Eligibility Guidelines

Mortgage modification

Here are details about a few of the mortgage modification programs you may be eligible for:

 

Mortgage modification (for second mortgages)

Here are details about a few of the mortgage modification programs you may be eligible for if you have a second mortgage on a property:

 


Selling the home for less than you owe

This program allows you to sell the home and pay off a portion of your principal balance when you owe more money on your mortgage loan than the home is worth. You may be eligible to sell the home for less than you owe if you meet all of the following requirements:

  • Your mortgage is a first lien or subordinate lien on the property.
  • Your account is in default or imminent default.
  • You have demonstrated a hardship.
  • Must owe more on the mortgage than what the home is currently worth.
  • The home is in livable condition, passed a property inspection and is not a condemned property.

 

 


Releasing the property

If you are unable to sell the home, this program allows you to release the property and transfer ownership to Chase. You may be eligible to release the property if you meet all of the following requirements:

  • Your mortgage is a first lien, primary mortgage on the property.
  • Your account is in default or imminent default.
  • You’ve demonstrated a hardship.
  • The property must have clear title, meaning no other liens or payments owed before the property can be released to Chase.
  • The home must be in livable condition, passed a property inspection and is not a condemned property.

 


Reinstatement

This program allows you to pay the total amount owed, in one lump sum payment by a specific date. This may follow a forbearance plan. You may be eligible for reinstatement if:

  • Your account is in default.

 


Repayment plan

This program allows you to pay back the past-due amount with your regular monthly payments over an extended period of time. This means your monthly payments will be higher than normal as part of a repayment plan. An initial down payment (or contribution) may also be required to get started. You may be eligible for a repayment plan if you meet all of the following requirements:

  • Your account is in default or imminent default.
  • Your account is less than or equal to 90 days past due.
  • You agree to continue making your monthly payments according to the terms of the mortgage at the end of the plan.

 


Forbearance

There are two types of forbearance assistance that may be available to you depending on your employment situation:

 

Si tiene alguna pregunta sobre asistencia hipotecaria,
por favor llame al 1-866-550-5705.