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**We are not affiliated with any mortgage servicer, the investor/beneficiary of your mortgage note, the mortgage insurer (if applicable) or any government agency. We are a homeowner advocacy group with more than a decade of helping homeowners and professionals with mortgage assistance negotiations. The information found on this page is for educational and convenience purposes only. The information found on this page should be considered as opinion and not fact based on our experience with lenders over 10+ years. Consult your mortgage servicer directly or a professional before using any of the information found on this site. If you are seeking an intermediary to assist you in getting help with your mortgage you may contact us at 888-934-3444 or via email at [email protected] for further review for a no fee, no obligation, consultation. If required you may be referred to a local professional or legal counsel for additional assistance with your mortgage. Please read through our Disclaimer page for additional details. We do not represent in any way any financial institution named on this page. If you feel that any of this information has become outdated or is incorrect please contact us immediately.**
Chase Home Mortgage Loan Modification RMA Form Application Package
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Step 1: Fill Out Chase Mortgage Loan Modification Package
What is an Chase Mortgage Loan Modification Package?
Chase Mortgage Loan Modification Request For Mortgage Assistance (RMA)
The first step you have to do while applying for a loan modification with Chase Mortgage will be to complete and submit Chase Mortgage Request for Mortgage Assistance (RMA). Use of latest paperwork is necessary. Meeting with a professional before submitting the paperwork is always a better choice. There are many professionals you can work with to get help but it is very crucial to find the right ones so that the process goes on smoothly. That’s why we put the latest paperwork that is available online; to help you. That is what we do as we are a company working to help our customers with Mortgage relief. Click here to request a call from a loan mod pro or call 888-934-3444.
What is the Chase Mortgage hardship affidavit?
Chase Mortgage Hardship Letter
Built into their application Chase Mortgage have a hardship affidavit citing your hardship,
Real Estate Mortgage Loan Modification Definition
What is a loan modification?
First, let’s see what is refinance. It will be when you get a new loan to pay off your old existing loan or combining loans. While in a loan modification you cannot combine loans, such as a first and a second mortgage, . A loan modification is exactly as it sounds. We work with you to modify the terms of the loan that currently exist.
What terms can I change on my mortgage with a loan modification?
Banking industry does not have potential to think outside of the box. So there are limitations to the things you can modify on your loan and how those things can be modified.
Interest Rate Modification
Usually, people mostly request to us about changing their interest rate. It is important but it’s not the only way to adjust the payment. The mortgage servicer will push to reach affordability to it will be based on your income.
Loan Term Adjustment Mod
The life of the loan may be changed to reach affordability but it doesn’t work the same way as many times people say they are adding the payments to the back of the loan. The loan isn’t physically extended by the number of payments you miss. In many cases the loan is extended back to 30 years or even extended further out. We have seen as much as 50 years, but as 30 years is the norm, any extension beyond is generally no more than 40. Beneficiary of the note and the limitations they set completely control this.
Principal Capitalization and Principal Reduction Modification
Principal capitalization is when they take the amount you are behind on, including any past due payment, interest, and fees later adding them to the outstanding balance of what is owed. In rare cases that are generally dictated by the amount of perceived equity in the home (or lack there of) the investor on the loan may be willing to take a reduction on the principal owed
Step 2: Submit Loan Modification Package To Chase Mortgage
Chase Mortgage Loan Modification Submittal
Getting Your Forms Submitted To Chase Mortgage To Get The Process Going. What is in the Chase Mortgage Loan Modification Package?
Usually all the lenders have the same requirements and it is not only limited to Chase Mortgage. You will have to provide your financial information to you servicer such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a loan modification, and a hardship letter.
Step 3: Chase Mortgage Loan Modification Broker's Price Opinion (BPO) or Appraisal
Chase Mortgage Loan Modification Value
Getting The Right Value Goes A Long Way.
Chase Mortgage will have to balance out all the options available to the homeowner. One of ways he could check whether the value is acceptable or not. A value can be done in different ways including the ones in which the valuation is done online. In some cases a value is completed by a real estate agent and the broker compares the properties in the area. Sometimes an interior valuation is required in which case they will need access to the home. A drive by or external value is sufficient in some cases. Doesn’t matter what the type of valuation is, they will compare the properties currently listed but the one more important are the ones sold between the previous 3 to 6 months. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool. They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
Chase Mortgage Loan Modification Appraisal
Loan Modification Appraisal Values
The real investor for which Chase Mortgage is representing, will have to complete a valuation before approving any terms of loan modification. The lender will do a computer based valuation called an Automated Valuation Module. In rare cases the lender will hire a broker for Broker’s Price Opinion (BPO) due to cost preventions. In even rarer cases the beneficiary will pay for a by a licensed appraiser. The homeowner may be required to pay upfront fees in some of the cases for these services.
