Chase Loan alteration – 8 Important Tips
Worried and struggling homeowners trying to get help with a Chase loan alteration that will lower their monthly mortgage payment need to learn who qualifies and how to apply so they will be able to stay in their home. Confused and frustrated about how to get the help you need? You’re not alone, but before you contact Chase about a loan alteration, take the time to read these 8 Important Tips:
- Don’t talk to the collections department about your loan alteration request. They may be calling you to ask for money, but you won’t get anywhere until you contact the Loss Mitigation Department. A new phone line has been established specifically to help you get started – call 1-866-550-5705
- Ask the Loss Mitigation department to send you a loan alteration application package. Then you can review it and take your time to complete it properly. Inquire about their general guidelines for qualifying. For example, most lenders require that you have an permissible debt ratio-generally it must be somewhere between 38%-45%-you will need this information when you begin completing the application.
- Write a convincing hardship letter to document your circumstances to the lender. A fleeting description of the circumstances surrounding your hardship, what steps your have taken to correct it and your intention to make home ownership a priority are elements of a powerful hardship letter. Get help with a hardship letter outline and letter template to assist you.
- Work out a new family budget that eliminates all unnecessary expenses. Then determine a realistic and affordable “target” mortgage payment that you will be able to pay now and in the future. Use that target payment when you are negotiating for your Chase loan alteration.
- Next, you must verify that your target payment meets the debt ratio guidelines needed by the lender. Learn how to calculate your own debt ratio so you can determine your target payment that meets your lender’s guidelines.
- Carefully complete the required financial statements listing all of your income and expenses. Be certain not to leave anything out as Chase will verify this information with your credit report and bank statements. Any omissions could consequence in a denial of loan alteration help.
- Now the tricky part-be sure that the financial statements clearly demonstrate that while you cannot provide the current payment and it is a hardship, you will be able to provide and pay the new lower alternation mortgage payment. Make this simple to do by providing a Current financial statement and a hypothesizedv financial statement, making sure you meet the disposable income requirements too.
- Put it all together into a specialized and permissible Chase loan alteration application by following an easy submission checklist to make sure you have included everything the lender will need to see.