Chase Manhattan Mortgage Loan Modification

Chase Manhattan Mortgage is a division of JPMorgan Chase, the largest banking institution in the U.S. Headquartered in Chicago, the bank offers various loan packages including personal loans, refinancing, and home mortgages for both prime and sub-prime borrowers.

Since sub-prime lending is prone to defaults, Chase has started offering home retention options to borrowers in financial hardship. Its loan modification program in particular is gaining ground among delinquent borrowers who want to stay in their homes. Chase Manhattan loan modification has one of the highest approval rates in the country, especially for clients who work with a loan modification attorney.

The main requirements for Chase Manhattan mortgage modification are financial and bank statements, pay stubs or proof of income, and a hardship letter explaining the borrower’s financial difficulty. Acceptable hardships include medical emergencies, job loss or demotion, a death in the family, or any legitimate increase in expenses.

A loan modification with Chase can change one or more aspects of a mortgage to lower one’s monthly payments. This can be via interest rate reduction, extension of loan term (typically up to 40 years fixed), or principal reduction to recover lost equity. The earlier the application is submitted, the more mortgage modification options a borrower can choose from.