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Chase Loan Modification To Avoid Foreclosure

By Edited Nov 14, 2013 0 0

If you are afraid of losing your house to bank foreclosures because you have not been regularly paying your high mortgage installments, it is now relatively easy to apply for a Chase loan modification. Doing so will help you reduce the amount of money you need to pay to carry on owning your house and you can even manage to bring your mortgage current by repaying previously defaulted installments with your additional spare cash or to factor them into your modified mortgage loan.

You can find out more by calling Chase and ask about President Obama's mortgage stimulus plan. In fact, even before the $75 billion dollar "Making Home Affordable" plan was approved earlier this year, they have already approved over 300 thousand Chase mortgage modification plans to stop home foreclosure based on its following six different mortgage mod packages available to homeowners over the recent two years.

The Mortgage Repayment Plan is intended for homeowners that are currently facing some cash flow problems but do anticipate that their financial situation will improve shortly. This short term loan modification allows them to repay the defaulted mortgage installments by a small monthly installment.

The Short Refinance Plan is a reduced interest loan modification that makes it easier for the homeowners to pay their mortgage although the loan term will be increased correspondingly. Note that this plan is only recommended for borrowers that do not face drastic financial difficulties since the amount reduced is quite slight.

The Partial Claims On FHA Loans Plan is available to homeowners servicing FHA loans. Chase will liaise with your FHA insurance to modify your delinquent mortgage payments.

The Pre-Foreclosure Sale Option is designed for homeowners facing drastic financial difficulties where the above 4 Chase loan modification plans cannot help much to make the monthly loan payments affordable. In this case, a reduced lump sum payment is accepted for full settlement of the owed mortgage monies.

The Deed in Lieu of Foreclosure or Incomplete Foreclosure Plan lets the homeowner forfeiting their house ownership and deeds to their lenders, which is accepted as full settlement of the owed mortgage debt. This option allows the homeowners to protect their personal credit which is essential for applying for personal loans in future.

The final Chase Loan Modification Plan is applicable where the house owner meets several eligibility criteria to reduce their home mortgage monthly installments. This is the preferred option to help borrowers in medium debts to avoid a pending foreclosure. This is a viable alternative to foreclosure, which is why the $75 billion "Making Home Affordable" package is approved so quickly to avoid social problems in America.

In the Chase loan modification process, your mortgage lender will come up with a new home loan interest and term that is manageable based on your current income. The loan interest can be reduced and the loan term can be increased as well in order to bring down the monthly installment amount. The ultimate aim is to avoid home foreclosure and free up more cash for borrowers to clear off their remaining unsecured personal loans with bad credit before their accruing interest fees sink them deeper and deeper into heavy debts.

If you have defaulted on your mortgage repayments for the past few months, do not hesitate anymore. Submit your application for a Chase loan modification and request the bank officers to help inform your mortgage lender as this will forestall the property reclaim process on your lender's side. The approval for your Chase mortgage modification can take up to a month for processing, due to the large number of homeowners that are also applying.

For more InfoBarrels on debt management and avoiding loan interests:
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