• Escrow
• Statements
• Payments
• Taxes
• Insurance
• Homeowner's
• Flood
• Wind
• Claim
• Mortgage Insurance
• PMI
• MIP
• Foreclosure
• Loss Mitigation
• 1098 Mortgage Interest Paid Tax Statement

Q. What is an escrow account?
A. An escrow account is a special account that protects both you and Chase by assuring that essential payments are made on time, including:

• Real estate taxes paid to taxing authorities
• Homeowner's (hazard) insurance paid to your insurance provider
• Mortgage insurance (PMI or MIP), if applicable
• Catastrophe (wind) insurance, if required
• Flood insurance paid to your flood insurance carrier, if required

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Q. How can I monitor my escrow account?
A. You may view your escrow transactions online while at Chase.com, by selecting the see Transaction History link from the mortgage home page. Chase also sends you an annual escrow analysis statement.

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Q. What is an escrow analysis?
A. Chase completes an escrow analysis to ensure that the amount of your monthly escrow payment is sufficient to pay escrowed items (such as property taxes and homeowner's insurance) as they are due. Chase completes an escrow analysis at least once yearly. The escrow analysis identifies any overages or shortages that may occur in the escrow account after the payment of items Chase collects and deposits in the escrow account. The escrow account normally does not include the collection of funds for supplemental or special assessments of tax bills.

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Q. What is the Minimum Escrow Balance?
A. The first step in completing your escrow analysis is projecting the amount of your tax and insurance bills for the upcoming 12-month period. We calculate the minimum acceptable balance, or cushion, in your escrow account for the year. Under federal law, we require a cushion of 1/6 of the year's projected escrow disbursements, or, a two-month cushion. This cushion covers unexpected or increased disbursements, or disbursements we make before your payment arrives. The cushion amount may vary if your loan documents or applicable state law differ from federal law. Mortgage insurance (PMI or MIP) is not considered in calculating the Minimum Balance, and there is no cushion for mortgage insurance.

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Q. What is meant by Target Balance?
A. The target balance is the balance your escrow account will need to cover your tax and insurance bills for the upcoming year, without going below your minimum balance. When calculating target balance, we assume your monthly escrow payments are 1/12 of the total of your projected yearly tax, insurance, and mortgage insurance costs.

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Q. What is an Escrow Account Projection?
A. Using your Minimum Balance and Target Balance, we can project what is likely to happen to your account over the next 12-months. We project payments into and disbursements out of your escrow account for the next 12-months.

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Q. What is the Anticipated Escrow Balance?
A. The Anticipated Escrow Balance is the escrow balance we expect just before your next yearly escrow analysis is performed. Your Target Balance may be higher or lower than your Anticipated Escrow Balance.

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Q. What is an escrow Shortage or Surplus?
A. The difference between your Anticipated Escrow Balance and your Target Balance is your Escrow Surplus/Shortage. If your Anticipated Escrow Balance is greater than your Target Balance, you have an Escrow Surplus. If your Anticipated Escrow Balance is less than your Target Balance, you have an Escrow Shortage.

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Q. Why did my monthly escrow payment amount increase?
A. The monthly escrow payment amount may increase because the actual balance in your escrow account is less than the amount of funds needed to pay your tax and insurance bills, which may create a shortage in the escrow account. Reasons the actual balance is less than the required balance may be:

• An increase in tax or insurance bills
• Actual deposit or disbursement (payment from escrow) differs from a previous estimate
• A tax reassessment on new construction

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Q. Will my payment amount remain the same if I pay my shortage in full?
A. Not necessarily. If you pay your shortage in full, Chase will recalculate your escrow payment to reflect 1/12 of your total projected disbursement. Paying your shortage in full will minimize your payment increase. However, your payment amount may still change if your tax or insurance amount increased in the last year.

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Q. If I choose to pay my entire escrow shortage in full, where do I send it?
A. Chase includes a coupon to repay the shortage with a mortgagor's Escrow Analysis Statement. If you do not have the coupon you may send a check (clearly labeled as a shortage payment) along with your loan number and address to:

Chase Home Finance
Attention: Research Department
P.O. Box 24696
Columbus, OH 43224-0696

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. When will I receive my monthly billing statement?
A. Most customers will receive statements 7-10 business days after each payment is posted to their accounts. Note: If you’ve signed up for our automatic payment debit program, you’ll receive a quarterly statement, which will be generated the last business day of March, June, September and December.

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Q. Can Chase automatically inform me when my payment is received?
Q. Can I make a mortgage payment online?
Q. If using my Chase account to make a payment online, when will it be posted to my mortgage?
Q. I don't have a Chase checking account. What are my online payment options?
Q. If using my Non-Chase (External) account to make a payment online, when will it be posted to my mortgage?
Q. I need to make a payment today. What are my payment options?
Q. Can I pay unpaid late charges, fees or additional principal with my online payment?
Q. Can I pay my escrow shortage online?
Q. If I make a payment online, can I change or cancel it?
Q. I want to set up a monthly draft from my checking account. What are my options?
Q. I am having problems making my payments, is help available?
Q. Can I prepay additional principal at any time?

Q. Can Chase automatically inform me when my payment is received?
A. Yes, you can set up a payment alert to be notified via voicemail and/or email when we receive your payment. Click here to Set up account alerts.

