| Troubled homeowners seeking relief with a Chase | | | | of time |
| loan modification will have to provide proof of a | | | | - A longer loan term |
| financial hardship in order to qualify for assistance. If | | | | - Forgiveness of principle |
| you are a borrower with an unaffordable Chase | | | | Not all borrowers will qualify for a Chase loan |
| home loan, there are some options available you | | | | modification. Before a loan workout solution can be |
| should learn about. Here are some alternatives that | | | | offered, Chase will ask to review certain documents |
| may help you to avert foreclosure: | | | | from you to determine an appropriate solution. |
| - Repayment Plan: If you have a temporary reduction | | | | Among other items, you will be asked to provide the |
| in your income or a temporary hardship, a repayment | | | | following: |
| plan will allow you to pay of portion of the past due | | | | - Hardship letter describing your current |
| amount each month in addition to your regular | | | | circumstances |
| payment until your loan is brought current. | | | | - Pay stubs for all borrowers to cover the last 30 |
| - FHA Loans-Partial Claim: If your loan is at least 4 | | | | days |
| months delinquent, but no more than 12 months past | | | | - 2 years tax returns |
| due, the FHA insurance fund will bring your loan | | | | - Bank statements for all accounts for 2 most recent |
| current immediately by requiring you to sign a | | | | months |
| promissory note for the delinquent amount. There | | | | Many homeowners make the mistake of waiting until |
| are no payments or interest due on the note, | | | | it is too late to ask for help. A Chase loan |
| however the note must be paid off upon refinance | | | | modification could be the answer you are looking for. |
| or sale of the home. | | | | There are new Federal government incentives that |
| - Chase Loan Modification: When you have a | | | | encourage lenders to offer a loan modification before |
| permanent hardship situation caused by a reduction in | | | | pursuing foreclosure. Don't miss out on the billions of |
| your income, loss of spouse or co borrower, medical | | | | bailout money earmarked to help homeowners find a |
| expenses or legitimate increase in expenses a loan | | | | loan workout solution and avert foreclosure. Now is |
| modification may be offered based on your individual | | | | the time to learn as much as you can about the loan |
| financial circumstances. | | | | modification process. Take the time to educate |
| A Chase loan modification is a change in the terms of | | | | yourself about how to qualify for a loan modification |
| your existing loan that provides an affordable and | | | | and be prepared before you contact your bank. |
| sustainable monthly payment. A loan modification can | | | | After you have a good understanding of how to |
| include one or more of the following revisions: | | | | apply and qualify for a loan modification, you can |
| - A reduction in your interest rate | | | | contact Chase at 1-800-848-9136. They want to help |
| - Interest only payments for a pre-determined length | | | | you keep your home. |