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.

Premier Home Loan Modification Attorney Launches Complete Loss Mitigation Services

CDLoanMod.com, premier loan modification attorney firm announces the launch of a complete home loan modification package designed specifically for homeowners in need of mortgage help.

Homeowners looking to take advantage of the government's Home Affordable loan modification program can now turn to CDLoanmod.com, a premier loss mitigation company specializing in mortgage assistance and foreclosure prevention. The California-based firm now offers a complete loss mitigation service designed specifically for homeowners in need of mortgage help.

CDLoanmod.com offers a step-by-step guide to home loan modification, starting with a free consultation where experts assess the borrower's situation and determine his or her financial needs. The first step is usually determining whether or not a mortgage loan modification is really the best choice, as some homeowners are better off with short sales or other forms of loss mitigation. ....

Details Here: Premier Home Loan Modification Attorney Launches Complete Loss Mitigation Services

Tips to Get The Best Home Loan Modification Deal

Start early.
In the past, only people who were seriously delinquent or already foreclosure could get home loan modifications. However, lenders have become more lenient as government support gave them more incentive to modify loans. Starting early shows the lender that you’re responsible and determined enough to keep your mortgage on track.

Get professional help.
You may be tempted to handle the loan modification on your own to save money, but getting help from the pros can give you a serious advantage. A loan modification attorney or representative can get you in touch with the right department, help you gather the right documents, and plan your application according to your lender’s policies.

Do your research.
Most loans today are either owned by one bank or shared by many as mortgage-backed securities. Generally, sliced-up loans are harder to modify because there’s more than one entity with an interest on the loan. Find out who owns your loan by calling your lender or checking government sites like Fannie Mae or Freddie Mac.

Provide accurate information.
One of the first requirements for a home loan modification program is a hardship letter. Here, you explain why you fell behind and how you plan to get back on your feet. Lenders will need to verify all your claims, so don’t try to embellish your story. As much as possible, back it up with documents such as pay stubs, tax forms, and bank statements.

Set realistic goals.
Many lenders will offer new terms that are only slightly better than your current one. Don’t settle for a less-than-ideal deal out of desperation. A good loan modification attorney can help you negotiate more effectively and get a home loan modification program that makes financial sense for both you and your bank.

Countrywide Loan Modification

How does a countrywide loan modification work and who can apply for it?

If you are delinquent with your mortgage payments time is definitely not on your side and you must act quick. All homeowners whom are in need of a countrywide loan modification will need to submit an application packet in order for them to be considered for a countrywide loan modification.

In order to be considered for this program, borrowers will need to prove that they can meet the guidelines for this program and approval criteria. The most important basics are:

1. Borrower(s) must live in the subject property as your primary residence
2. Borrower(s) monthly mortgage payment must be more than 31% of your gross monthly income
3. The borrower(s) mortgage must have been originated prior to January 1, 2009 and be less than $729,750
4. Borrower must be suffering a financial hardship and be able to prove it.

A Countrywide loan modification might be the help you need to keep your home, seek professional help if you don't understand this process.

Document Checklist for Loan Modification

By Loan Modification Attorney

Home loan modification may be the best way to get out of delinquency and save your home. But promising as it is, a loan modification can only work if you do your part in the process. Reports from major lenders show that most loan modifications fail because people don't comply with the requirements, particularly when it comes to paperwork. It may seem like a big task, but it's not as complicated as it seems - and it's always worth the effort to save your home.

Your home loan modification attorney can help you gather the documents you need to complete your application. To help you get started, here's a list of loan modification documents required by most major lenders.

Hardship letter
This is basically a letter explaining the circumstances of your default and how you have recovered. Make sure every claim can be backed up with solid evidence such as bank records, and don't exaggerate or play down details. Your home loan modification attorney can help you draft your letter to meet your lender's standards. Most lenders also require a photo ID and a copy of your social security card.

Proof of income
Steady income is one of the main requirements for a Home Loan Modification. Your bank will want to see proof that you'll be able to make your payments once the loan is modified. The general requirement is two months' worth of pay stubs and tax returns for the last two years, or if you're self-employed, your latest IRS filing plus proof of two months' worth of income. If you're getting child support, pension, or other sources of income, you'll need to provide proof of these as well.

Financial status
Your bank will want to know how your current finances are, and whether you have assets other than your home. Provide bank statements from your current accounts, including checking and savings. If applicable, you can also submit statements from your 401(K), profit sharing plan, IRA, or retirement account. Investment accounts such as stocks and bonds can also serve as proof of assets. Your home loan modification attorney can help you determine which ones will be most valuable in your case.

Mortgage documents
Most lenders will ask for your latest mortgage statement, as well as any recent correspondence you have received from them. If your mortgage payment doesn't include insurance and taxes, you may need to provide these statements as well.

Other bills
Not all lenders will require utility bills such as gas, electricity, phone and water, but it won't hurt to put in some as well. These will give your bank an idea of your monthly expenditure, which in turn helps them find a suitable home loan modification plan. Other useful documents include garbage pickup bills, home insurance policies, and homeowners' association dues.

About the Author:
The Author is a loan modification program specialist who writes on various Loan Modification related topics to help people understand the Loan Modification process and help them save their homes from foreclosure. For more helpful articles visit the author's blog at http://loanmodification2009.wordpress.com
Article Source: ArticleSnatch Free Article Directory

5 Tips Every Loan Modification Firm Talks About

Author: Loan Modification Attorney

Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.