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Q. Can I make a mortgage payment online?
A. Yes, you can make a “One Time” or “Repeating” mortgage payment from your Chase or Non-Chase (External) account. Click here to Make a payment.

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Q. If using my Chase account to make a payment online, when will it be posted to my mortgage?
A. All online payments made from a Chase account are applied the same day if scheduled prior to 7:30 p.m. E.S.T. (Monday - Friday). If after 7:30 p.m. or a weekend/holiday, the payment will be posted the next business day.

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Q. I don't have a Chase checking account. What are my online payment options?
A. The External Transfer option allows customers to setup an external checking account for making transfers. Once added the account will appear in the “Transfer To” or “Transfer From” box just like any other eligible account.

How to Add an External (Non-Chase) Account:

• Access the Home Payments tab within the Payments and Transfers page.
• Click on the “Add External Accounts" Quick Link.
• Enter the account information:
  • Bank Name, Routing Number
  • Account number, Account type
  • Nickname
• Chase makes two "trial" deposits under $.99 to that account within 2 to 3 business days.
• Once you make note of the deposits, return to the Transfers tab and click on “Manage External Accounts” to activate the account.

All online payments made from a Non-Chase account are applied 2 business days from the transaction date.

Click here to Set up an External Account

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Q. If using my Non-Chase (External) account to make a payment online, when will it be posted to my mortgage?
A.All online payments made from a Non-Chase account are applied 2 business days from the transaction date if made prior to 7:30 p.m. E.S.T (M-F).

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Q. I need to make a payment today. What are my payment options?
A.1. Payment via Chase Online - Make an online payment using a Chase checking account prior to 7:30 pm E.S.T. (Monday - Friday)

2. Telephone Payment - If you don’t have a Chase checking account, you will need to call us prior to 12:00 a.m. E.S.T to have your payment applied effective today.

For more information on telephone payments, click Get pay by phone info.

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Q. Can I pay unpaid late charges, fees or additional principal with my online payment?
A.Yes, you can fees or late charge balances as well as apply funds to principal or escrow.

If you want to pay additional amounts with your mortgage payment, please add those amounts in the “Other Payment Details’ section of the payment page.
>In order to pay additional amounts without making your monthly payment, your payment must already have been made for the current month.

Caution: When designating funds to principal, etc. please use the Payment & Transfers/Home Payment tab to ensure accurate posting. The "Bill Pay" feature within Chase.com does not offer the extra payment options.

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Q. Can I pay my escrow shortage online?
A. Yes, escrow shortage payments can be made by placing the amount in the "Additional escrow" field on the Payment page. If your payment has been posted for the current month, you can pay it individually. If not, the escrow shortage must be made with the payment for that month.

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Q. If I make a payment online, can I change or cancel it?
A. If the online payment is scheduled to occur in the future or as a repeating payment, you can change or cancel it online.

Click here to Cancel/change a mortgage payment.

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Q. I want to set up a monthly draft from my checking account. What are my options?
A. Automatic payment (ACH).

• With ACH, your payment is automatically deducted from your checking or savings account each and every month.
• You may choose to make your payment on the due date, or up to nine days after the due date.
• ACH is managed by Chase and will adjust with any changes in your payment amount (ARM & Escrow changes, etc.)
• To sign up online or more information, click here to Set up automatic payments

Online repeating payment

• You can set up a repeating monthly payment online.
• The online repeating payment function is managed by you and will not adjust automatically. You will need to make any payment amount changes prior to the effective date of the payment change.
• Click here to Make a payment
  

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Q. I am having problems making my payments, is help available?
A. Yes, learn more about making payments.

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Q. Can I prepay additional principal at any time?
A. Additional principal payments can be made at any time during the term of the mortgage if your payment has already been made for the current month. Additional principal payments help reduce the overall term of the mortgage. Depending on the terms of your mortgage, you may be required to pay a prepayment penalty.

If you would like to calculate the impact of an additional principal payment to your mortgage, click here to See amortization estimator (Customers with interest only loans will not be able to use the amortization estimator).

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Q. I have received my current tax bill. Do I need to send this bill to Chase?
A. If your property is located in Pennsylvania, your taxing authority may require that your payment include the ORIGINAL tax bill. If so, please forward the ORIGINAL tax bill to Chase when you receive it. Chase will include the original bill with your tax payment.

You may remit tax bills to the following address:

Chase Home Finance
Attn: Tax Department
P. O. Box 961227
Fort Worth, TX 76161-0227

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

All other states, if you receive your original tax bill you do not need to mail the original to Chase.

Note: this applies only to original tax bills. If you receive a past due property tax notice, please contact Chase immediately at 1-800-848-9136. Please have the tax bill available when calling.

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Q. I have filed for a tax exemption. What do I need to do now and how will this change my monthly payment amount?
A. If your exemption is approved, your taxing authority will provide the new tax amount to us when the taxes are due. Usually, exemptions reduce the annual tax amount, which may lower the required monthly escrow payment amount.

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Q. What is a property tax abatement?
A. A tax abatement is a reduction or reprieve in taxes initiated by the taxing authority. The abatement may be based on an appeal, a benefit for an industry or to benefit job-providing business and industries.

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Q. What is a property tax exemption?
A. A property tax exemption is a reduction in the property tax amount. This reduction may be based on the owner’s age, residency, disability or property value. Your local taxing authority is the best resource for determining your eligibility for a property tax exemption.

