Tuesday, July 24, 2012

Home Loan Modification For Chase - Tips to approach & Successfully Modify a Chase Home Loan

Todays Mortgage Rate - Home Loan Modification For Chase - Tips to approach & Successfully Modify a Chase Home Loan
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A Chase loan modification means to modify the terms of your existing loan that provides an affordable and sustainable monthly payment. Chase has come up with home loan modification schedule for its customers. The schedule his made for those habitancy who are not able to pay their loan due to some crisis.

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The main features of Chase loan modification are:

1. Waived late fees
2. Change in interest rates
3. No foreclosure charges
4. Changing the terms
5. Alterations in tenure of the loan

Here are some steps to get the loan modification by Chase:

· The first most important thing is to prepare a convincing hardship letter for your lender. The letter must impart the situation and the steps you have taken to precise it. Remember all the steps must be real with their proofs.

· Providing fake facts can lead to loan denial. You should know that the lending business will get to verify you inside out. So the facts you provide on the application form should be true. May it be about your income, your properties, your debts, but it has to be genuine.

· You must be aware of all the guidelines and fill the form fully agreeing to the requirements. So sending your application without knowing about the guidelines can corollary in denial of you application.

· You should prepare a file of documents to process your loan application. The documents may include bank statements, prestige card history and wage tax returns.

· preparing the financial worksheet is also a very important step for loan modification and should not be avoided. This worksheet will show the complete financial status of your current situation. You must also prepare one proposed financial statement along with a current one.

· Remember your application must be complete properly. Incomplete application can delay in the process of your loan modification.

· In the end, you should keep a track of the status of your file. Your application is not the only one for them. So, to avoid delays caused due to burden it is advised to keep a corollary up by calling up the representative on a regular basis.

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