Walter Sigmore
Chase is one of the more cooperative lenders these days when it comes to loan modification. Getting a Chase loan modification can take some time, as with any other lender, but following the steps the lender wants you to follow can get you a long way towards a successful modification agreement.
It is possible to get a modification with Chase either on your own, through a company, or through an FHA representative. FHA representatives and doing in on your own are free, while having a company handle your modification case always has a fee. It is up to you to decide how you want to approach Chase for your modification, as each method has its own benefits and demerits.
If you are going to try to work out a Chase loan modification without professional assistance, the lender recommends these two critical steps to get started:
Call their loan modification department. Have your loan number on hand, as well as any questions written down that you would like to ask. Be prepared for a possible lengthy phone call, as the representative on the phone may inquire about your hardship circumstances and why you are having difficulty making your monthly mortgage payments.
Collect the following documents: Two of your most recent pay stubs (those who are self-employed must have four months of bank statements and their most recent tax documents), a letter written outlining the circumstances surrounding your difficultly paying your mortgage (hardship letter), and a signed and completed statement outlining your monthly budget.
After you do these two steps, you should receive a Chase loan modification application package in the mail to complete and send in. You must fill out the application and send in the documents listed above along with it.
Keep in mind that what you are trying to prove through the application and the hardship letter you wrote that your current rate is unmanageable, but a lower rate will be affordable for you. This may be difficult to convey, but showing your planned budget in your letter and stating the rate you are looking for can be a big help.
After sending the application in, it can take up to eight weeks until you are informed that you have been approved. It can also take that long to find out you have been deemed ineligible, so do not take a long period of silence from Chase as a definite "yes."
Be prepared when dealing with the lender to receive your Chase loan modification and follow any instructions they give you, and you can complete and receive a loan modification from them with relative ease and a waiting period.
Author's Resource Box
For additional information and useful resources for home loan modifications, visit the #1 loans modification spot on the net: http://HomeLoanModifications101.com
Article Source:
Articlebliss
Tags: Loan Modification Programs, loan modifications, home loan modification, mortgage modifications
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Submitted : 2009-07-17 Word Count : 553 Popularity: 1088 Times Viewed: 88
