Tips on Getting a Mortgage Modification From Chase

• If you're struggling to make the monthly payments on your Chase-serviced mortgage loan, you can seek help. Chase, like most other mortgage providers, is participating in the federal government's Home Affordable Modification Program as of 2010. Under this program, the government is providing financial incentives to encourage lenders to lower the monthly mortgage payments of homeowners who are facing financial hardships. Chase even has its own section on its website that spells out the steps that homeowners can take to qualify for one of its loan modifications.

Eligibility

• Chase recommends that homeowners who are having difficulty making their mortgage payments first determine whether they are eligible for a loan modification. Make sure to do this: If you don't meet all of the requirements, the odds are good that Chase will refuse your modification request.

  For Chase to deem you eligible for a modification, you must be facing a financial hardship, seeking a modification on a primary residence and current on your mortgage payments. You must also have taken out your mortgage loan on or before Jan. 1, 2009; have a mortgage loan that is equal to or less than $729,750; and have a monthly mortgage payment that is more than 31 percent of your gross monthly income.

Application

• If you are eligible for a modification, Chase then requires you to complete an application. This application will ask for your current address, the number of years you've lived in your home, the amount of money you owe on your mortgage loan and the amount of your monthly payment. You'll also have to provide personal financial information, such as your gross monthly income, yearly salary and monthly debt obligations.

  To make your modification request proceed as smoothly as possible, complete this form accurately and honestly. Providing incorrect or incomplete information will only slow down, or perhaps scuttle, the modification process.

Supporting Paperwork

• Your modification will go more smoothly with the more documentation that you can provide to support your case that you are suffering a financial hardship that makes paying your monthly mortgage loan impossible. Chase recommends that you provide recent bank statements, W-2 forms, credit card statements and pay stubs.

  You can also help improve your case by writing a financial hardship letter. This letter outlines exactly why you are struggling to pay your mortgage. It explains in detail the financial hardship from which you are suffering.