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.

Click here to get loan modification help today!

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.

For must know facts about how you can get approved for a loan modification, visit our blog at http://1MortgageModifications.com/ to get help today.

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About the Author:
Christine Clover is a loan modification expert. She has written hundreds of articles on loan modification. She has taken the initiative to help distressed homeowners save their home.
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If you are struggling with your monthly mortgage payments, you have probably been paying special attention to the news about the loan modifications available through the 2009 Stimulus Package, the Making Home Affordable Program. Millions of homeowners are getting assistance in avoiding foreclosure, but does your bank or lender have a mortgage modification plan?

Click here to learn how you can get approved for a loan modification today!

The Making Home Affordable Program has various guidelines for qualification, but the first and foremost one is whether your lender is on the approved lender list. If not, then a loan modification through this government-sponsored program is not possible for you. It is easy to determine your bank’s participation by accessing the list at the government website. A local HUD office, or Department of Housing and Urban Development office, can also help you with this important information.

Even if your lender is not participating in the government program or you don’t qualify, this does not mean you still could not work out a loan modification to keep you in your home. The truth is that banks do not like to do foreclosures, and this is more true than ever in this current economic downturn. They cost them much in time and money.

If you find yourself in that situation, you should not give up on the possibility of a reworked mortgage. The lender’s website is a good place to start, with “Loss Mitigation” or “Hardship Help” being two headings to look for in the menu. So, you should find out today if your lender has a mortgage modification plan.

For must know facts about how you can get approved for a loan modification, visit our blog at http://1MortgageModifications.com/ to get help today.

I am a loan modification expert. I have written hundreds of articles on loan modification. I enjoy helping my readers modify their loan.
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So you’re in default on your mortgage. You’ve several months behind on your payments. You’ve tried and failed to get a loan modification and work out a repayment schedule, and foreclosure is looming. Should you consider declaring bankruptcy?

In terms of avoiding foreclosure, declaring bankruptcy might be considered the nuclear option. It has the power to wipe out many of a borrower’s debts while holding other creditors at bay. It can enable a borrower to hold onto important assets such as a home or car, while working out a repayment schedule to get caught up on payments for them.

But a bankruptcy is generally considered a last-ditch option for dealing with overwhelming debt. For one thing, you may have to give up many of your current assets, such as savings and certain investments, in the process. A bankruptcy also has a long-term impact on your credit rating, remaining on your credit report for 10 years – a foreclosure, on the other hand, only remains on your record for seven. However, there are circumstances when it might make sense to declare bankruptcy in order to hold on to a home in which you’re emotionally and financially invested.

First of all, you’re going to want to talk to an attorney if you’re seriously considering filing for bankruptcy. A certified nonprofit debt or housing counselor (who you should have already been working with in your efforts to obtain a loan modification) can help you work out some of your options beforehand and help you determine if bankruptcy is something you want to explore, but you’ll need an attorney to explain all the considerations involved in your personal situation and help you decide if you wish to proceed.

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