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Mortgage Modification

Mortgage modification programs

How will this impact your current loan?

Monthly payment

May permanently change based on your unique situation

Interest rate

May increase, stay the same or decrease

Loan term (length)

May stay the same or increase

Life of loan cost

May increase or decrease depending on the unpaid principal balance, interest rate or term of the modified loan

Here are the details about a few of the mortgage modification programs you may be eligible for. Other requirements may apply.

You may qualify for a modification on your first lien through the Chase Modification Program. You may be eligible if you meet all the following requirements:

  • You have a mortgage loan that is not owned or insured by a government agency or government-sponsored entity.
  • You own a one- to four-unit residential property. Non-owner occupied and investment properties may be eligible, subject to additional conditions.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.

If your mortgage is insured by the FHA, we will review your loan for an FHA modification program.  You may be eligible if you meet all the following requirements:

  • You originated the mortgage loan at least 12 months ago.
  • You own the home, live there full time, and are committed to keeping the property as your primary residence.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.

If your mortgage is guaranteed by the USDA/RHS, we will review your loan for a USDA/RHS modification program. You may be eligible if you meet all the following requirements:

  • You own the home, live there full time, and are committed to keeping the property as your primary residence.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.

If your mortgage is guaranteed by the VA, we will review your loan for a VA modification program. You may be eligible if you meet all the following requirements:

  • You have made at least twelve full payments during the life of the mortgage.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.

In addition to the modification programs listed above, there may be other programs available to you. We will review your loan for any other modification programs offered by the investor of your mortgage. The eligibility criteria for these programs vary depending on who owns your loan. You may be eligible if you meet all the following minimum requirements:

  • The investor of your first mortgage loan is Fannie Mae, Freddie Mac or another investor.
  • You own a one- to four-unit residential property. Non-owner occupied property may be eligible, subject to additional conditions.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and is not a condemned property.

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:
 

You may qualify for a modification on your second lien through the Chase Second Lien Modification Program. You may be eligible for this if you meet all of the following requirements:

  • You originated the closed-end second lien loan or line of credit at least 9 months ago.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and is not a condemned property.

We also provide programs for homeowners who are having difficulty making their monthly mortgage payments and can no longer afford to remain in the home. These programs provide homeowners the option to find peace of mind and make a fresh start by either selling the home for less than the mortgage balance owed (Short Sale), or by giving the property back to Chase (Deed-in-Lieu).

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