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Q. What is a tax assessment or supplemental billing?
A. An assessment is an additional tax bill from a particular locality. Often a supplemental bill is a tax bill created by your taxing authority to make up a shortage amount from an original tax bill that has already been issued.

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Q. How do tax abatements and exemptions affect me?
A. The previous owner of your property may have had one or more of these tax reductions. Your property tax quote is based on the dollar amount last billed for the property. When you purchased the home, the taxing authority may remove any abatements or exemptions that existed for the previous owner. If this occurs, your taxes may increase in the future and adjustments may be made for previous years.

When Chase receives notification of any changes to your property taxes, we will adjust your escrow payment to assure the proper payment to the taxing authority. This adjustment may result in an increased monthly mortgage payment amount. Your local taxing authority is the best source of information about tax abatements and exemptions.

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Q. Am I eligible for property tax reductions?
A. Only your local taxing authority can make that determination. Often, they will ask you to complete an application so they may assess your individual situation.

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Q. I received notification of a new tax assessment; what do I do?
A. If you receive written notification that your property taxes will increase for any reason, we ask that you provide Chase with verification of the new tax amount. You may provide this information in one of four ways.

1. You may contact Chase by phone toll free at 1-800-848-9136.
2. You may mail the verification to:
   Chase Home Finance
   Attn: Tax Department
   P. O. Box 961227
   Ft. Worth, TX 76161-0227
3. You may send your verification by overnight delivery to:
   Chase Home Finance
   Attn: Tax Department
   1 First American Way
   Westlake, TX 76262-5914
4. Or, you may fax the documentation to:
   Fax: 1-817-826-1173

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Q. How do I confirm that my tax bill was paid?
A. You may view your escrow account status, including tax bill disbursements, online by viewing your escrow account details. You may also contact your local taxing authority to confirm the payment of your property tax obligation.

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Q. I received notice that my taxes are past due.
A. If you receive a past due property tax notice, please contact Chase immediately at 1-800-848-9136. Please have the tax bill available when you call.

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Q. What types of taxes will Chase pay for me?
A. Chase pays only taxes that are considered real estate taxes. Taxes may be classified differently based on geographical location. Please contact Chase if you have questions about the payment of a tax bill.

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Q. I have a newly constructed home and my tax bill appears to be lower than expected.
A. When the initial property taxes are calculated on your newly constructed home, the assessment of your property value may be based on unimproved or partially improved property or the land-only value (because your home’s construction had not begun or was not fully completed). For this reason, your property tax amount due in the first year may be much less than in future years.

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Q. I paid my tax bill; do I need to notify Chase?
A. Yes. If you have made a tax payment on your own, please notify Chase regardless of whether you have an escrow account. You may contact us at 1-800-848-9136.

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Q. I received a property assessment notice.
A. If you have received a property assessment notice, you do not need to contact Chase. Chase will also receive notice of an assessment for your property.

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Q. Can I accept an offer from a third party company to pay my delinquent taxes?
A. If you were contacted by a company offering a loan to pay your property taxes, please contact Chase immediately at 1-800-848-9136. Under the terms of your mortgage, it is a violation for you to obtain a property tax loan with a third party. If you obtain such a loan, Chase will consider this tax loan agreement a breach of your mortgage contract. If a breach occurs, Chase has the right to terminate your mortgage agreement and demand immediate repayment of the full balance of your mortgage loan.

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Q. I live in Texas, and I was contacted by a company that wants to help me pay my delinquent property taxes. What should I do?
A. If you reside in Texas or any other state and were contacted by a company offering a loan to pay your property taxes, please contact Chase immediately at (800) 848-9136. Under the terms of your mortgage, it is a violation for you to obtain a property tax loan with a third party. If you obtain such a loan, Chase will consider this tax loan agreement a breach of your mortgage contract. If a breach occurs, Chase has the right to terminate your mortgage agreement and demand immediate repayment of the full balance of your mortgage loan.

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Q. I have received a notification that my property is going to be sold at a tax sale.
A. If you have received notice that your property will be sold due to past due taxes, please contact Chase immediately at 1-800-848-9136.

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Q. I would like Chase to pay my taxes and insurance but I do not have an escrow account.
A. For Chase to pay your property taxes and insurance, you must have an escrow account. If you do not have an escrow account, please contact Chase for information on how to establish a new escrow account.

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Q. I recently purchased a property in California; will I receive a supplemental tax bill?
A. Yes. California state law requires the tax assessor to reappraise a property when there is a change in ownership or new construction is completed. The supplemental assessment reflects the difference between the new value and the old value. The auditor or controller calculates the supplemental property tax and prorates it based on the number of months that remain in the fiscal year when the property was purchased. Please note this process does not affect you if you recently refinanced your home because there was no change in ownership.

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Q. How many supplemental tax bills will I receive if my property is located in California?
A. If the ownership change or new construction completion happens between January 1 and May 31, you will receive two supplemental assessments and two supplemental tax bills. The first supplemental bill is for the remainder of the fiscal year when the event occurred; the second is for the subsequent fiscal year. If the ownership change or new construction completion happens between June 1 and December 31, you will only receive one supplemental bill.

