Starting A Trial Loan Modification With Chase Bank On An Upside Down Mortgage

by William
(Sarasota Fl.)

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Starting A Trial Loan Modification With Chase Bank On An Upside Down Mortgage

I just filled out the paper work for a loan modification with Chase Bank. I am also now on a 90 day trial period with a lower monthly mortgage payment.

I have a balance of $200,300 on my mortgage. With a Zillow estimate of $131,000 value.

My regular payment is $2050.00 a month.

For the next 90 days I am instructed to pay $995.00 a month.

I have a loss of income due to my spouse's job loss that is creating this financial hardship. I fell 2 months behind on my mortgage.

I explained in a hardship letter to the bank that I am now left with only $2700.00 a month to pay my mortgage and other monthly bills. After giving the bank $2050.00 I am left with $650.00 to pay for food insurance gas and other utilities. Also I have a car loan that has 2.5 yrs. left on it. Credit card bills etc.

When I do the numbers I fall about 500.00 short a month even skimping. That`s with no unforeseen problems. Which have occurred in the past.

What I need to know is what will the bank be looking for in the mean time to see if I qualify.

Should I pay off my credit card debt in the time I`m on the trial period? Should I stop paying them and save the money? Will they use my credit report during the trial period to help in making their decision. Not sure what`s the best thing for me to do while waiting for an answer.

Is there something I can do to help my chances of getting help from my bank?

Chase Mortgage Loan Modification Answer:

by Chase Mortgage Loan Modification Expert - Dan North

Since Chase Bank is already putting you on a trial loan modification they have demonstrated that they will work with you. This is a good positive indicator that you may get a permanent loan modification.

First to answer what Chase Bank will look at and the additional paper work they are likely to ask for:

Chase will likely pull your credit report which will have the negative marks from missed payments which they know about.

They will look to see what your debt load is from credit cards and any other secured or unsecured debt and see whether you have been late or missed payments.

Chase will have you fill out a income and expense form that will detail what all your income is going to each month. This will include everything you are spending each month from utility bills to car payments and food (this will be compared to your credit report to verify accuracy so do not leave out anything that would be on your credit report).

Chase will have you fill out an IRS form IRS 4506T or 4506-EZ Request for Transcript of Tax Return that will allow them to get a copy of your income tax return for the last two years from the IRS (to verify your past income and reduction of income directly from the IRS).

Chase Bank will ask for the last two months of bank statements, copies of your last two pay stubs, any other income proof (if your wife is getting unemployment); property tax statements, HOA statement, hazard insurance statement and mortgage insurance statement if you have it (and not paying by escrow). You will need to get all the requested documents in before your trial period is up or they will not approve the mortgage loan modification so make sure you get all asked for in as fast as possible.

You will also need to fill out a Request for modification and Affidavit (RMA) or Hardship Affidavit. Chase Bank will have their own version to sign but they are required to accept government form if you submit that but will still ask that you use their form (go ahead and use the forms that Chase sends you). These are government required documentation that you are not committing fraud and have a true hardship.

Keep copies of everything requested as you may need to re-send more than once if it is lost or misplaced.

Keep a notebook of all correspondence and phone calls, who you talked to, the time and date, any contact data. Brief but complete notes of the calls and notes of what was requested and when you sent it and any confirmation that it was received. You may need this information to answer questions and to document what happened if there is a problem.

Now as far as the other matters on credit card debt and improving your situation I would need more information from you to be able to analyze your situation and make any sound suggestions.

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