Are you a little behind on your monthly mortgage payments? Don’t worry. We can work with you to resolve any financial challenges you’re facing and help you bring your loan up to date.
We’ll review your loan for options that may allow you to stay in your home, such as a repayment plan, forbearance or a loan modification. We'll also see if you're eligible for a short sale, which is selling the property for less than the balance remaining on the mortgage, or a deed-in-lieu of foreclosure, which is transferring the ownership of the property to us.
It’s best to send us all of your financial documents at the same time. It’s important that you write your complete loan number at the top of each page you send.
Document upload is available online using the chase.com Secure Message Center. To keep your request moving forward, you can also fax your documents to us at 1-866-282-5682. If you have any questions, contact your Relationship Manager or call us at 1-800-848-9380.
We’ll send you a letter within 30 days of receiving all of the information we need to let you know the mortgage assistance options for which you’re eligible. Also included in this letter will be a list of the options you aren’t eligible for or weren’t reviewed and the reasons why. Be sure to review each option, including the benefits and your next steps, to accept the one that’s right for you.
If you’re eligible for a modification, we may offer you a Trial Period Plan, which is normally for three to four months and may offer a lower payment amount. Once you meet all of the requirements of the Trial Period Plan, we’ll permanently modify your mortgage and send you all of the new terms of your loan, including your new payment amount.
You can either call your Relationship Manager or sign in to your chase.com mortgage account online to check your application status, keep track of documents that we’ve received and find out which ones we still need.
To access your account at chase.com:
Yes. There are two documents required. Please send us your most recently signed and dated quarterly or year-to-date Profit & Loss Statement with company name and date; send all statement pages, even if a page is blank. If you don't already have one, you can use the Sample Profit & Loss Statement (PDF). Additionally, you'll need to send your completed IRS Form 4506-C (PDF).
Form 4506-C allows us to see a summary of your most recent IRS tax filing to confirm information about your income. May be required if you have self-employment income.
You can add these costs to the “Other” line under Household Expenses/Debt in Section 3 of the Request for Mortgage Assistance form.
Call us at 1-800-848-9380 to discuss your situation with a Relationship Manager. We can help you fill out the paperwork based on your situation.
These agencies offer counseling for people who are experiencing financial difficulties. They give advice on money management, offer possible solutions to financial problems and develop plans to prevent future difficulties. To find a nonprofit HUD-approved counselor, go to hud.gov and, under the “Resources” tab, choose “Foreclosure Avoidance Counseling.”
You can contact the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at www.dfs.ny.gov or the New York Division of Homes and Community Renewal at www.hcr.ny.gov.
Once the modification is complete, we’ll report your loan as current to the consumer reporting agencies so long as payments are made timely. The impact on your credit score depends on your entire credit profile.
If you’re selling the property in a short sale, we'll work with you to schedule an appraisal at a time that's convenient for you. If you’re transferring the ownership of the property to us through a deed-in-lieu of foreclosure, we’ll work with you to schedule a home inspection and an appraisal at a time that's convenient for you. You’ll need to be at the property for the inspection and/or appraisal.
When you sell the property in a short sale, the difference between what you owe on the outstanding balance and what we receive from the sale is called a deficiency. When you transfer the property through a deed-in-lieu of foreclosure, the difference between what you owe on the outstanding balance and the fair market value of the property is called a deficiency. We may be able to cancel the deficiency balance. If we're able to do this, you won't have to pay the difference. If we can't, you could still be responsible for the difference.
Yes, once any applicable foreclosure protections have expired. If you don't contact us and either bring your loan up to date or send us all of the information we need to evaluate your loan for mortgage assistance options, any foreclosure action, including a referral for foreclosure or the sale of your home, may start or continue. Don't ignore any foreclosure notices you receive.