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Chase is not the best place to call in terms of customer service: it may take you up to half an hour to get somebody on the line that would be able to assist you even with easiest question. In many cases a customer service representative would not be able to accommodate your request. You would get transferred to a different department and have to wait again. It may take plenty of time and cause a lot of frustration with different departments Chase has. A basic knowledge of department structure can save you lots of time when it comes to loan modification process.
Every time you place a call to Chase note which department you are talking to and get their direct number in case you will have to reach them directly again. It may save a lot of hassle and eliminate wait time significantly. Typically, you will have to deal with three following department during loan modification with Chase.
Imminent Default Department
This is a department you will be transferred to in case you are slightly behind on your mortgage payments. Unless you are over 30 days past due, these are the people you will be talking to. While they seem to be pretty helpful when it comes to general questions and your loan history, they are not the ones to work with on loan modification. The only thing you may accomplish by talking to Imminent Default Department is to set up a short term repayment plan. No matter what, you will be transferred to this department automatically unless you are more than 30 days behind on your mortgage payments.
Way Forward Department
The folks from Way Forward Department are the ones responsible for gathering, collecting, and organizing all the paperwork required for loan modification with Chase. Once you will get your mortgage in active review for loan modification, these would be the department where your calls will be routed. They are a perfect source of information regarding to what documents may be needed and what updates on your part are necessary. Should you request general information regarding your mortgage, they would be of no help to you: expect to be transferred to a different department again.
Loss Mitigation Department
Loss Mitigation Department representatives are the ones responsible for modification review process. They are able to provide most accurate information regarding your Chase loan modification. Should they request any additional information from you, make sure you provide it promptly. Loss Mitigation Department at Chase has the most comprehensive information about your loan and is the best source of information as to what foreclosure steps may have been taken.
Chase does have many options for you regarding loan modification, including all recent programs adopted by the government. While you may expect a significant investment of your time and effort during the process, a few simple shortcuts may help you to get in touch with correct department quicker. Do not expect it to be an easy fight, but with proper amount of work and effort you may enjoy a significant improvement of your financial situation.
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