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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.
Unsecured Loans Bad Credit: Get financial support without pledging any security
Availing a loan for the good credit holders is not a big deal. But, the problem arises when one is having a bad credit score like bankruptcy, defaults, CCJs, IVA, late payments, missed payments; insolvency, arrears, foreclosures, etc. And, the condition worsens if one is looking for an unsecured loan and that too with a bad credit record because in such a case most of the lenders deny granting loans to such borrowers as they fear if they would repay the entire loan amount by the time. Thus, to help out such people, unsecured loans bad credit have been introduced in the financial market which helps people to borrow money with their bad credit and without pledging any security against the loan. These loans are the suitable option for the non-homeowners and tenants.
Unsecured loans bad credit as the name specifies are the loans in which the borrower is not required to pledge any of his valuable assets like any building, any property or any real estate as security against the loan. Thus, the borrowers need not worry about the re-possession of their valuable assets. But, the lender in this case is at great risk if the borrower fails to repay the entire loan amount by the fixed time duration. Thus, he imposes slightly higher rate of interest on the loan to recover his risk to some extent. These loans are the best suitable option for the borrowers who either dont wish to pledge any of their valuable assets as security against the loan or who cannot actually afford collateral. The loan amount for such loans ranges from $500 to $25000 with flexible repayment and affordable installments. But before applying for these loans, borrower must satisfy some conditions he must be above 18 years of age, he must have a job and must be a citizen of UK. Even the borrowers with bad credit history like CCJs, bankruptcy, arrears, defaults, late payments etc. can also avail such loans without any kind of trouble or hesitation. By repaying the loan by the time, the bad credit holders get a chance to improve their credit rating as an advantage. Borrower can use the loan amount absolutely according to his needs without any kind of limitation or interference. It may be for purposes like renovation of the home, debt consolidation, examination fees, for operation, grocery bills, traveling, wedding, etc.
The online application method is easy and fast to avail these loans. After filling a simple application form with the required personal details, the lender verify it and submit the required amount directly in the borrowers checking account. You will get your money deposited into your bank account on the same day or the next business day. Good online searching can get you best loan deal ever and that too from the very comfort of your own home.