Starting A Trial Loan Modification With Chase Bank On An Upside Down Mortgage
by William
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. Mortgage Loan Modification Answer:by Loan Modification Expert - Dan NorthSince 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. Go to the Pre-Qualify for FasTrac Hardship Loan Modification and fill in all the data and I can run that through the data base to see what you currently qualify for and what might be a problem for qualification and we can work out a strategy to improve your chances of qualifying (if there is a situation). Return to the top of Starting A Trial Loan Modification With Chase Bank On An Upside Down Mortgage Pre-Qualify for FasTrac Hardship Loan Modification Free pre-qualifying for FasTrac Hardship Loan Modification. No charge to find out if you qualify and what modification you qualify for. See more Mortgage Loan Modification questions and answers like - Starting A Trial Loan Modification With Chase Bank On An Upside Down Mortgage Can Chase Still Foreclose While In A Trial Modification? Where To Go From Here With PNC / National City Chase Loan Modification Agreement Increases My Payment By $1300 Loan Modification Home | Mortgage Modifications | Loan Modification calculator
|
