Posts Tagged: Financial Hardship

Finance Loan — No Comments
28
Jan 10

Are You Considering an Unsecured Personal Finance Loan?

Many people choose to get an unsecured personal finance loan. These loans are available to you, but there are factors you may like to consider before visiting your financial institution. When you take out an unsecured loan, you will find that you cannot borrow as much money as you might be able to if you were to offer collateral on your loan. You will probably also face a higher interest rate and possibly, more fees.

For many families, an unsecured personal finance loan is ideal, especially if they are worried about putting their property at risk. This is a good way to get the cash they need to pay the bills and cover emergencies without having to worry about losing their homes or cars if they cannot make the payments.

Missed or Late Payments

You should know that if you choose to get an unsecured loan, however, and you miss a payment or are late, you will potentially face problems such as wage garnishment and the balance on your loan will increase dramatically due to interest and fees on your unpaid balance.

It also depends on the amount you want to borrow. If it won’t incur too much financial hardship, if things get tougher in the future, then it may be a simple solution for you. The bottom line is that with any type of personal finance loans, there are pros and cons, so you should carefully consider your financial situation and how easy it will be for you to repay your loan before you sign on the dotted line. By carefully considering your situation, you might find that your cash flow situation will improve in just a short time, so it might be worth while to hang on or get another source of income for a short time.

Finance Loan — No Comments
19
Sep 09

Chase Loan Modification – Program Information

Chase loan modification is a possible option for thousands of borrowers facing the prospect of losing their homes due to unaffordable mortgage payments. Chase has implemented one of the most aggressive and far reaching programs for their borrowers who are struggling with adjustable rate home loans and need a loan modification to be able to stay in their home. Here is some helpful information for homeowners who are interested in applying for a loan workout with Chase.

Homeowners who currently have a mortgage owned or serviced by Chase, WAMU or EMC may qualify for loan modification that will seek to convert adjustable rate loans and Pay Option Arm loans into programs with low, fixed interest rates. This will be accomplished by:
30 year fixed interest rates Principal deferral Interest only payments for up to 10 years Elimination of Negation Amortization Option

Chase has opened regional centers staffed with 2500 loan counselors who can work directly with homeowners to apply for a Chase loan modification program. Since the implementation of this outreach effort, 80,000 foreclosures have been paused to allow borrowers the opportunity to try to qualify for assistance. What are the qualifications for a loan workout? Borrowers will have to submit a loan modification application that demonstrates their current financial hardship as well as proof that they will be able to pay and maintain the new, modified loan payment. Homeowners will have to provide proof of their income, bank statements and other documentation that will be reviewed for eligibility. Borrowers will have to meet certain debt ratio requirements for approval as well as other qualification criteria.

Unfortunately, not all borrowers will qualify for this Chase loan modification program, however, help is available for those who know how to get it. Interested homeowners should take the time to learn about the requirements and prepare their application before contacting the lender to increase the chance for approval. Thousands of homeowners have already received a Chase loan modification, but with hundreds of thousands of borrowers facing default, so the time to apply is now-don’t wait to get the help you need and deserve.

By: Susan V. Gregory