Chase Bank Home Loan Modifications – Facts For the Consumer

If you are one of an increasing number of people facing extreme financial difficulties and struggling to make your monthly mortgage payments, you may be relieved to hear that foreclosure is not your only option. A loan modification plan is a viable possibility, depending on your lender and loan insurer, to save your home. Below you will find important information ascertaining to the Chase Bank Home Loan modification scheme.

In March 2009, the President brought into effect the $75 Homeowner Stability Initiative, a scheme that offers lenders and borrowers alike incentives to modify existing mortgages in such a way that the monthly payment does not exceed 30% of the gross monthly income. Your eligibility for this scheme will depend largely on who insures your home loan. Only loans insured by Freddie Mac or Fannie Mae qualify for this scheme. If you are not sure who insures your loan, contact Chase and simply ask them.

As with any financial scheme, there are regulations in place. Only loans no homes in which the owner is occupying the property will be eligible. In addition, the mortgage must have been taken out before 2009 and must currently exceed, under existing terms, 31% of your total income before tax. No loan will be eligible for modification more than once under this loan. Finally, your unpaid principal must not be great than $729750.

This loan modification scheme is a viable means for homeowners to greatly improve their financial situations. If you meet all the above criteria, your next step should be to contact a trained financial advisor. These schemes often provide better rates to borrowers than banks, as the lenders are being assisted by the President’s scheme incentives.

If you find out from Chase that your loan is not insured by the above named insurers, do not worry as they also have their own loan modification plan in place, which is well worth researching before resorting to foreclosure. Much like the President’s loan modification plan, with Chase’s own, the home in question must be occupied by the owner. However for their own plan, Chase also stipulate that the mortgage in question must be your first mortgage and must not have, under any circumstances, already been refinanced in any way. You must be able to demonstrate your ability to afford between 31 and 40% of your gross monthly income by way of a mortgage payment. This is higher than the government set rate of 41% as this scheme is entirely independent of the President’s. Once you have confirmed that you fit the above criteria, you will then be required to supply Chase with a number of financial documents including tax returns, statements of earnings and also a hardship letter, detailing the reasons for your financial problems.

Whichever method of loan modification you opt for, for those who quality, modifying your loan in this way is substantially more beneficial than a foreclosure. Not only will this prevent you from losing your home but it will also leave your credit rating undamaged.

Chase Mortgage Modification – Some New Adjustments

Homeowners who are in default on their Chase home loan have more options available to them than ever before. The Obama Administration’s Making Home Affordable Program has made getting a Chase Mortgage Modification much easier. Chase Bank receives financial incentives to do loan modifications and more for eligible homeowners who experienced financial hardship.

Chase Bank has long been able to do loan modifications in instances when they deemed it was an advantage to them. It always involved cutting their losses! However, it was not a common occurrence. The MHA program and the underlying economic situation in the United States have made the whole process much more palatable for Chase.

Foreclosure is an expensive and labor-intensive process. In a very slow real estate market, it is even more troublesome to a lender. By reworking a mortgage, Chase can help a homeowner keep their home and obtain a more affordable house payment for the future.

Since the beginning of the MHA Program in 2009, over a million homeowners have gotten loan modifications. The government has adjusted and improved things to provide assistance to even more struggling homeowners. There are programs specifically for the unemployed who are seeking jobs.

There are additional programs for the hardest hit areas of the country. These programs offer foreclosure prevention specific to the needs of that particular locale. Incentives are being paid to Chase and other participating lenders to reduce the principal on homes where the homeowner is underwater in their mortgage, owing more than the home’s market value.

There are new programs that Chase must make available that help eligible homeowners who cannot work out a Chase Mortgage Modification, for whatever reason. Short sales and deed-in-lieu of foreclosure arrangements are set up to relieve the homeowner of future obligations resulting from the mortgage. There are even funds to assist with moving expenses necessary for obtaining more affordable housing.

Building a Backyard Oasis with a Home Equity Line of Credit

As the weather begins to heat up and I start to feel the long, hot summer bearing down on me, finding ways to create a backyard oasis for my family to enjoy is always at the top of my “honey-do” list.

In years past, my wife and I have planted a few trees, purchased some so-so patio furniture and tossed a kiddie pool and Slip ‘n’ Slide in the backyard for the kids. But now that our kids are a little older and our time together includes multiple family barbecues and casual get-togethers each summer season, we have finally decided to make our ramshackle backyard into an outdoor retreat that really suits who we are and how we live.

Since we’ve been in our home for several years and housing prices in our neighborhood have skyrocketed recently, we thought it was time to take out a home equity line of credit (also known as a HELOC). By using the equity we have built up in our home over the years, we were able to create the backyard we’ve always dreamed of.

The home equity process was quick and simple. All we had to do was find out how much our home was worth, what our payoff was and provide a few other bits of information – and in no time we were off and running! Our home improvement line of credit application took just a couple of minutes to complete – and within seconds of completing our online application, our HELOC loan was approved.

After a few short days we received our home equity line of credit Visa Cards (one in each of our names) from Chase Home Equity. Making purchases could not have been easier; all we had to do was use our Visa Cards to purchase the things we needed to make the most of our http://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/home_equity/tools/page/solutions” target=”_blank”>HELOC funds.

Being a do-it-yourselfer, I took on the task of landscaping my new backyard, but I hired contractors for the built-in barbecue area for our summer get togethers and our big, new pool and spa to replace the kiddie pool and Slip ‘n’ Slide.

While I was a installing brick borders and planting the fruit and shade trees for our new summer oasis, my wife took her home improvement line of credit Visa to purchase the perfect patio furniture so we could replace our weathered and splintering wooden furniture. She also managed to buy some outdoor dinnerware and a few fun pool accessories for all our summer parties.

The pool and barbecue are nearly complete now – and with a couple of months before summer officially begins. Because of the quick turnaround on our home improvement line of credit from Chase, we’ll be able to enjoy the entire summer by the pool.

If you’re faced with another summer of barren backyards and sub-par patio furniture yourself, it’s not too late to have the backyard retreat of your dreams completed before summer begins. Just apply for a home equity line of credit and your perfect backyard could be well within your reach – and at a better interest rate than you would get using a regular credit card.

Jim Templeton is a do-it-yourselfer who has not only renovated his own home, but now writes articles for home owners who need a little extra guidance in completing their own renovations.