The best way to increase your chances of your Chase loan modification getting approved is to have a clear understanding of how the process works. Now that may sound too simple to be true. Now to be fair, there are a number of homeowners who simply don’t qualify.
However many homeowners are denied because of their failure to provide the required paperwork, prepare their financial worksheets and follow up with their servicer. Simple things that anyone can do!
So to help you avoid these same pitfalls, here is an easy to follow guide to help you get your Chase loan modification approved.
Before we get into the details, be sure you meet the eligibility requirements to get a government modification.
Those requirements are as follows:
- You have to live in the home you’re trying to get modified.
- You must have received your mortgage before January 1, 2009.
- Your mortgage payment must be more than 31% of your income. (All income including alimony, part-time work etc)
- $729,750 is the maximum amount you can owe on your home.
- You should have either missed making your monthly mortgage payments or are certain you will not be able to make future mortgage payments. Do not do this on purpose.
- Make sure you can show documentation that shows you will be able to make your mortgage payments after you have been approved for modification.
- No convictions related of fraud ,money laundering or tax evasion involving mortgage fraud within the last 10 years.
- Must prove your financial hardship. (You will be asked to submit a hardship letter.)
Here’s where problems begin. Many homeowners applying for a Chase loan modification assume if they meet most of these than that is enough. Or that it’s okay if they don’t have everything they need at the start of the process, they can always get around to it later. You must have all of the required documentation and must meet the other listed requirements as well no exceptions!
When you contact Chase regarding a modification, the representative will pre-screen you to see if you qualify. So it is important that you have all of the documentation ready. The representative will ask you for specific answers to questions regarding your income for example. The figure you provide during this conversation is what Chase will base your eligibility on as you move through the process. You have to make sure you have accurate numbers and be sure to include all income.
Also if you have other family members who also reside in your home, you do not have to include their income unless they are also signing for the loan modification. This is important to keep in mind. Too much income can get you denied as quickly as having too little income.
Persistence Pays Off
Once you have provided all the documents, financial statements, debt ratio worksheet, hardship letter and other paperwork. Now you must commit a lot of time to managing the loan modification process. You will need to constantly stay in touch with your servicer and get status updates. It can take several weeks to complete or find out if you’ve been approved or not. With so much paperwork to keep track of and thousands of homeowners all applying for their own Chase loan modifications. It is so important to stay on top of the situation.
This means calling at least once a week. Checking on your application. Ask if you’re missing anything. Find out if they need any additional information. It would be a good idea to keep a journal listing the date, time, the name of the representative and what was discussed. If your loan modification is denied you can refer to your journal if you have any kind of dispute. Sometimes you can get a dedicated representative, usually towards the end of this process, and you will be able to email them back and forth.
Do You Really Want To Roll The Dice?
Finally, when it comes to taking steps to save your home from foreclosure don’t take unnecessary chances. It’s very easy to get bogged down by all of the paperwork, constant telephone calls, and waiting for what may seem like an eternity for a decision on your loan modification. Plus the stress you endure can be detrimental to your health.
You may be thinking that while that’s all true, there’s nothing you can do about it. Actually there is a way you can take some of that extra weight off your shoulders. A loan modification service can do the difficult work for you. That doesn’t mean you can sit back and do nothing. It means they have the experience and expertise to deal with the lender on your behalf and eliminate much of the stress and craziness often associated with the loan modification process.
You can increase your chances of getting your Chase loan modification approved with the help of professionals who already know the ropes.
In the event you would like help in obtaining a Chase loan modification, you can visit Loan Modification Company Reviews or call 888-766-3693.