Chase Mortgage Modification - Six Options To Help With Mortgage Problems
Chase mortgage modification works with many organizations to help clients avoid losing their homes
. In fact, it is one of the biggest, most reputable lending institutions in the United States.You might be familiar with Chase's name changes over the years. It was once known as Bank One and then changed into JP Morgan before becoming JP Morgan Chase. Now, it is simply known as Chase Bank. Chase mortgage modification is one of the bank's initiatives for their borrowers to avoid foreclosure. In the last two years alone, it has already helped more than 300,000 families through loan modification.
Chase bank offers six options to their borrowers:
1. Repayment Plan - this is ideal for homeowners who have experienced a short-term setback in paying their mortgage. The money is paid back in small monthly installments in addition to their regular monthly mortgage.
2. Partial Claims (FHA only) - from the name itself, this is only for FHA insured loans. Chase bank works closely with the insurance company to update the mortgages.
3. Short Refinance - similar to the repayment plan, this Chase modification plan is for those with a minor setback. The loan is negotiated to a lower rate than the previous payment plan.
4. Deed in Lieu of Foreclosure - alternatively called an "incomplete foreclosure." The borrower gives the deed of the home to the bank and the balance is forgiven. This is a straightforward process with no legal proceedings whatsoever.
5. Pre-Foreclosure Sale - this modification plan is for homeowners with a more serious situation, and no options are applicable anymore. With this, Chase may just consider less payment than what is owed.
6. Loan Modification - Chase modifies the amount to make payments easier for the homeowner. This saves the homeowner money and time in avoiding foreclosure.
by: Timothy Rowe