Chase Loan Modification

Chase Loan Modification can help you through this tumultuous financial time

. If you have been struggling to pay your mortgage, for unforeseen circumstances, you may contact your bank, in my case, Chase Bank, for what is called a loan modification.

It is similar to a refinance, but for individuals who have seen a sudden financial setback, such as a debilitating illness (with huge medical bills, time taken off from work), or for those who have lost their job, usurped their savings and are now, well, unable to pay their mortgage.

It is a reduction in interest applied to your loan, so that you may continue to make your payments on time. It basically is the bank's way of extending the time you get to pay the loan back, while extending a lowered interest rate to you. Generally, you would have to have a good payment history, and truly need the help to pay the loan.

It is a refinance, but for extenuating circumstances, such as losing your job in a deep recession; or, suffering a major illness that is financially taxing (taking time off from work prior to disability kicking in, while you work on trying to heal, and while trying to pay major medical bills.)

If you have not accrued sufficient equity (loan-to-value ratio percentage) it may be nearly impossible to receive bank aid, via the loan modification. This causes a problem for an individual who recently purchased his/her home without a lofty down payment (zero down payment, 1 % or 5 % vs. traditional 20 %.) If you have taken a home equity loan, have seen the value decrease below your purchase price, you may not qualify for the loan modification.

In such cases, you may have to sell your property at a loss, or consider bankruptcy or other options, such as draining 401(k), pension, or selling what it is you own. Otherwise, the Chase Loan Modification may be an option to help you maintain financial solvency during these rough times.

by: Bruce E. Nelson

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