Mortgage modification: Chase, WaMu, EMC

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Borrowers look for mortgage modification


	STATISTIC: An "affordable" mortgage payment typically is

	defined as 38 percent of the borrower's monthly gross income.

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Get help at Chase, WaMu, EMC

Chase, WaMu, EMC

By Bankrate.com

Mortgage modification programs

Chase, WaMu, EMC


	Corporate owner: J.P. Morgan Chase

	Contact: Call the telephone number on your mortgage statement. Call (800) 848-9136. Call (866) 550-5705. Visit a Chase regional counseling center. Web site: www.chase.com.

	Noted qualifications: Hardship letter may be required. Owner-occupied residence. Mortgage owned by Chase, WaMu or EMC or with investor approval.

Target debt-to-income, or DTI, ratio: 31 percent to 40 percent, capped at 50 percent for borrowers who've demonstrated they can pay more.

	Options: Repayment plan. Mortgage modification in hardship situations. Principal forbearance. Extension of loan term. Deferral of principal. Interest rate reduction. Foreclosure moratorium. Interest-only payments for 10 years. Hope for Homeowners program. Refinancing with lender-paid closing costs. Pre-foreclosure short sale. Deed in lieu of foreclosure. What these terms mean.

	Letters: Chase will send letters to borrowers who have subprime adjustable-rate mortgages or payment-option ARMs. Borrowers are more likely to receive a letter if they've racked up the maximum amount of negative amortization and their interest rate is scheduled to reset.

Learn more about obtaining mortgage modification help.

-- Posted: Dec. 11, 2008

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