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Q. My property is located in California and I received a supplemental bill from the taxing authority. Why did I receive this bill if I have an escrow account for my loan?
A. When your escrow is established, the supplemental billing tax amounts are unknown. The taxing authority will mail the supplemental bill directly to you as the homeowner. Please note that supplemental tax bills are separate from your regular annual tax bills. You must make your supplemental tax payment directly to your taxing authority.

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Q. What if I cannot pay my supplemental tax bills?
A. If you are unable to pay your supplemental tax bills, please contact Chase Home Lending at 1-800-848-9136 immediately when you receive them. If we are notified about a delinquent supplemental bill, we will pay the bill, including any penalties owed for late payment, from your escrow account. Please note that you are also responsible for any resulting shortages in your escrow account.

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Q. Why do I have to provide proof of insurance on my home?
A. Chase requires that all homes are covered by adequate insurance throughout the duration of the loan. Insurance coverage provides protection to the homeowner in the event of property damage or loss. If you have received a letter requesting proof of insurance, you may update your insurance information online or by asking your insurance company to forward proof of coverage on your behalf.

Online:
www.mycoverageinfo.com.
When you are prompted, please use PIN Number CMM8600

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. I live in a condominium and my association pays the insurance. Why have I received a letter requesting proof of coverage?
A. If you have received a request from Chase to provide proof of insurance and you live in a condominium, please contact your association and advise them of the request. It is possible that, due to the multiple mortgagee clauses on their insurance declaration, Chase was not notified of proper coverage. In this case, please advise the condominium association to forward proof of insurance for your dwelling to:

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Was my insurance premium paid?
A. The best way to verify that your premium was paid is to contact your insurance agent directly. If your mortgage loan includes an escrow account to pay your taxes and insurance, you may view your escrow information online anytime at Chase Online or by calling the Insurance Processing Center, toll free at 1-877-530-8951.

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Q. I need to have a payment made on my homeowner's, flood or wind insurance policy. What should I do?
A. If you have an escrow account with your mortgage, Chase will make payments directly to your insurance company and Chase will collect these escrow funds with each monthly mortgage payment. If you have an additional insurance bill that requires payment, please mail the invoice to Chase and contact the Insurance Processing Center, toll free at 1-877-530-8951.

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

If you do not have an escrow account, please make your insurance payment directly to your insurance carrier. As always, if you have any insurance changes or additions, please notify Chase as soon as possible at the above address.

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Q. I have a charge on my monthly statement for homeowner's insurance. I have my own coverage. Why is this charge on my account? What can I do to have the charge removed?
A. Chase requires that all mortgage loans carry a minimum of full homeowner's coverage (including wind coverage) for the life of the loan. In certain geographic areas, additional flood insurance coverage may be required. If proof of coverage is not provided or updated yearly, Chase will send several notification requests asking for updated insurance information. If we have still not been notified of proof of coverage, Chase will purchase a policy on your behalf to ensure uninterrupted insurance coverage on your property. As a result, the cost of this policy will be included on your monthly mortgage statement.

If you have acquired or renewed a homeowner's policy on your own, please provide Chase with the updated policy information. You may do so online or by requesting your insurance company to forward proof of coverage on your behalf:

Online:
www.mycoverageinfo.com.
When you are prompted, please use PIN Number CMM8600

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

When Chase has received proof of coverage, we will discontinue the coverage we purchased on your behalf. If applicable, Chase will provide credit to you for any overlapping charges.

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Q. I am changing insurance companies. What do I need to do?
A. If you are in the process of changing insurance carriers or have already done so, please notify Chase as soon as possible. You may update your new policy information online or by requesting your insurance company forward proof of coverage on your behalf.

Online:
www.mycoverageinfo.com
When you are prompted, please use PIN Number CMM8600

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. I received a bill for my homeowner's, wind or flood insurance, but it should be paid with my mortgage. What should I do?
A. If your mortgage has an escrow account to pay your insurance and taxes, please contact the Insurance Processing Center toll free at 1-877-530-8951 to verify that payment was made or is scheduled. If you do not have an escrow account, you are responsible for the payment of insurance and taxes. If you are paying your own insurance, you must also provide Chase with proof of coverage or any changes in coverage.

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Q. I received a notice from my insurance company stating that my policy is cancelled. What do I need to do?
A. If you have received a cancellation notice from your insurance company, please contact your agent as soon as possible to acquire updated insurance and send a copy of the cancellation notice to Chase. If your policy is non-renewable, you are required to obtain insurance from another carrier. In either case, please notify Chase immediately. When a new policy is in place, you may update your insurance information online or by asking your insurance company to forward proof of coverage on your behalf.

Online:
www.mycoverageinfo.com.
When you are prompted, please use PIN Number CMM8600

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

Insurance is required at all times. If a lapse occurs and to maintain continuous coverage on your property, Chase will purchase coverage on your behalf, which could be at a much higher rate.

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Q. What is the minimum homeowner's and flood insurance required for a single family dwelling?
A. Adequate homeowner's (hazard) insurance is the lesser of:

1. Replacement cost,   or
2. 100% of the insurable value as determined by the insurer

1. Replacement cost, or
2. The maximum available under NFIP (National Flood Insurance Program), which is currently $250,000, or
3. The unpaid balance provided that it is a minimum of 80% of the replacement cost

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Q. What is the minimum homeowner's and flood insurance required for Condominiums, Planned Unit Developments (PUD), and Co-Operative Communities (Co-Op)?
A. Minimum homeowner's insurance coverage is defined as 100% of the insurable value, guaranteed replacement cost or similar and specified coverage.

