Chase Loan Modification – A Secret to Hassle-Free Application Processing
Many people get annoyed with Chase when it comes to loan modification, as they feel like they are getting nowhere. An understanding of how things work at Chase may help you take some shortcuts on your way to loan modification.
Most commonly, you would have to deal with three major departments during your loan modification on a constant basis: imminent default department, wayforward department, and loss mitigation department.
Imminent Default Department
Once you call a toll-free number and punch in your account number, the system automatically directs you to the proper department, according to your loan status. Imminent default department is the one you will reach if you are slightly behind on your loan – up to 30 days. You may also be automatically transferred to this department at Chase if you have been behind on your payments recently and your payment status has not been updated yet. Typically, representatives at imminent default department are not only friendly, but also rather knowledgeable and helpful. They are able to assist you with many questions you may have regarding your loan and make short-term payment arrangements. Unfortunately, they are not able to make any decisions on your loan modification, whether it is trial or permanent.
These are the folks who do all the legwork for the management at the bank. They typically collect all the documents from you as well as organize them and advise what else is needed. Once your loan status is updated to the review stage, all your calls to the main number will be transferred to wayforward department. While they are very organized in the way they treat your modification application, they are quite useless once your questions concern something else.
Loss Mitigation Department
These people are the decision-makers and the most knowledgeable on the topic of loan modification. They handle the review process after the reps from the wayforward department completed all paperwork gathering and organization. Since they are the last step to approval or rejection of your loan modification application, it is important to establish a clear communication channel with them: always follow up on your loan mod application and ensure that all their requests for additional documentation are satisfied as soon as possible. They are pleasant to speak to, as they possess all the knowledge of the modification process and have access to all your documents and loan notes.
Despite some sharp moments that may arise when dealing with Chase, they are definitely not the worst bank to deal with. They offer a great variety of options under HAMP. Once you understand the way things work at Chase, you will be able to take few shortcuts to successful loan modification.
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ABOUT THE AUTHOR
Lara Sawyer is the author of this article. She works successfully as a financial advisor with years of expertise on Bad Credit Loans Guaranteed Approval. She publishes informative articles about Loans for People with No Credit, home loans, credit cards, auto loans, business loans and others at http://www.fastguaranteedloans.com