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  • Chase offers its clients a private Loan Modification Program

    Chase offers its clients a private Loan Modification Program

    The government’s Making Homes Affordable program did not provide the results government and homeowners hoped for. The program aimed to provide three to four million homeowners with loan modifications to save their homes. Current data shows that less than a million homeowners have taken advantage of the home. Some commentators feel the problem are the rigid requirements of MHA’s Home Affordable Modification Program. The argument is lenders and banks are those that have to the final word in accepting or rejecting a loan modification, so why not let them design the programs to. The reason is clear, not having anybody checking a bank’s loan modification program is like asking the fox to look after the chickens and expecting him to take good care of them: it requires a very optimistic outlook.

    This series of articles is looking into some of the main private loan modifications out there and provides details on how you can apply. We will also look at the pros and cons of joining lenders’ loan modification programs and sidestepping HAMP.

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    To illustrate loan modification programs with a specific example we return to CHASE’s Loan Modification Program. CHASE is offering its own loan modification program for existing customers. A loan modification changes the terms of mortgage to either reduce monthly payments or improve its terms in some other way. For example, if you have a variable interest rate on your mortgage your monthly payments could increase without warning. If you modify your mortgage to a fixed rate mortgage you have the peace of mind of knowing how much your mortgage will be from now till you pay it off. Loan modifications can also reduce the term of your loan so you pay less interest over the lifetime of the loan. However this may increase your monthly payments if not combined with a reduction of interest rates and the principal balance.

    The key to qualifying for a mortgage with CHASE, or any other lender for that matter, is to understand how the process works. This set of articles will look at CHASE’s loan modification program and provide you with information you need to qualify. A loan modification application with CHASE’s Loan Modification Program must go through at least four steps:

    1.) The initial conversation with a loss mitigation agent.

    2.) The eligibility review.

    3.) The trial period plan.

    4.) The final agreement.

    We will take a look at each step and provide you with the details you need to know to succeed in your application.

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