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How to Do a Loan Modification

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JPMorgan Chase Bank Loan Modification Guidelines
Loan application for loan modification

A loan modification can significantly reduce a mortgage payment.

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Washington Mutual and EMC Mortgage Corp. are now owned by JPMorgan Chase & Co. Chase will offer a loan modification program for two years to troubled borrowers beginning January 31, 2009.

Chase will further postpone foreclosure proceedings for an indefinite period.

Eligibility Requirements for JPMorgan Chase Loan Modifications

Chase requires a hardship package consisting of a hardship letter, pay stubs, financial statement, bank statements and tax returns.

  • Loan must be a first mortgage owned by JPMorgan Chase.
  • The property must be owner-occupied and a primary residence (however, the home owner may own other property).
  • Adjustable-rate mortgages, subprime and Option ARM loans from JPMorgan Chase, Washington Mutual or EMC Mortgage Corp. may qualify.
  • The home owner must be able to afford a debt ratio PITI payment of 31% to 40% of gross monthly income.

For more information, call JPMorgan Chase at 866.550.5705.

At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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