Did you find the need to modify your mortgage? You don’t have to worry. For such need, there are mainly 4 programs of Chase mortgage modification to offer. However, it is not like you can just make your choice as you like. To go with one program, you will have to be eligible for it. There are requirements to be met. Now, don’t you want to know how each of those programs goes? You might qualify for certain program to modify your mortgage. Let’s pay attention to them in this chance here and learn the requirements for each of them.
1. The CHAMP Modification Program
People can qualify for this mortgage modification on their first lien, indeed. However, you need to know that your mortgage loan has to be one that is either not owned or insured by any government entities. Not to mention, this Chase mortgage modification can only be eligible for those who own from one to four residential properties. What’s more? Your mortgage payment must be not affordable one due to financial hardship. Sure, your house has to be livable property for you to be eligible for this Chase mortgage modification.
2. The FHA Chase Modification Program
This is Federal Housing Administration we are talking about here. However, having your mortgage insured by the FHA, it does not mean that it is only what it takes to get your mortgage modified by the program. Among the requirements for this Chase mortgage modification, your mortgage loan has to be originated at least one year ago. This modification program for Chase mortgage also requires you to commit to keeping your home as primary residence. Just like before too, it has to be livable and mortgage payment is not affordable.
3. The USDA/RHS Modification Program
This program of United States Department of Agriculture/Rural Housing Services has your mortgage to be guaranteed by the USDA/RHS, of course. As you might have known, there are other requirements to be met in order to be eligible for this Chase mortgage modification. This Chase modification also requires you to commit to keeping your property just like the FHA case before. You will have to own it and live full time in it. This Chase mortgage modification also requires it to be livable. You payment has to be not affordable too.
4. The VA Chase Modification Program
To be eligible for this program, your mortgage will have to be guaranteed as well by the VA. Just like before, it is not the only requirement for this Chase mortgage modification. To be eligible, you have to make sure that at least 12 full payments have been made during the life of your mortgage. Also, just like before, the mortgage payment has to be not affordable because of financial hardship, and the house itself has to be livable and not condemned one. These are what you need to know about the 4 main modification programs of Chase firm.