Mortgage Loan Modification is one among several home retention options that the bank offers through its special division known as Chase Home ownership Center. A loan modification program aims at bringing about a change in the mortgage terms so as to allow homeowners to pay affordably and continue living in their house. Initially a trial period is offered with altered payment amount for three months.

Upon the success of borrowers with new scheme, the modification request is approved and you need to sign an agreement to make these changes permanent. The trial period is offered only after proper review of your application and the documents you have submitted in support of your hardship. The review process usually takes 30 days to complete.

Chase Loan Modification Application Forms

Before applying you must check your eligibility and to do so you can use the assessment tool available online at the website of JP Morgan Chase bank. Application forms can be downloaded online as pdf files. In fact, you can get complete application packet if you log on to Chase online. The form should be completed carefully with correct information only. You need certain documents to support your eligibility for the program. A checklist is provided to help you collect all required documents.

When you are done with all requirements put together your completed form and necessary documents in a package and send it to a Chase address via mail or fax. The list of centers and fax number can be found online. The bank after receiving your loan modification package will appoint a home retention specialist to review your application. Upon approval a letter will be sent to you to begin a three-month trial period.

Chase Mortgage Loan Modification Denied

What if your application for a mortgage loan modification is denied? Don’t worry, you have other options to keep your home or at least avoid a foreclosure. The bank also doesn’t like to foreclose on your property, so it has put in place several other alternatives to help you retain homeownership. These may include Repayment Plan and Partial Claims if you want to keep your home, and short sale and deed-in-lieu of foreclosure if you decide to sell your property and get freedom from your outstanding debt obligations.

Before trying out these options, it is advisable to seek professional assistance in identifying problems that might have caused denial of your mortgage modification request. You can also check forums and read reviews and success stories of other applicants to sort out issues and send your updated application for reconsideration. Professionals can help you follow the criteria guidelines completely and understand things like debt ratio, affidavit, hardship letter and principal reduction.

For more information contact Chase mortgage modification department at the following phone number.

Phone Number: 866-550-5705