Getting approved for a home mortgage loan modification is a difficult process and getting approved by JP Morgan Chase and Company can be even harder. JP Morgan Chase and Company is one of the largest banks anywhere in the country and with the criteria they require for the loan modification program one of the hardest banks to get approved with. In President Obamas “Make Home Affordable” program he has JP Morgan Chase and Company as a part of the plan in helping people stay in their homes and avoid foreclosure.

The first thing that you will need to do is create a financial hardship letter to the lender. The letter must include reasons for your current situation and anything that is making it more difficult to stay current on your mortgage. Include any details that can help you in proving that you can no longer afford the monthly payments you were paying. The reasons can be decrease in income, loss of job, medical emergencies, death in family etc. Explain everything that has caused you to experience such hardship but remember be honest.

You will then need to provide proof of the reasons you listed responsible for you current financial difficulties. You will then be able to provide evidence that once you receive the loan modification or refinancing you will be able to pay the new amount every month on time. You have to able to pay monthly no matter what may happen.

On top to the above mention criteria, your current loan must have been issued on January 1, 2009 or prior. The loan modification process can be stressful and long but the end could mean you get to stay in your home and not lose it to foreclosure.

-M Petrone

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