Similar to the Indymac non-owner occupied or investment loan modifications are rare at most lenders unless you know the right people. Well at Chase this is no exception. Chase has adopted many of it’s own practices from the new current HAMP/Government program. These modifications are actually completed under Chase’s slightly adjust guidelines but has been appended, as apposed to the standard HAMP programs to include homeowners who do not meet the guidelines of reaching that 31% threshold set by the Obama administration and actually extend the terms for these modifications to 34% which numerically doesn’t sound like such a big deal but it does extend this program to potentially millions of additional homeowners who would otherwise not qualify.
As if that wasn’t big enough deal the most important difference is that where the HAMP leaves investors out in the cold this program welcomes homeowners/investors that are owners of a non-owner occupied properties and this gives them an opportunity to avoid having more properties go up on the foreclosure chopping block than have to. The one thing is that is as many people out there are looking for principal reductions this program does not cover that though it is important to know that though the opportunity of reducing your principal sounds good it is in most cases not likely to happen; at least not as much as some companies out there offer.
At the end of the day the craziest part is if you call Chase they will deny all existence of these programs depending on who you speak to. It’s good to have friends in high places.
If you have been turned down for a loan modification because it is not your primary residence know that there is help out there. Tell us your stories below or if you would like to reach out to us directly please feel free to do so by either e-mailing us at info@mlreport.com or call us at 888-934-3444.
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