As some various circumstances that can be harmful come unexpectedly, you maybe want to learn about Chase Mortgage Assistance before taking an action. Chase will not only offer mortgages, but also the other financial services such as personal banking, credit cards, and small business loans.
It is not hard to access because Chase’s relationship manager will guide you at every step.
Chase Mortgage Assistance Steps
When you decide to apply for mortgage assistance, you should fill some forms. There are three documents consisting of Request for Mortgage Assistance (RMA) form, application checklist, and IRS form 4506-EZ.
The last form mentioned for Chase Mortgage Assistance is only for those who have self-employment income. On RMA form, you will be asked to write on your personal information including your unique situation.
After completing the documents, you can send them by regular mail, overnight mail, fax, and secure mail. All addresses are already written on Chase Mortgage Assistance request form.
You will be informed by Chase mortgage relationship managers within 30 days. Sometimes, if necessary, they may ask your additional information.
The information relates to sample profit & loss statement, authorization to obtain consumer credit report, form SSA-89, bankruptcy attorney & borrower authorization form, authorization to provide & release information, schedule of real estate owned.
All of those documents should be sent, so relationship manager can explain several proper options for you. Aside, you can consider them and make a decision appropriately later. You have 14 days or two weeks to choose the best options.
You should call back and discuss the selected option with relationship manager as well. He will give two options on Chase Mortgage Assistance: get current and keep your home; and sell or transfer the property.
Keeping your home and getting current means you have to do repayment plan, forbearance plan, mortgage modification, or reinstatement. A repayment plan allows you to have an extended period of time, so you will not pay the total amount at once.
If you want to improve the financial situation, select forbearance plan where mortgage payment can be reduced or stopped for a period of time. Chase Mortgage Assistance for mortgage modification lets you to change the terms permanently. Meanwhile, you should pay the total amount that you owe for reinstatement option.
As for selling or transferring property, you must pick short sale or deed-in-lieu. Pick short sale is suitable for you who owe more on mortgage loan than the home’s worth.
By selling home, you can pay for principal balance portion only. In this case of Chase Mortgage Assistance, you will not experience foreclosure. Also, you can get relocation assistance after moving out of the home.
The last option is deed-in-lieu. It is almost similar with short sale option, but this way, you just simply transfer property ownership to Chase.
Understanding all of these terms and steps before making a mortgage loan decision is important. For your information, Chase is one of the largest companies in United States which serves you wholeheartedly.
Moreover, Chase Mortgage Assistance will guide you step by step in solving your home finance program.