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Mortgage Modification Tips | Stimulus Package To Refinance Chase Bank Loans – Mortgage

The new Stimulus Package Obama’s administration has put forth is a new initiative aimed at assisting struggling homeowners at risk of foreclosure or bankruptcy. Chase bank and others are involved with providing their customers with options from the government plan. In addition, they offer a jumbo, adjustable rate (ARM), interest only, or a fixed rate, among other measures to help homeowners keep their homes.

The Stimulus Plan is divided into two main programs ? one is for loan modifications, the other is through refinancing with revised guidelines. Homeowners can apply for either option with Chase, but will need to know the following before doing so

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* Prepare your paperwork ahead of time, including your bank and credit card statements, tax returns, and a clear and concise hardship letter that can gain your lender’s empathy, so that you can be granted the help you need. Having all your documents in order will ensure that your case will be given consideration in a lesser amount of time.

* Be timely in maintaining contact with the bank. Be as available as you can for their attempts to reach you, returning their calls as promptly as you can.

* If you are looking into applying, or have questions during the process, visit Chase’s website or your local branch directly to speak with them. This will save you time and continue the process.

* Be truthful in your information, but know ahead of time what you plan on saying to explain your finances during your in-depth interview and in providing your paperwork. Any falsified information will be discovered, and can potentially hurt your chances of receiving a loan modification or refinance for your home.

* Know that only Fannie Mae or Freddie Mac owned loans will be considered for the application process. Also keep in mind that the amount you owe on your mortgage must be greater than 105% of the current market price for your home’s worth. These stipulations are mandatory in even being considered for the programs.

* Utilize known resources, such as the Federal Housing and Urban Development department (HUD). Since their services are free, you can receive advice and information on how best to approach Chase.

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Tags: Home Stimulus Package, mortgage modification tips, Stimulus Package to Refinance Chase Bank Loans