Chase Mortgage Value Disputes and Variances
Filing Value Disputes and Variances
Returning a value too high or too low happens quite often. This can happen to anyone whether you are a expert or a rookie does not matter, you may have to deal with a value dispute. Depending on who the investor is or if it’s insured there may be different processes for filing disputes with Chase Mortgage or another managing entity.
Step 4: Net Present Value (NPV)
NPV and how does it work?
Chase Mortgage’s Net Present Value or NPV Process and Analysis.
It is up to the lender to qualify you for the loan modification or not and to forward your file or not after a valuation has been completed and it has returned. Usually there is an auditing process before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.
Modification Decline Appeal
Chase Mortgage NPV Counters
The easiest way to counter the NPV is by looking at the points and find the ones that don’t make sense and attack those parts. You have to look at each point and observe what would be the likely output. Most of times, there are incorrect income figures but it could go beyond that to things like the property’s perceived value and even in some cases the consumers credit report.
Step 5: Loan Modification Approval
Trial Payment Plan
Three Payment Plan
You will be put on 3 month trial payment plan, If you are lucky enough to get approved for the loan modification with Chase Mortgage. You will not know what the finalized terms will be that they are offering you but the final payment should be inline with what you will be paying for the mortgage at least at the onset of the new plan.
Finalized Loan Modification
Chase Mortgage Modification Complete
There is a finalization process when the loan modification is being completed with Chase Mortgage.The finalized Loan Modification documents will be sent out somewhere between second and third trial payment if you are on trial payments. They usually come with a prepaid package to return the documents to the lender. Once the documents are returned and the loan modification goes through the final audits with underwriting the master loan documents are amended to show the new terms of the loan.
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How Does ACG Get Paid?
Absolute Consultant Group consists of a great team to work with your lender to speed up the process. We do not charge upfront fees from our side. If you offered a loan modification but are denied in the end you will not have to pay us anything. Call for details 888-934-3444.
Understanding The Chase Mortgage Loan Modification Status
If you have dealt with Chase Mortgage you will be convinced by now that they are not easy to deal with and the paperwork is also not a piece of cake. Chase Mortgage have not been making any effort to make the process any simpler but that’s why ACG is here to offer you to assist with your application for the Loan Modification process to get mortgage assistance from your servicer that you and your family deserve.
Chase Mortgage Help For Consumers
ACG is a company based in the United States to help you with the modification process with Chase Mortgage. We will be your single point of contact and you will not have to deal with Chase Mortgage. Working with will get you process going a lot faster and easier.
Call Us 888-934-3444 Today.
Chase Mortgage Loan Modification Breakdown
What is the Chase Mortgage Loan Modification Package?
For any mortgage loan serviced by Chase Mortgage you will have to submit Chase Mortgage Request for Mortgage Assistance (RMA) package to get loan modification. Depending on the investor involved you should always use the most up to date paperwork for your application; It will be much better if you speak with Chase Mortgage or a professional before submitting the package. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Chase Mortgage Loan Modification process. There are 6 Sections to the standard Chase Mortgage Loan Modification Package.
Need Assistance With A Chase Mortgage?
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Chase Mortgage Loan Modification RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Step 1 – RMA- Tell Us About You – This section basically requires the Chase borrowers to put their contact information and some basic information about themselves.
- Step 2- Request For Mortgage Assistance Form – Help us understand your unique situation. This is Chase’s version of RMA Hardship Affidavit where you document when your hardship began and if it’s temporary or long term. If you have Federal Housing Administration (FHA) or the Rural Housing Service (RHS)and your loan is up to date or less than 30 days past due and you have a hardship that will prevent you from making your next required payment on the mortgage loan during the month that is due you should describe your hardship; This is referred to “facing imminent default”. In this section you have to check the box that best meets your hardship.
- Step 3–Chase Package – Detailed Financial Information – In this section chase asks for your monthly budget. This includes knowing your gross wages and if there are any non-borrower contributors in the household. Non-borrowers are required to provide an “Authorization to obtain consumer credit report” chase form. they also require you to document your household assets where you list your checking accounts and anything else you have of value.
- Step 4- Loan Modification Package or Short Sale Forms– If You Have Additional Properties – No matter what program you are applying for they want to know if you own any other properties and if you do this is where they want them listed along with HOA information and anything else that applies.
- Step 5 Mortgage Package Acknowledgement – This section covers Chase’s disclosures and details. Read this thoroughly before proceeding.
- Step 6 –Chase Loan Modification – Here’s how to send your documents – In this section the mortgage servicing department outlines the different ways that the package can be submitted.
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Disclaimer: Using The Wrong Form May Lead To A Denial
We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.