Homeowners seeking help with an unaffordable home mortgage were given hope by the announcement of a new aggressive Chase loan modification outreach effort. The special enhanced program aims to help 400,000 families with $70 billion in mortgages to be modified so they can stay in their homes. Chase promises a systematic review of its entire mortgage portfolio.
JP Chase Morgan, who also owns Washington Mutual and EMC will be extending its already significant Chase loan modification program by implementing proactive outreach efforts to borrowers who have loans with the three companies. The special enhancements to their program include:
- Pre qualified modification terms sent out to needy borrowers
- Opening regional counseling centers staffed with trained counselors to met borrowers face to face
- Independent review process for any loan prior to initiating foreclosure
- No new foreclosures while these enhancements are implemented
The bank has already helped over 250,000 borrowers with a Chase loan modification. The total foreclosure preventions are projected to exceed 650,000 loans representing $110 billion in mortgages. When Chase acquired Washington Mutual, they inherited a large portfolio of the risky Option Arm loans which have proved to have a high default rate. The decision was made to offer loan modifications that eliminate negative amortization and will be more affordable for borrowers over the long term.
Homeowners who are having difficulties paying their Chase, WaMu or EMC mortgages should apply for the new Chase loan modification program. The enhanced program will offer:
- 30 year fixed loans with affordable payments
- principal deferral
- interest only payments for 10 years
Borrowers will be contacted by mail with Chase loan modification offers. The homeowner then needs to complete the application and provide the necessary documentation for final approval to obtain the new modified payment. Not all borrowers will qualify, so it is important to learn about the guidelines and know how to complete the paperwork properly. If the paperwork is not completed properly, even the most deserving homeowner may be denied the loan modification help they need and deserve. It is important for homeowners to learn about the application process so they will have a better chance of approval for a Chase loan modification.
You can get the help you need to understand the Chase loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
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