Chase Loan Modification Process

The housing crash has made it difficult to continue to afford a mortgage with today’s slow economy. On top of that, inflation and the cost of living are on the rise. Homeowners who didn’t read over their fine print with exotic mortgage loans and variable interest rate home loans are in for a surprise. Many homeowners are going through foreclosure because of rising interest rates on their mortgage, along with other economic conditions. In fact, it is said that almost half of home sales in both Arizona and California are home foreclosures. If this isn’t ringing the alarm with how bad homeowner’s are struggling, what will?

The good news is that there are specific programs made available to homeowners to adjust their home loan in order to continue living in their home. One popular way is called the loan modification process, something that Chase specializes in. The Chase loan modification process is the process of modifying someone’s mortgage loan to a level where the homeowner can continue to afford their mortgage. There are some main steps that are involved with the Chase loan modification process that are easy to understand for any homeowner that is considering on modifying their mortgage loan.

The first step involved with the Chase loan modification process is determining the homeowner’s eligibility. Chase’s website provides an assessment tool that homeowners can use on their own in order to determine if they are eligible for this process or not. Once the homeowner has determined they are eligible for the Chase loan modification process, they will then begin the application process. There are certain documents and information that the homeowner must provide in order to complete the application process. This process can be done online, or forms can be downloaded and filled out by the applicant at home.

The application process that is provided by Chase when applying for a loan modification will provide detailed information about the documents that will be needed by the applicant. For example, typical documents include bank statements, verification of employment, tax forms, etc. Once the applicant has gathered all the required information that will be needed for the Chase loan modification process, they can send the information online, mail it, or turn the information in personally at a local Chase bank. At this point, the process is handled by Chase, where they review the presented required information that the applicant has turned in.

The review process may take up to 30 days, depending on the applicant’s situation. Other information may be needed as well, which also depends on the applicant’s situation. Chase will use appraisers and mortgage insurers to figure out all the intricate details that will be involved with modifying a home mortgage. Once the home has been appraised, and all other third party professionals have approved the process, there will be a trial period on the applicant. The trial period of a Chase loan modification is the process of the applicant going over the presented information that explains the details with the modification.

The trial period consists of a 3 month period where the homeowner must make their mortgage payments in order to prove to Chase that the applicant is able to pay their mortgage on the new modification. After the 3 month trial period, if the homeowner has shown their ability to pay their mortgage, the next step will be signing an agreement with Chase. The agreement will be mailed to the applicant. After reading over the agreement, the applicant will sign it, and then send the agreement back, which finalizes the Chase loan modification process. This process is extremely easy and homeowners who are considering on modifying their current mortgage are advised to research what Chase has to offer.