Maximum deductible is 5% of the dwelling coverage amount.

Minimum flood insurance coverage is defined as:

1. 100% of the insurable value, guaranteed replacement cost or other similar verbiage, or
2. The maximum available under NFIP (National Flood Insurance Program), which is currently $250,000 per unit contained there within

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Q. Why does Chase require me to carry flood insurance?
A. Federal law requires that flood insurance is purchased and maintained for the life of the loan where the secured property is located in a Special Flood Hazard Area (SFHA). Flood insurance is mandatory for loans on all properties designated in high-risk flood areas (SFHAs) as defined by the Federal Emergency Management Agency (FEMA).

If FEMA revises flood zone mapping during the life of your loan and your property is now in a high-risk area, Chase will notify you that you must purchase flood insurance. If you do not purchase flood insurance as required, Chase will purchase a policy on your behalf, which could be at a much higher rate.

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Q. What is a lender placed policy?
A. If Chase does not receive proof of a required flood insurance policy within the allotted time, we will purchase a policy on your behalf to protect your property. This purchased policy is also known as a lender placed policy. The policy purchased on your behalf may be at a much higher rate than a policy that you may be able to obtain yourself through a local agent.

If you have a lender placed policy on your loan and you have questions about flood policy coverage, the amount of protection of your policy, cost of flood insurance policy or any other questions, please contact the Insurance Processing Center (IPC) toll free at 1-877-530-8951.

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Q. Why do I need flood insurance, even though my community has never been flooded?
A. The Federal Emergency Management Agency (FEMA) has released or updated a map showing that flood insurance is required for properties located in a Special Flood Hazard Area (SFHA). Flooding is the most common type of natural disaster worldwide. Nearly 75 percent of dwellings in the U.S. located in areas with a high risk of flooding are not covered by flood insurance. For this reason, federal law requires us to ensure that flood insurance is in place to protect your property if it is in an SFHA.

The National Flood Insurance Program (NFIP) has an arrangement with private insurance companies to sell and service flood insurance policies. A list of private insurance companies that sell and service NFIP flood insurance policies is available to you. You may locate this information at www.floodsmart.gov.

You may also contact your insurance agent or company to find out more about federal flood insurance or to find an agent serving your area.

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Q. Why am I now in a Special Flood Hazard Area (SFHA) required flood zone?
A. Flood determinations for individual properties are regulated by federal guidelines, administered by the Federal Emergency Management Agency (FEMA). FEMA's responsibility is to identify and document areas prone to flooding and to provide and maintain flood maps. When Chase is notified of these changes, we pass this information on to our customers. Requirements for flood insurance are mandated by FEMA.

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Q. What is a Standard Flood Hazard Determination (SFHD) form?
A. A Standard Flood Hazard Determination form is used by a map determination company that interprets the placement of a specific structure for the needs of flood insurance. Your mortgage servicer uses the SFHD to complete needed tracking of flood insurance compliance.

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Q. I disagree with Chase's flood determination and want to dispute the findings.
A. If your property is located in a Special Flood Hazard Area, you are required to maintain and provide proof of flood insurance coverage. If you disagree with Chase on your flood insurance requirements and believe that your property is not located in a Special Flood Hazard Area (SFHA), please forward the following documentation completed by Federal Emergency Management Agency (FEMA) to us:

Letter of Map Amendment (LOMA) or a
Letter of Map Revision (LOMR)
Please mail or fax your dispute in writing to:

Chase Home Finance
ATTN: Flood Compliance Department
P. O. Box 24844
Columbus, Ohio 43224-0844

Fax: 1-614-422-2796, Attn: Flood Compliance Department.

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

Note: Request a Letter of Map Amendment (LOMA) from FEMA. You may order the required forms, MT-1 or MT-EZ, by calling the FEMA Map Service Center at 1-800-358-9616 or obtained through the Internet at http://www.fema.gov/library/index.jsp.

You may receive technical assistance for completing the forms from the FEMA Map Assistance Center, toll free at 877-FEMA-MAP [1-877-336-2627].

Note: Unless Chase specifically requested you to submit this information as supporting documentation, please do not forward any of the following items as proof that the property is no longer in a SFHA:

• Appraisal
• Survey
• Elevation certificate
• Topography studies
• Building permits
• Letters from community officials
• Official FEMA map revision

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Q. Now that I am not in a Special Flood Hazard Area, may I cancel my flood insurance policy?
A. Yes, although Chase and FEMA strongly recommend that you maintain your flood insurance policy even if you are not in a Special Flood Hazard Area (SFHA). Based on FEMA statistical data, since 1978, $2.9 billion dollars have been spent on flood damages that occur on properties designated outside of an SFHA. If you choose to continue your flood insurance, you may qualify for premium discounts now that you are no longer in an SFHA.

However, you may contact your flood insurance carrier to inquire about canceling the flood insurance coverage on your home.

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Q. How and when do I get a refund for canceling my flood insurance?
A. If you are no longer in a flood zone and wish to cancel your flood insurance and request a refund, please contact your insurance carrier.

