Is Chase Your Lender? Are You Looking For A Loan Modification? You Might Want To Try This!

Real Estate Broker/Owner with Keller Williams Realty North County San Diego CA BRE #01129886

Is Chase Your Lender? Are You Looking For A Loan Modification? You Might Want To Try This!

Is Chase your lender? Are you looking for a loan modification? You might want to try this! Today was quite the learning experience for me. I have an extensive background in this industry, I began my career 19 years ago in the mortgage origination side of the business. I am not easily impressed when it comes to lending professionals, but I was today, big time! I have a very close friend that is applying for a loan modification and is a Chase customer. He asked me if I would help him with his attempt to secure a loan modification and I agreed. I suggested that we visit the Chase Homeownership Center in La Mesa, California, just outside of San Diego. He called and made an appointment and we went together today and met with a Chase Loan Advisor. She was very professional and extremely helpful. She was also very honest about how Chase looks at loan modification applications and what she could see were his potential challenges to getting this loan modification application approved. I asked her questions, after gaining her permission of course and she knew almost instantly that I knew the business. She was very gracious and forthcoming with insight that she has gained in her two years working at this center. I found it hard to believe that their group had been there for two years, but these locations are not exactly advertised.

I found a number of items fascinating that I learned from this meeting. The loan advisors are full time advisors that work directly with Chase customers on their loan modifications and they assist those customers with the "packaging" of their application and they submit the application package, once it is fully complete, directly to underwriting themselves. "Packaging" refers to the inclusion of documents needed to tell the applicant's story thoroughly and accurately to the underwriter that is the decision maker on whether to approve the loan modification application or not. This type of assistance is invaluable because no one knows better than the loan advisor how to "package" the customer's loan modification application for the best chance of approval. This is because the loan advisor work with the system and the underwriter everyday and has the experience to know what will and will not work. The loan advisor also works personally with the Chase customer to make sure all the needed documents are turned in to complete that application package. One rule that was obvious in this meeting today is that the devil is in the details as you have always heard. Make sure that you assume nothing in the construction of your application package, fill in every detail, no matter how minor. Make sure that you are accurate and that your documents, your explanation letters and your credit all paint the same picture with the same details and time frames. 

The Chase Loan Modification Application Package should include:

1. Download and Fill Out The Chase Application Package.   Print/Fill Out Version     

2. Most Recent One Years Federal Tax Returns.

3. Most Recent One Years W-2's

4. Last Four Months Bank Statements. (All Pages Please)

5. If you are self employed, Year To Date Profit and Loss Statement

6. Hardship Letter, Be Honest And Accurate. Document Everything Possible.

7. Lease/Rental Agreements For Any Rental Properties You Own.

8. If there are any changes or developments since your tax returns, explain them in a letter.

9. Remember, Document, Document, Document and Explain, Explain, Explain!

10. Try to take anything that you think the loan advisor might need, if you have a complete package to turn in on your first visit, that is best!

11. Follow the instructions as precisely as possible.


I also learned that the underwriting is taking 30 to 90 days to make a decision on a loan modification application AFTER the complete package is submitted. So, the sooner the better!

The Chase Homeownership Assistance events that are going on now and are scheduled in the near future, have underwriters that can check loan modification application packages right there on site if they are complete! This is a huge opportunity especially if you are pressed for time! Their decision is subject to a broker price opinion that Chase will order, but at least you know if that checks out you are in! 

If you are in the San Diego area and would like a direct contact at the La Mesa Chase Homeownership Center, I have it for you! All you have to do is visit my website, fill out the "Contact Us" form and I will send you the contact information of the loan advisor I met today!

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Mike Litton, SFR, CDPE, FSP, PSC


Keller Williams Realty North County San Diego


DRE License #01129886


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