Understanding the Chase Loan Modification Program

Chase Bank holds a significant part of the country's troubled mortgages, and one of the ways they try to help is by participating in the government's loan modification program. Distressed homeowners can now get their Chase loans modified to more comfortable terms, allowing them to keep their homes and get their lives back on track. The bank offers a four-step guide to getting a Chase loan modification, which goes down as follows:

1. Gather your financial information. Your loan adviser needs a thorough picture of your financial situation to see whether you qualify for a Chase home loan modification. The documentation varies from case to case, but it always helps to be as detailed as possible - at the very least, it shows that you're willing to cooperate and have the initiative to do your part. The bank offers a printable Homeowner's Information Packet on its website, which can give you a better idea of what you need to do.

2. Wait for review and keep contact. Once the bank receives your application kit, agents will review your case and decide whether or not to give you a Chase loan modification. The length of time varies depending on how complex your situation is, and the bank may call you back to request additional information such as home insurance and appraisals. Make sure to stay in touch and respond to any requests as soon as possible - the more responsive you are, the sooner you can get your Chase home loan modification approved.

3. Review your terms. As soon as the bank reaches a decision, they will send you a letter outlining your new mortgage terms. This includes the official start date of your Chase loan modification, as well as your first due date. At this point, it helps to work with a real estate agent or financial advisor who can explain the terms more clearly. Make sure to read the fine print and understand each claim - even a slight misunderstanding can mean a difference of several thousand dollars over time.

4. Sign your commitment letter. Your Chase home loan modification becomes official when you sign the commitment letter and submit it to the bank. As per government regulations, you usually start off on a three-month trial period, during which you will have to provide additional paperwork and keep your payments regular. After the trial phase, provided you comply with the requirements, your Chase loan modification becomes permanent and you can start getting back on your feet.