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Q. I live in a condominium and my association pays the insurance. Why do I have to show proof of flood insurance?
A. If you have received notice from Chase asking for proof of flood insurance, it is only to update our records showing the most current flood insurance policy. We need to ensure your condominium policy covers your property and not just the condominium association's common property. Because you live in a condominium, we suggest that you contact your condominium association to obtain a copy of the flood insurance policy.

You may forward your flood insurance policy information to the address below:

Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Where can I find additional information about flood insurance?
A. Some related Web sites that provide additional flood information:

www.fema.gov

The Federal Emergency Management Agency's Web site has available tools that can help you obtain flood insurance needs for your community.

• Map Service Center – view flood maps for your specific geographic area
• Information about flood requirement regulations

www.floodsmart.gov

• Determining your risk of flooding
• Retrieving list of insurance agents who can write a policy for your community
• Information about flood insurance requirements

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Q. Where do I send my proof of flood insurance?
A. You may update your flood insurance information online or by mailing a copy of your policy to Chase.

Online:
www.mycoverageinfo.com.
When you are prompted, please use PIN Number CMM8600.

Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. What is Flood Gap Insurance?
A. Flood gap insurance is an insurance policy that Chase purchases to cover the difference between your current flood coverage amount and the replacement value of your home, up to $250,000.

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Q. How much flood coverage is required?
A. Your flood insurance policy coverage should be the same as your homeowner’s insurance coverage amount, up to the $250,000 limit imposed by the National Flood Insurance Program (NFIP).

In addition, you may purchase a Flood Insurance Policy that includes coverage for personal property (the contents) in your home. A contents policy has a limit of $100,000. The NFIP encourages homeowners to purchase both types of coverage.

At a minimum, the flood insurance coverage amount you need to obtain on your flood insurance policy must be equal to the lesser of the following:

1. $250,000 (maximum under NFIP).
2. 100% of the replacement cost of the dwelling and improvements.
3. The unpaid principal balance - if the unpaid principal balance is greater than 80% of the replacement cost then the flood requirement is equal to the principal balance.
4. The unpaid principal balance - if the unpaid principal balance is less than 80% of the replacement cost then the flood requirement is a minimum of 80% of the replacement cost.
   

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Q. Can Chase require me to increase my flood coverage policy?
A. Yes. Under the Mortgage Agreement, as listed in section 5, flood insurance and the coverage amount must be maintained and adequate.

Section 5, Paragraph 1
“Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazard, included within the term “extended coverage,” and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires.”

Section 5, Paragraph 2
“If Borrower fails to maintain any of the coverage described above, Lender may obtain insurance coverage, at Lender’s option and Borrower’s expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover the Lender, but might or might not protect the Borrower, Borrower’s equity in the property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained.”

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Q. What if the value of my home changes?
A. Improvements to your home may increase the replacement value of your home. Chase recommends that you contact your insurance agent to verify that your flood coverage amount is still adequate to meet the guidelines previously outlined above. This process applies not only to your flood coverage but to your homeowner’s coverage amount as well.

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Q. Chase has purchased a Flood Gap Policy on my behalf. May I purchase my own policy?
A. Yes, you may purchase additional flood insurance on your own. Please contact your insurance company to obtain the appropriate coverage amount and advise the agent to forward the new policy to Chase.

When we receive a policy with adequate flood coverage, Chase will cancel the Flood Gap Policy and refund any unused portion of the premium to your escrow account.

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Q. What is Wind Insurance?
Q. How much coverage do I need?
Q. Can Chase require me to obtain Wind Insurance coverage?
Q. What is a Lender Placed Wind Policy?
Q. What can I do to avoid Chase purchasing a Lender Placed Wind Policy?
Q. Where should I send my updated insurance information?

Q. What is Wind Insurance?
A. Wind Insurance protects you if your home is damaged by destructive winds. Several terms are associated with this type of insurance such as Wind, Windstorm or Hail, Hurricane or Catastrophe Insurance. By any of these names, Wind Insurance is one of the 10 standard coverage items listed within the “standard extended coverage” endorsement. The standard extended coverage endorsement includes:

• Fire or Lightning
• Windstorm or Hail
• Explosion
• Riot or Civil Commotion
• Damage Caused by Aircraft
• Damage Caused by Vehicle
• Smoke
• Vandalism or Malicious Mischief
• Theft
• Volcanic Eruption

In recent years, due to the catastrophic losses associated with hurricanes, some insurance companies have started excluding wind coverage from their homeowner’s policies. Consequently, the insurance industry offers homeowners the opportunity either to purchase additional coverage to their policy that includes wind or to purchase a separate wind policy to provide Wind Insurance coverage.

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Q. How much coverage do I need?
A. Your Wind Insurance policy coverage must be equal to your homeowner’s policy coverage.

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'Q. Can Chase require me to obtain Wind Insurance coverage?
A. Yes, under the provision of section 5 of your Mortgage Agreement, you must maintain continuous and adequate coverage. Failure to maintain the appropriate level of coverage could result in Chase’s purchasing a policy on your behalf.

