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4 Successful Tips For a Successful Chase Loan Modification Program

You must know of certain things before you apply. Here are 5 tips for you to be successful with a Chase Loan modification program.

1. Tip 1 - Call the Loss Mitigation Department: A lot of people end up calling the Collections Department. Bad place to call, because even before you know, they would be asking you for your money.

2. Tip 2 - Watch the debt ratio: If you have a debt ratio between 38% and 45%, you will in all chances qualify for the program. Call the Loss Mitigation Department, and ask them to send you a loan modification package.

3. Tip 3 - Write the loan modification hardship letter: It is important you convey to Chase, your reasons for not paying the mortgage payments on time. Write a convincing hardship letter, and support it with proofs when possible.

4. Tip 4 - Any type of modification can be considered a success, only if you honor your revised financial commitments. Set aside your budget carefully, and be sure you pay back the mortgage payments as per the new agreement.

Loan modification programs offer you a second chance for you to revive your mortgage payments. This is your chance to get them back on track, and Chase allows you to do this with the help of their special Programs.


How You Can Refinance Your Mortgage Even With Bad Credit

Are you a homeowner with bad credit? Is your existing mortgage payment more than you can handle? Or do you want to refinance your current mortgage in order to cash out some of the built up equity in your home? Whatever reason you might have for refinancing your mortgage, your bad credit does not have to be a hindrance.

Lower Your Interest, Cash Out Equity

Many homeowners want or need to refinance their mortgages at some point in life. Refinancing is typically done to obtain a lower rate of interest that can save the homeowner money and also lower their monthly mortgage payments. Oftentimes, a homeowner may be stuck in an adjustable rate mortgage of which the monthly payment has ballooned out of control. Still others just need a great way to cash out equity in their homes that has been built up over the years - possibly to make home improvements, do remodeling, buy a car, take a vacation, pay for education, or even to pay down other debts and obligations.

Although you can generally stick with your current mortgage servicer to refinance your mortgage, you also have the option of choosing a different lender. Your choice should not be based on loyalty to a certain lender, but rather on savings over the life of your mortgage refinance.

Considerations You Must Make

When refinancing your mortgage, you should always consider a fixed rate loan product first. A fixed rate will allow you to make predictable monthly payments at a rate of interest that is fixed and cannot be increased due to market conditions. You should also look for a lender who will help absorb some of the costs of refinancing your mortgage - such as appraisal fees, attorney fees, and other fees that are tacked on that can inflate the amount of money that refinancing will cost you.

You should consider how long you want to pay on your new mortgage. Most lenders will give you an option of ten, fifteen, twenty, and even thirty year fixed mortgages. Keep in mind that the longer you take to pay off your mortgage, the less your monthly payment will be, but taking longer to pay will cost you more interest. Never agree to a payment amount that you cannot reasonably afford to make as your budget and income dictate.

Another often overlooked option when you refinance your mortgage is to consider allowing the lender to include the cost of homeowner insurance in the loan. This can make your homeowner insurance more affordable, and also makes for one less bill that you will be paying out each month. You can always opt, however, to keep your current insurance policy on your home and continue paying it out of your pocket each month.

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