This loan modification program was started on January 31, 2009 and will expire on January 31, 2011. Under this program, only mortgages owned by JP Morgan or any of its subsidiaries are eligible. This includes Chase, JP Morgan, Washington Mutual, and EMC Mortgage Corporation.

This program has several requirements including a present hardship in making the current mortgage payment. This hardship package must include a hand-written or typed statement clearly stating the hardship. Included with the statement must be tax returns, current and past pay stubs, bank statements for checking, savings, and any investments like CDs and any other financial statements you may have.

The types of loans that qualify for modification are adjustable rate mortgages, subprime rate mortgages, and Option ARM loans.

To qualify financially, the homeowner must be able to afford a debt ratio of 31% to 40%. Simply put, they must be able to pay 31% to 40% of their monthly income towards their mortgage payment.

By going to Chase Online Banking, homeowners can find the Chase Homeowner Center and receive help with their mortgage. There they will inform you where to start and what is needed to modify your mortgage.

The Chase Bank Loan Modifications program has saved over 750,000 homes from foreclosures so far.