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Chase offers several mortgage modification options for those struggling to make their monthly mortgage payment including reducing the interest rate, extending the loan term, a repayment plan or principal forbearance. Homeowners must demonstrate a financial need in the form of a hardship letter describing the current situation and what led to the current situation. For those homeowners who may not qualify for a modification or were previously unable to refinance due to a drop in home values, the recently announced Making Home Affordable refinance plan may provide a viable option. The best way to determine if you are eligible for refinancing or a modification is to call your mortgage servicer. Don't wait to call.

Homeowners should never pay anyone for any type of mortgage modification service. Chase, WaMu or EMC customers who are struggling to make their monthly payments can visit our 24 regional homeownership centers or call 1-866-550-5705 for mortgage information and assistance free of charge.
Some borrowers may feel more comfortable working with a certified HUD counselor or nonprofit agency whose services are available at no cost.

Chase wants to ensure that customers are able to sustain homeownership for the long-term. If you or your spouse is temporarily unemployed, you may qualify for a special plan.
If you are underemployed, working fewer hours or have had your pay reduced, we may be able to modify your loan to a level that is affordable, depending on you new monthly income. Once again, the goal is to ensure that homeowners can sustain the new mortgage payment for the long-term and avoid defaulting later down the road.

Yes, Chase supports the President's efforts and has been an industry leader, implementing the Making Home Affordable plan as quickly as possible.
There are currently 2 aspects of the plan, refinance and mortgage modification. Refinance helps borrowers who are current on their monthly mortgage but don't qualify for a standard refinance because they owe 80% to 105% of their home's value or who have an adjustable rate mortgage (ARM).
Mortgage modification helps borrowers who are behind on their payments or at risk of falling behind. The modification process seeks to lower the monthly payment through several options including reducing the interest rate, extending the loan term or providing principal forbearance.
Through our own initiatives and by participating in the Obama administration's programs, Chase expects to help a total of more than 650,000 families by modifying more than $110 billion of home loans.

Yes, there may be options but the most important thing to do is contact your lender or mortgage servicer as soon as possible. Don't wait until you have missed a mortgage payment and find yourself in financial straits. Communication is key!

Yes, Chase services lots of loans on behalf of investors and is providing those borrowers with the same mortgage modification options we offer those whose loans are owned by Chase. If you have missed a mortgage payment or think you may, contact your mortgage servicer as soon as possible.

If you can no longer afford to make your monthly mortgage payment and your current financial situation does not allow you to remain in your home, there are ways you can settle your debt.
Chase has a dedicated team in place to handle these loss mitigation situations and help homeowners navigate what can be a difficult process.