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Chase Customers and Chase Bank Home Loan Modification – The Truth
For a lot of people making ends meet is a challenge right now and they are starting to worry about impending foreclosure. This does not have to happen, however, mortgage loan modifications can help prevent this and give homeowners some time to get their finances in order. Your lender and loan insurer are the determining factors in determining if and how your loan can be modified. This article will focus on the requirements of Chase Bank home loan modifications and how to get one.
Before you begin, you need to know who insures your loan. A lot of people don’t know this since they usually have no reason to. The quickest and easiest way to find out is to call Chase Bank and ask. If you find that Fannie Mae or Freddie Mac insures your loan, you may be a candidate for the President’s $75 Million Homeowner Stability Initiative. This program works with lenders and borrowers to lower monthly mortgage payments to no more than 31% of your monthly income before taxes.
There are, naturally, some requirements. You must own the home you live in, owe no more than $729,750 on your mortgage and must have negotiated your loan before 2009. You must be making payments that exceed 31% of your gross monthly income and you cannot have had your loan modified in the past. If you meet all these requirements, consult with a financial planner to tell you more about it. This government plan helps both lenders and borrowers, so homeowners get better deals through this program than they would when dealing directly with banks.
If it turns out that Fannie Mae or Freddie Mac does not insure your loan, you do not qualify for this government program. There are still alternatives. Chase bank does have its own process and it is worthwhile to investigate their loan modification process, especially before accepting foreclosure. Again, you must own the home you live in, have a mortgage that has never been modified or refinanced and be able to pay a monthly payment of between 31%-40%. The monthly payments may be a little higher since there is not government help as there is in the Homeowner Stability Initiative. If you fill these requirements, Chase will also request a hardship letter, your financial statements, your pay stubs, bank statements and ask to see your tax returns.
Whatever approach you take, either approaching Chase Bank or applying for the Homeowner Stability Initiative, a loan modification is a much better alternative than foreclosure. Your credit score will not be damaged and you can keep your family home.
If you are having trouble paying your mortgage, check out Chase Bank home loan modification and the government initiative program.
How To Obtain Your Bad Credit Loan Easily Today
If you have bad credit, you are probably all too familiar with rejection, possibly being turned down many times for credit that you need. It may seem as if heartless bankers do not care about your needs, just because a few past mistakes have made you appear to be a credit risk. If so, you might want to consider the friendlier lending environment online with lending institutions that specialize in bad credit loans.
Bad credit loans are for those with credit scores that are less than 650. Once your credit score has declined to this level, you can typically expect to pay more interest on any loan that you are lucky enough to qualify for. However, the online lending environment is more competitive with many lenders who are willing to give you the needed second chance to get you back on your feet while rebuilding your reputation as a creditworthy borrower.
Loans For Cars, Repairs And More
Whether you are looking for a bad credit personal loan, bad credit automobile loan, bad credit student loan, online lenders are standing ready to process your application without the hassle of the traditional lending institution in your hometown. Get money for a vehicle, appliances, home improvement, travel, education, etc., from the comfort of your own home without setting foot into a bank.
To apply, you will need to visit the lender’s online secure website, where you will find an application link. You will be asked to verify your identity, income, residence. Most of the material that you will use to document your circumstances can be easily emailed as well as transmitted via facsimile to the lender for quick processing. In addition, you may be asked to prove several personal references on your application.
Amounts Up To $10,000
When you apply, you can ask for any amount that you deem necessary for your needs. Most bad credit loans start out as low as $5,000 or may be for as much as $10,000 – more under certain circumstances.
You can make your application for your bad credit loan look even more appealing by applying with a creditworthy cosigner. Your cosigner should have good, established credit as well as be willing to pay the loan in the event that you fail to do so. Your cosigner can be a relative, friend, co-worker.
Another strategy to enhance your approval is to pledge a security against the loan. This security is known as collateral. Collateral can be your home, vehicle, boat, real estate – any item of true value that you can prove legal ownership of by presenting a title of ownership for. It is important for you to keep in mind that any item you allow the bank to use as security for your loan stands the chance of being taken should you fail to make your payments.
Easy Receipt Of Funds
You can receive your bad credit loan in two convenient ways. You might choose to receive your bad credit loan electronically via an electronic funds transfer to your bank account. You can also elect to receive a paper check that will be mailed to your home address. The fastest way, of course, is to receive the electronic deposit, for which there may be a small fee.