As if the financial climate and recession facing us today were not enough to worry about on a global scale, the effect on homeowners has been dire. With higher than ever unemployment and fewer jobs available, many are struggling to meet their monthly mortgage payments and risk losing their homes to foreclosure.
While foreclosures are not extreme rarities, the financial institutions would rather not have to carry them out. As such, when such a large number of loans began to fall into arrears, the government's Making Home Affordable Scheme meant that helping their borrowers was now essential.
One of these institutions helping is Chase Financial, whose Chase Loan Modification scheme has, to date, helped more than 333000 households to stay in their home over the last 2 years. The Chase Loan Modification plan works by allowing borrowers to renegotiate the terms of their existing loan in such a way that they can afford to repay it. This way the borrower can stay in their home and the lender avoids foreclosure and has some assurance that they will get the loan back.
When it comes to applying for Chase Loan Modification, you should bear in mind that your application will simply be one of thousands. As such, you should try to bear in mind that you have a tough time convincing them to offer you such modification. Increase your chances of obtaining the result you want by taking your time over the paperwork. Fill everything out carefully, completely and, more importantly, entirely honestly. Everything should be transparent and you should include financial documentation such as bank statements and pay stubs to back up your claims. You should use the hardship letter as a chance to disclose how you are in this situation, how you plan to resolve it and to state your intention to stay with Chase throughout.
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