Monday, July 5, 2010

Chase Loan Modification Success

If you are facing foreclosure with Chase there are some rules you will need to follow in order to get a workout that you can afford. First and foremost you need to determine whether or not you really want to save your home. In this market home values have plummeted and a loan modification will increase your unpaid principal balance. In other words you will owe even more than you did before, the upside is that in many instances your interest rate will be fixed and your rate will be dropped.

Your first step to successful Chase loan modification assistance is to sit down and go over your financial position and determine if you can afford your home. You will need to go over expenses and the best bet is to do it with your family so you get a picture of your overall expenses. It will also be a good opportunity to have your family understand the situation and explain the budget and the extras you had will have to stop for a while.

Once you determine your expenses you may have to cut things such as cell phone usage, changing your diet to stop eating out for a while. in some instances getting rid of a car that has a high payment makes sense and it is up to you to determine how deep you cut. You will always have food expenses, car insurance, gas for car, electricity for your home, water and a few other essentials. Some non-essential that seem like essentials that can be cut are cable, high speed internet, and even your Starbucks coffee.

During your workout which can take as long as 5 months to get worked out you will need to continue to save money because in many instances you will be required to have a contribution (down payment) to get started on a loan modification.

No comments:

Post a Comment