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Eligibility Guidelines

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Here are details about a few of the mortgage modification programs you may be eligible for:

Chase Modification Program (CHAMP)

If you are not eligible for HAMP, we will review your loan for the Chase Modification Program. You may be eligible if you meet all the following requirements:

  • You have a mortgage loan that is not owned or insured by a government agency or government-sponsored entity. 
  • You own a one- to four-unit residential property. Non-owner occupied and investment properties may be eligible, subject to additional conditions.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.
Federal Housing Administration (FHA)

If your mortgage is insured by the FHA, we will review your loan for an FHA modification program.  You may be eligible if you meet all the following requirements:

  • You originated the mortgage loan at least 12 months ago.
  • You own the home, live there full time, and are committed to keeping the property as your primary residence.
  • You have made at least four full payments during the life of the mortgage.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.

If your mortgage is guaranteed by the USDA/RHS, we will review your loan for a USDA/RHS modification program. You may be eligible if you meet all the following requirements:

  • You own the home, live there full time, and are committed to keeping the property as your primary residence.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.
United States Department of Veterans Affairs (VA)

If your mortgage is guaranteed by the VA, we will review your loan for a VA modification program.  You may be eligible if you meet all the following requirements:

  • You have made at least twelve full payments during the life of the mortgage.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and not a condemned property.
Other Investor Modifications

In addition to the modification programs listed above, there may be other programs available to you.  We will review your loan for any other modification programs offered by the investor of your mortgage.  The eligibility criteria for these programs vary depending on who owns your loan.  You may be eligible if you meet all the following minimum requirements:

  • The investor of your first mortgage loan is Fannie Mae, Freddie Mac or another investor.
  • You own a one- to four-unit residential property. Non-owner occupied property may be eligible, subject to additional conditions.
  • Your mortgage payment is not affordable due to a financial hardship.
  • The home is in livable condition and is not a condemned property.

Mortgage modification (for second mortgages)

Here are details about a few of the mortgage modification programs you may be eligible for if you have a second mortgage on a property:

Chase Second Lien Modification Program

You may qualify for a modification on your second lien through the Chase Second Lien Modification Program. You may be eligible for this if you meet all of the following requirements:

  • Your first mortgage was permanently modified.
  • You have a second mortgage on the same property.

We also provide programs for homeowners who are having difficulty making  their monthly mortgage payments and can no longer afford to

remain in the home.  These programs provide homeowners the option to find peace of mind and make a fresh start by either selling the home for less than the mortgage balance owed, or by giving the property back to Chase.

This program allows you to sell the home and pay off a portion of your principal balance when you owe more money on your mortgage loan than the home is worth. You may be eligible to sell the home for less than you owe if you meet all of the following requirements:

  • Your mortgage is a first lien or subordinate lien on the property.
  • Your account is in default or imminent default.
  • You have demonstrated a hardship.
  • Must owe more on the mortgage than what the home is currently worth.
  • The home is in livable condition, passed a property inspection and is not a condemned property.

If you are unable to sell the home, this program allows you to release the property and transfer ownership to Chase. You may be eligible to release the property if you meet all of the following requirements:

  • Your mortgage is a first lien, primary mortgage on the property.
  • Your account is in default or imminent default.
  • You’ve demonstrated a hardship.
  • The property must have clear title, meaning no other liens or payments owed before the property can be released to Chase.
  • The home must be in livable condition, passed a property inspection and is not a condemned property.

This program allows you to pay the total amount owed, in one lump sum payment by a specific date. This may follow a forbearance plan. You may be eligible for reinstatement if:

  • Your account is in default.

This program allows you to pay back the past-due amount with your regular monthly payments over an extended period of time. This means your monthly payments will be higher than normal as part of a repayment plan. An initial down payment (or contribution) may also be required to get started. You may be eligible for a repayment plan if you meet all of the following requirements:

  • Your account is in default or imminent default.
  • Your account is less than or equal to 90 days past due.
  • You agree to continue making your monthly payments according to the terms of the mortgage at the end of the plan.

There are two types of forbearance assistance that may be available to you depending on your employment situation:

The program allows you to make reduced mortgage payments or stop making payments for a specific period of time. You may be eligible for forbearance if you meet all of the following requirements:

  • Your account is in default or imminent default.
  • You’ve demonstrated a hardship.

This program offers you temporary financial relief if you are unemployed by reducing your monthly mortgage payments while you look for a new job. You may be eligible for unemployment forbearance if you meet all of the following requirements:

  • At least one borrower on the loan is unemployed.
  • You live at the property and are seeking employment.
  • The property doesn't have more than four residential units.
  • The loan is a first-lien mortgage.
  • You are not more than 12 months delinquent on your monthly mortgage payments, including escrow (taxes and insurance) if applicable, on the date you request assistance.

Si tiene alguna pregunta sobre asistencia hipotecaria,
por favor llame al 1-866-550-5705.


Category: Chase mortgage

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