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Mortgage Assistance FAQs

   

 

Home Lending FAQs

Are you a little behind on your monthly mortgage payments? Don’t worry. We can work with you to resolve any financial challenges you’re facing and help you bring your loan up to date.

What options are available to help me if I’m having trouble making my mortgage payments?

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We’ll review your loan for options that may allow you to stay in your home, such as a repayment plan, forbearance or a loan modification. We'll also see if you're eligible for a short sale, which is selling the property for less than the balance remaining on the mortgage, or a deed-in-lieu of foreclosure, which is transferring the ownership of the property to us.

Do I need to send all of my forms and documents at the same time?

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It’s best to send us all of your financial documents at the same time. It’s important that you write your complete loan number at the top of each page you send.

Where or how can I send my documents?

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Document upload is available online using the chase.com Secure Message Center. To keep your request moving forward, you can also fax your documents to us at 1-866-282-5682. If you have any questions, contact your Relationship Manager or call us at 1-800-848-9380.

How long does it take to find out if I’m eligible for mortgage assistance options?

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We’ll send you a letter within 30 days of receiving all of the information we need to let you know the mortgage assistance options for which you’re eligible. Also included in this letter will be a list of the options you aren’t eligible for or weren’t reviewed and the reasons why. Be sure to review each option, including the benefits and your next steps, to accept the one that’s right for you.

If I'm eligible for a modification, what happens next?

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If you’re eligible for a modification, we may offer you a Trial Period Plan, which is normally for three to four months and may offer a lower payment amount. Once you meet all of the requirements of the Trial Period Plan, we’ll permanently modify your mortgage and send you all of the new terms of your loan, including your new payment amount.

How can I check the status of my application?

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You can either call your Relationship Manager or sign in to your chase.com mortgage account online to check your application status, keep track of documents that we’ve received and find out which ones we still need.

To access your account at chase.com:
 

  • With an existing account, enter your User ID and Password, and click “Sign in”
  • To create a new account, click "Not enrolled? Sign up now" under the Welcome screen and create a User ID and Password.

I’m self-employed or an independent contractor. Do I have to send you anything special?

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Yes. There are two documents required. Please send us your most recently signed and dated quarterly or year-to-date Profit & Loss Statement with company name and date; send all statement pages, even if a page is blank. If you don't already have one, you can use the Sample Profit & Loss Statement (PDF). Additionally, you will need to send your completed IRS Form 4506T-EZ (PDF).

Why do I need to fill out IRS Form 4506T-EZ (Short Form Request for Individual Tax Return Transcript)?

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Form 4506T-EZ allows us to see a summary of your most recent IRS tax filing to confirm information about your income. May be required if you have self-employment income.

Where do I list costs for my cell phone, utilities and other expenses?

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You can add these costs to the “Other” line under Household Expenses/Debt in Section 3 of the Request for Mortgage Assistance form.

My situation is unique. How do I fill out the forms and documents?

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Call us at 1-800-848-9380 to discuss your situation with a Relationship Manager. We can help you fill out the paperwork based on your situation.

What is a credit counseling agency?

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These agencies offer counseling for people who are experiencing financial difficulties. They give advice on money management, offer possible solutions to financial problems and develop plans to prevent future difficulties. To find a nonprofit HUD-approved counselor, go to hud.gov and, under the “Resources” tab, choose “Foreclosure Avoidance Counseling.”

If I receive a loan modification, will the credit reporting for my mortgage be affected?

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Once the modification is complete, we’ll report your loan as current to the consumer reporting agencies so long as payments are made timely. The impact on your credit score depends on your entire credit profile.
 

  • Go to our credit reporting page for more information about your mortgage and credit bureau reporting.
  • For more information about credit scores, go to www.consumer.ftc.gov and choose the “Money & Credit” tab, then choose “Credit and Loans” and “Credit Scores.” Or, go to www.consumerfinance.gov/ask-cfpb and choose “Credit Reports and Scores.”
  • If you have questions about your credit, please constant the four consumer reporting agencies:
TransUnion Consumer Relations

P.O. Box 1000
Chester, PA 19016-1000
1-800-916-8800
www.transunion.com

Equifax Consumer Relations

P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111
www.equifax.com

Experian Consumer Relations

P.O. Box 2002
Allen, TX 75013
1-888-397-3742
www.experian.com

Innovis Consumer Assistance

P.O. Box 1689
Pittsburgh, PA 15230-1689
1-800-540-2505
www.innovis.com

 

If I’m eligible for a short sale, which is selling the property for less than the balance remaining on the mortgage, or a deed-in-lieu of foreclosure, which is transferring the ownership of the property to us, what happens next?

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If you’re selling the property in a short sale, we'll work with you to schedule an appraisal at a time that is convenient for you. If you’re transferring the ownership of the property to us through a deed-in-lieu of foreclosure, we’ll work with you to schedule a home inspection and an appraisal at a time that is convenient for you. You’ll need to be at the property for the inspection and/or appraisal.

If I’m eligible for a short sale, which is selling the property for less than the balance remaining on the mortgage, or a deed-in-lieu of foreclosure, which is transferring the ownership of the property to us, will I be required to pay back any portion of the outstanding balance?

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When you sell the property in a short sale, the difference between what you owe on the outstanding balance and what we receive from the sale is called a deficiency. When you transfer the property through a deed-in-lieu of foreclosure, the difference between what you owe on the outstanding balance and the fair market value of the property is called a deficiency. We may be able to cancel the deficiency balance. If we're able to do this, you won't have to pay the difference. If we can't, you could still be responsible for the difference.

Will the foreclosure process begin if I don’t apply right away—or at all?

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Yes, once any applicable foreclosure protections have expired. If you don't contact us and either bring your loan up to date or send us all of the information we need to evaluate your loan for mortgage assistance options, any foreclosure action, including a referral for foreclosure or the sale of your home, may start or continue. Do not ignore any foreclosure notices you receive.