Understanding Loan Modifications

Note:

This video uses text and animated illustrations to reinforce spoken content.

Background music plays.

On screen:

Chase and the Chase octagon symbol.

A mail carrier delivers letters to a house in a suburban neighborhood. Inside the house, Janet (a brown-haired woman) works on her laptop computer. She reviews bills at the kitchen table. Then, an unseen announcer:

Narrator:

We understand that life happens and things like a reduction in income or unexpected expenses can cause financial concerns. If you can’t afford your current mortgage payment, you may be eligible for a loan modification that can bring your loan current and may even provide a lower payment.

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The woman grunts.

Narrator:

What is a loan modification?

On screen:

A document appears, displaying information about a homeowner's mortgage, interest rate, length of loan, and monthly payment.

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Small print text appears.

On screen:

Information above is for illustrative purposes only.

Narrator:

A loan modification is a permanent change to the terms of your loan that may provide a more affordable payment to bring your account current. Changes may include: a change in rate, longer timeframe to pay off your mortgage, or moving past due amounts to the end of the loan. Loan modification eligibility and features vary based on investor rules and loan terms. For example, Janet got a mortgage for $200,000 with an interest rate of 5.87%. Her monthly payment was $1,183 for a 30-year loan.

On screen:

Janet waters an indoor plant.

Narrator:

Janet made payments and reduced her balance to $186,000, but fell behind when she lost her job.

She missed three payments. Janet got a loan modification to help her catch up and lower her payment.

Note:

Janet speaks indistinctly.

Narrator:

The interest of the three missed payments was $2,950. This was added to her remaining balance to get a new total amount due. The interest was lowered to 4% and she was given additional time to repay her mortgage. These changes reduced Janet’s payment by almost $400 a month.

Note:

Janet gasps in surprise.

On screen:

Janet uses her mobile phone while working on her laptop computer.

Narrator:

We know it can be hard to talk about financial worries. But we’re here to help.

On screen:

Janet sits on her front porch with a tan and white dog by her side.

Narrator:

You can connect with an agent from our Customer Solutions Team at 1-800-848-9380. Or apply online with our Mortgage Assistance Center.

On screen:

Customer Solutions Team: 1-800-848- 9380. Online: chase.com/mortgageassistance.

Note:

Chase and the Chase octagon symbol.

Legal disclosures appear.

On screen:

All home lending products are subject to credit and property approval.

Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

Equal Housing Opportunity. Home lending products provided by JPMorgan Chase Bank, N.A. Member FDIC.