Chase home loan modification is now easier to get, and more beneficial for homeowners than ever before. Due to the tough financial times facing the country, the Government has enabled a $75 billion plan to help homeowners. This mortgage bailout plan, which Chase is taking part in, will allow a homeowner a chance to get a more affordable monthly mortgage payment through home loan modification. Here is how to use this plan for yourself:
-Mortgage modification will be available from Chase for homeowner who are facing “Financial Hardships” these can include, loss of job or income, hospital bills, an increase in mortgage payments, and pretty much anything financially related which is out of the homeowners control. Homeowners who are facing these problems should write them down, along with a plan to restore your finances, and provide proof of any hardships. This letter and proof should be included with your home loan modification application.
-Homeowners who have lost some of the value in their home, and a lot of people have, can now get a home loan modification easier than ever before. Chase, and other approved lenders, will allow homeowners a chance to modify their mortgages, even if the homeowner owes up to 5% more on the home loan than the homes actual market value. Prior to this plan, Chase, and every other mortgage lender would not be able to approve these homeowner applications.
-Homeowners who currently pay less than 31% of their gross monthly income on their mortgage will not see too many benefits from this plan. Mortgage lenders and banks who offer this Government backed mortgage modification option will need to make sure the monthly mortgage payment is less than or equal to 31% of a homeowners income. This may sound pretty high, but many homeowners, especially those in trouble, are paying 50% or sometimes even 60% of their income towards their home loan payment.