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Q. What is a Lender Placed Wind Policy?
A. A Lender Placed Wind Policy is one that Chase purchases on your behalf to meet the wind coverage requirement. This policy is purchased if either you do not have wind coverage or we are unable to confirm that your property is adequately covered. The policy purchased is likely to be much higher in cost than one you could obtain on your own and will remain in place until you provide us with evidence of adequate wind coverage. The Lender Placed Policy will be paid from your escrow account and will result in an increase in your monthly mortgage payment amount. If you do not have an escrow account, Chase will create one to pay this premium.

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Q. What can I do to avoid Chase purchasing a Lender Placed Wind Policy?
A. Contact your insurance agent to ensure that you have the appropriate level of coverage. You may either purchase additional wind coverage for your current policy or purchase a separate wind policy. As with any changes to your insurance, you should notify Chase immediately.

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Q. Where should I send my updated insurance information?
A. You may update your insurance information online or by asking your insurance company to forward proof of coverage on your behalf.

Online:
www.mycoverageinfo.com
When you are prompted, please use PIN Number CMM8600

Mail:
Chase Home Finance
P.O. Box 47020
Atlanta, GA 30366
Fax: 1-678-475-8799

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Why is my insurance claim check payable to both Chase and me?
A. Chase is responsible for ensuring that repairs are satisfactorily completed and your home is restored to its pre-existing condition. To process your insurance claim check, you must endorse your check and mail it to Chase at:

For Regular Mail:
Chase Home Finance
Loss Draft Department
P. O. Box 47607
Atlanta, GA 30362

For Overnight Mail:
Chase Home Finance
2405 Commerce Avenue
Building 2000, Suite 100
Duluth, GA 30096

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Will Chase endorse my claim check?
A. If your payments are current and your claim is less than $10,000 we will endorse the check and send it back to you. If your payments are not current, please contact us at 1-866-742-1461 for assistance with your claim.

If the claim is greater then $10,000 please see below for more information.

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Q. Can I pay my loan balance in full with my insurance claim check?
A. If your claim amount is greater than your outstanding loan balance, you may pay off your balance. Before doing so, please obtain a payoff quote from Chase to ensure that your claim funds will cover the total amount outstanding.

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Q. May I use my claim funds to pay my past due balance?
A. Insurance claim funds are intended to repair your home to the pre-existing condition. You may not apply your insurance claim check to an outstanding balance on your mortgage unless it is enough to pay the full loan balance.

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Q. My claim amount is greater than the principal balance on my loan.
A. If your claim amount exceeds your principal balance, Chase will release the difference to you.

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Q. What are the specific guidelines for processing a loss claim?
A. Before Chase can release any insurance claim funds to you, your mortgage payments must be current. If your mortgage payments are not current, please call us at 1-866-742-1461 for assistance with your claim check.

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Q. My claim amount is less than $10,000.
A. If your mortgage payments are current, please mail the unendorsed check and a copy of the Adjuster’s Report to the address listed below. When we receive it, Chase will endorse and return your check within 10 business days. If your mortgage payments are not current, please call us at 1-866-742-1461 for assistance with your claim.

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Q. My claim amount is between $10,000 and $20,000.
A. If your mortgage payments are current, please mail the fully endorsed check to the address listed below. Chase will deposit the insurance funds into a restricted escrow account and release the initial disbursement of $10,000 payable to all borrowers and any additional payees on the original insurance check.

Please contact Chase to request an inspection 10 days prior to the completion of
the repairs. Within five business days from receiving the following documents, Chase
will release the remaining claim funds payable to all borrowers, any payees listed
on the original insurance claim check and any contractors (if applicable):

• Insurance Adjuster’s Report/ Estimate
• Mortgagor’s Affidavit
• Contractor’s Estimate (when using a third party to complete the repairs)
• Contractor’s Lien Waiver
• IRS Form W-9 (required by the IRS)
• Inspection report showing repairs are at least 90% complete
  

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Please contact Chase to request an inspection 10 days prior to the completion of the repairs. Within 5 business days from receiving the following documents, Chase will release 1/2 of the remaining claim funds payable to all borrowers, any payees listed on the original insurance claim check and any contractors (if applicable):

• Insurance Adjuster’s Report/ Estimate
• Mortgagor’s Affidavit
• Contractor’s Estimate (when using a third party to complete the repairs)
• Contractor’s Lien Waiver
• IRS Form W-9 (required by the IRS)
• Inspection report showing repairs are at least 50% complete

Please contact Chase to request an inspection 10 days prior to the completion of the repairs. Chase will hold the $25.00 fee for this inspection, from the final claim funds at the completion of the claim.

Within 5 business days of receiving property inspection results of ninety percent (90%) or more, Chase will release the remaining insurance claim funds payable to all borrowers, any payees listed on the original insurance claim check and any contractors (if applicable).

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Q. What documents do I need to complete my claim?
A. See below for a detailed explanation of required documents needed when contacting Chase about an insurance loss claim.

