No matter what your individual situation is, you may have multiple options. Whether your want to stay in your home or sell it, we may be able to help.
You do have options
Here's a quick look at several of the options available.
- Home Affordable Refinance: Homeowners who have been continuing to make their monthly payments but have not been able to take advantage of refinance options to historically low interest rates because they have seen their property values fall.
- Home Affordable Modifications: Homeowners who are now struggling to make payments due to reduced or loss of income.
Repayment Plan: if you've experienced a temporary reduction in income or financial hardship, but are getting your finances back in order, this option lets you pay off the delinquency over a period of time by making your monthly payment plus a portion of the delinquent amount, each month.
Loan Modification: Chase has recently enhanced and expanded its Modification Programs to include a wide array of hardship situations like layoffs, job loss or short-term income reductions, and permanent hardships like death of a spouse, disability, divorce, or severe medical situations. With these newly expanded and enhanced programs, we may be able to modify or change the term of your loan, the interest rate, and in some cases, principal balance, to reduce the monthly payment to an amount you can afford.
Short Refinance: other residential lenders in your area may be able to help you obtain a third-party loan to payoff your loan with us for less than the full amount owed and give you a fresh start.
Partial Claims-for FHA Loans Only: Chase may be able to work with you to obtain a one-time payment from the FHA Insurance fund to bring your mortgage current.
Pre-Foreclosure Sale: if you believe that you will continue to have trouble paying your mortgage, selling your property now may be your best choice. If so, Chase may accept less than the amount we are owed. Plus, you can control the timing and terms under which you move.
Deed-in-lieu of Foreclosure: essentially a transfer of property to the lender for possible forgiveness of the entire debt. The advantages are that Chase may waive any amount you still owe if the property is subsequently sold for a loss, and you avoid having a completed foreclosure in your credit history. Although, a deed in lieu may be noted on your credit bureau record
NEWS!!!
The "Making Home Affordable" Program
President Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with mortgage loan modifications as part of the Homeowner Affordability and Stability Plan. This new Making Home Affordable program is a $75 billion plan to assist customers who are struggling to make their mortgage payments.
Chase is committed to helping our customers keep their homes. With the new eligibility details announced on March 4th for the Homeowner Affordability and Stability Plan, we have expanded options to help achieve this goal.
Making Home Affordable is expected to help:
Are You Eligible?
Please use the following link http://www.makinghomeaffordable.gov/ for self-assessment tools
to see if you are among the 7 to 9 million homeowners who may
be able to benefit from Making Home Affordable.
Fannie Mae Loan Lookup: loanlookup.fanniemae.com/loanlookup/
Fredie Mac Loan Lookup: ww3.freddiemac.com/corporate/
Q&A about the new Plan: www.hopenow.com/pdf/Consumer_Q&A_FINAL.pdf
Is your Lender part of the list?
Mortgage Company Directory
