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Insider Tips on the Chase Loan Process

It is very important to follow the guidelines for chase loan modification approval, especially since they have loads of conditions and the fine print needs to be closely worked out. A correctly filled application helps to process the loan quickly.

Here are some tips that will help your loan modification application to be approved quickly:

• You have to prepare a financial statement including all your incomes and expenses. As chase will have all the information of your bank statements, you should not leave anything that will result in denial of loan modification application.

• Check your financial statements properly which will help to show bank that you have enough money for a new lower modified payment.

• It is necessary to present a hardship letter. This letter will help you to get your application approve properly. Situations and reasons that caused defaults, steps taken to overcome the situation and your commitment to continue with the ownership, all should be described in the letter.

• Prepare a convincing hardship letter describing all the circumstances and steps you have taken to correct it. Remember all the steps must be real with their proofs. For example, you can show your medical bills, tell them you were unable to work by showing a letter from your employer etc.

• Prepare a new family budget to decide the mortgage payment which should not include any unnecessary expenses. Bank will not have any doubts about bounces if your budget is favorable.

• You must calculate the debt-ratio which will help you to complete the loan modification application and qualify it properly.

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