Chase loan modification program is helping struggling homeowners to lower their monthly mortgage payment in an attempt to avoid losing their homes through foreclosure.A loan mod is like a second job,Some members have called back for the terms , waiting for the packet, and some even saw the lower percentage on line in their accounts, Some members say the same.allow 2 weeks and it comes within a week.
Sample  Chase Loan Modification agreement
My downpayment is $4,350.00. This is because of my back payments and attorney fees and Escrow which comes up to $50,063.78 which now brings my Principal Balance to $250,063.78 this is like starting all over again, my house is not even worth this much.
These are my new fixed interest rates, no more adjustable rate: for the first 5 years it’s 3.0% then for 1 year it goes up to 5.0% and for the remaining life of the loan it’s gonna be 7.0% My new monthly payment is $1,448.04 which is $1,124.79 for Principal and Interest and $323.25 for Escrow. my Principal Balance went from $199,114.89 to $250,063.78
Actually my 2nd Mortgage never became a lien, I recieve a tax document that said the $50,000.00 was a debt cancellation, when I call my Bankruptcy Attorney he said I needed to include that amount as income on my tax return.
Chase modification under the Obama MHAP
Last Jan I finally got a loan modification with Chase after months of struggle. The whole modification almost fell through when at the last minute I discovered that the loan modification package I had received.
the new loan modification at 5% I am still paying almost 50% of my income to pay my mortgage, insurance and taxes every month. When the new Obama MHAP came out I called Chase to see if I could qualify for this plan even though I had my loan modified in May 2008. My loan is NOT a Fannie or a Freddie loan so the mod I am trying to get is the 31% modification. I was told that it didn’t matter that I had had a loan modification already since it was a different program and that I should apply for a new mod under the MHAP. I printed the application from the website, filled it in and gathered all the information they wanted and photocopied everything.
I didn’t want to fax it because of all the people saying that Chase sometimes claims that they never received the faxes. I was afraid I’d find myself in a situaton of waiting the 20+ days Chase is saying that it takes to confirm receipt of your papers to find out that they never received it and your back at square one. What I hadn’t planned on was my package getting returned to me because no one was at the office to accept it.
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on Mar 31st, 2010 at 3:10 am
[...] Chase loan modification: Borrowers who experience financial difficulties, resulting from lower revenue, medical expenses, can experience a death in the family, or an increase in legitimate expenses qualify for a loan modification. [...]