Do know your rights.
More than 80% of mortgage contracts violate one or more lending laws—and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure. Your loan modification attorney can help you understand your rights and use them to get the results you want.

Don’t wait too long.


The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as you decide you need mortgage help, call for a loan modification help and get started.


Do work with your lawyer.
Your Home Loan Modification doesn’t rest in the hands of your lender, your broker, or your loan modification attorney. These people can help, but you have to do your part and cooperate with your lawyer. Make sure to submit your paperwork on time, answer questions honestly, and give them a clear picture of your financial situation.

Don’t file for bankruptcy, unless you really have to.
Many people think that filing for bankruptcy can help them stop foreclosure. But data from the American Bar Association shows that it doesn’t work that way. In fact, 96% of the people who file bankruptcy end up losing their homes anyway—so they’re left with a foreclosure AND a bankruptcy on their records. In some cases, bankruptcy is still a viable option, but don’t make any decisions without getting professional advice.


Do have a backup plan.
Not all people will qualify for a mortgage loan modification. Maybe you’ve fallen too far behind, your lender may be simply hard to work with, or maybe you don’t need it after all. In any case, it’s always good to have a Plan B. Your mortgage modification attorney can help you find the best solution.

If you can’t get your loan modified, talk to your lawyer about a short sale. This involves selling your home for less than its fair market value and giving the proceeds to your lender. Although you still lose your home, it’s not as damaging to your credit as foreclosure, so it’s easier to get back on your feet.

Article Source: http://www.articlesbase.com/mortgage-articles/5-tips-every-loan-modification-firm-talks-about-702150.html

About the Author:
The Loan Modification Firm has all the experience and knowledge that is needed to get the job done. The Loan Modification Attorney can be reached at Law Offices of Marc R. Tow Just Call 800-738-1170 or visit Home Loan Modification
For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs

What is Predatory Lending?

Author: CDLoanmod

Predatory Lending is a practice wherein a lender forces you into abusive or unfair lending terms. This can be in the form of high interest rates, unreasonable penalties, and hidden fees that aren’t part of the mortgage contract. Often, the contract is written out so that it’s all but impossible for the borrower to get out of it, even when it puts them under financial stress. In fact, studies show that most of today’s foreclosures and defaults can be traced to some form of predatory lending.

How do I know I’m a victim?

Many predatory mortgages are so subtle that the borrower doesn’t know it—until things get out of hand and they’re facing foreclosure. But the earlier you take action, the faster you can set things right. Here are some signs that tell you if you’re on the losing end of the deal.

• Excessive fees. Some fees can be financed but are not directly affected by the interest rate. This makes them easy to disguise or manipulate. Fees below 1% of your loan amount are usually no cause for concern, but if they add up to more than 5%, you should get suspicious. 
  
• Prepayment penalties. It’s common for lenders to charge you a penalty if you pay off your loan in advance. This is to make up for the interest they lose by letting you off early. The penalty is considered abusive if it’s effective for more than three years or is worth more than six months of interest.
• Yield Spread Premiums. This is a fancy name for the kickbacks your lender pays a broker to steer you into a high-interest or sub-prime loan. If you see this term on your bill, you’re probably paying more interest than is legally acceptable.
• Refinancing offers. If your lender offers you a tempting refinance package, think twice about it. It may be a form of loan flipping, a practice they use to generate income without giving you any tangible benefits. In the long term, the refinance can simply drain your equity and increase your monthly payments.
• Mandatory arbitration. This is one of the most common predatory practices. Mandatory arbitration is a provision in many contracts that bans you from going to court if you find the terms abusive. You’re basically being denied of your rights to justice.

What are my rights?

Most cases of predatory lending violate the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). These laws were put in place to protect borrowers like you, but lenders continue to violate them every day and trick millions of people out of their money. The best way to protect yourself is to know these laws and the rights they give you.


For one thing, you always have the right to speak up whenever you feel you’re being cheated. Sometimes it’s as simple as calling your lender and asking them to explain vague or overly high charges. They may or may not give a useful answer, but it’s important to let them know you’re not being fooled.


Even if you’re already in foreclosure, there are always steps you can take to correct the situation and save your home. Find a competent lawyer to help you out and look for RESPA and TILA violations in your contract. In most cases, the laws can help stop foreclosure and even give pay you back in damages.


What can I do?

If predatory lending has put you in serious financial trouble, one thing you can do is apply for a loan modification. This is a simple way to restructure the terms of your loan into something more reasonable and helps you stop foreclosure. All you need to do is call a loan modification attorney, a person who specializes in talking to lenders and negotiating for proper mortgage assistance.

You will have to provide some documents so that they can properly assess your case, including a hardship letter that explains your situation. Your Loan modification attorney can use violations to negotiate better settlements with your lender. These may include misleading disclosures, exorbitant fees, or any of the signs mentioned above. Nearly every mortgage has at least one violation, but it takes a good understanding of the law to point them out.

After submitting your application, your attorney will start negotiating for better rates. When needed, they will use RESPA and TILA violations as leverage for getting the best loan modification offers. When it’s approved, you’ll receive a document detailing the mortgage modification, whether it’s a a lower interest rate, or some form of mortgage assistance. Once you approve it, you can keep your home and start paying off your mortgage at a comfortable pace.
About the Author:
The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts. Our lead attorney is Christian M. Dillon, an experienced lawyer specializing in loan modifications and RESPA and TILA violation cases.
For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs

Article Source: ArticlesBase.com - What is Predatory Lending?