• Adjuster’s Report or Estimate - An Adjuster’s Report or estimate is an itemized list of damages to the property provided by the insurance company. The Adjuster’s Report outlines the total amount allotted for each portion of your claim.
• Contractor’s Estimate and/or worksheet - A Contractor’s Estimate is the written proposal that the contractor will provide to you itemizing the total cost to repair your home.
• Mortgagor’s Affidavit - The Mortgagor’s Affidavit is a document that must be signed by all borrowers on the loan and that acknowledges your intent to repair the damaged property. This document also confirms that all bills will be paid related to repairs to the property, and that there is no possibility that a lien could be placed on the property due to unpaid debt for labor or materials. This form must be notarized prior to submitting to Chase.
• Conditional Waiver of Lien – The Conditional Waiver of Lien is completed by your contractor confirming that they will waive any claims of lien conditional on receiving payment in full for their labor and materials. (If you are completing the repairs on your own, please complete the form listing yourself as the contractor.)
• IRS Form W-9 - The Internal Revenue Service (IRS) regulations require mortgage companies to report payment of insurance proceeds to contractors. Therefore, Chase requires a completed W-9 form prior to issuing disbursements, which include your contractor as a payee. (If you are completing the repairs on your own, this form is not required.)
  

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Q. What is the difference between PMI and MIP?
A. Private Mortgage Insurance (PMI) is a form of mortgage insurance required on loans obtained with less than the required 20% down payment and are not backed by the Federal Housing Authority (FHA). Mortgage Insurance Premium (MIP) is a form of mortgage insurance required on loans that have received backing from the FHA. This insurance is paid to the U.S. Department of Housing and Urban Development (HUD). Both PMI and MIP are collected with your mortgage loan payments but neither is paid to Chase and should not be confused with other types of insurance such as homeowner's, flood or windstorm.

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Q. What is PMI?
A. Private Mortgage Insurance (PMI) is an insurance policy that insures lenders against loss if a homeowner defaults on a mortgage. If the homeowner defaults and the lender takes title to the property, the mortgage insurer reduces or eliminates the loss to the lender. In effect, the mortgage insurer shares the risk of lending the money to the borrower. PMI applies only to certain qualified loan types and is required on loans opened with less than the required 20% down payment. The purpose of private mortgage insurance is to allow homeowners to purchase their home with less money down and realize home ownership sooner. (Private Mortgage Insurance should not be confused with mortgage life insurance, which pays a loan should a borrower die, or homeowner's insurance, which protects the homeowner from loss due to damage from fire or other hazards.)

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Q. How can I waive my Private Mortgage Insurance (PMI)?
A. The requirements to cancel PMI are outlined in the Homeowner's Protection Act of 1998. These requirements may vary depending on your loan type. To request early termination of your PMI, you must send a written request to the PMI Department. When we receive your request, we will review your loan and send you a PMI Requirement Letter, which will include the requirements to cancel PMI for your loan. After Chase has received all required documentation, the approximate turnaround time is 30 days. You may mail or fax your written request to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. What is the Homeowner's Protection Act of 1998?
A. The Homeowner's Protection Act of 1998 provides for the termination of Private Mortgage Insurance (PMI) on single-family, single-unit, owner-occupied dwellings, when the loan-to-value (LTV) ratio reaches 78% based on the initial amortization schedule if loan payments are current. The Act applies only to loans that were originated on or after July 29, 1999 (post-rule). The Act permits termination of PMI before reaching this 78% LTV under some circumstances. You must request such early termination by sending a written request to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

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Q. How do I order an appraisal?
A. If you have already received a PMI Requirement letter:
Please complete the enclosed order form and mail or fax it to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

If you have not already received a PMI Requirement letter:
The requirements to cancel PMI may vary depending on your loan type and payment history. To determine if your loan qualifies, you must send a written request to the PMI Department. When we receive it, we will review your loan and send you a PMI Requirement Letter, which will include the requirements to cancel PMI for your loan. After Chase has received all required documentation, the approximate turnaround time is 30 days. You may mail or fax your written request to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Is there a fee for an appraisal?
A. The cost of an appraisal may vary, depending on the geographic location of the property, as well as other factors. Please contact Chase to determine the cost of your appraisal.

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Q. May I choose my own appraiser?
A. No. Due to regulatory guidelines, homeowners may not choose their appraisers.

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Q. I recently had an appraisal completed. May I use it?
A. In some circumstances, Chase may be able to accept your appraisal if it meets certain requirements and guidelines. To determine whether the appraisal is acceptable, please mail or fax a copy of the appraisal to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. How long is an appraisal valid?
A. An appraisal is valid up to 6 months from the date of inspection.

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Q. What is a Broker's Price Opinion (BPO)?
A. A BPO (Broker's Price Opinion) is an interior and exterior evaluation of the property completed by a realtor, and is used to confirm that the property has not decreased in value. The customer may only choose the BPO option if the loan currently meets 80% LTV based on original value. The fee for a BPO is included on the BPO request letter. The customer also may choose to send the BPO fee with the required curtailment to meet the 80% LTV. Customers cannot order their own BPO due to the possibility of a conflict of interest for the realtor, with no exceptions, per HOPA guidelines.

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Q. How do I order a Broker's Price Opinion (BPO)?
A. If you have already received a PMI Requirement letter:
Please complete the enclosed order form and mail or fax it to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

Be sure to include the Broker's Price Opinion (BPO) fee as requested in your requirement letter.

If you have not already received a PMI Requirement letter:
Please mail or fax a signed written request to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

When Chase receives your written request, we will mail you a PMI Requirement letter with the order form for you to complete.

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Q. How long is a Broker's Price Opinion (BPO) valid?
A. A BPO is valid up to 3 months from the date of inspection.

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Q. I disagree with the results of my BPO. What is my next step?
A. If you dispute the inspection value or results, please complete the Reconsideration of Value form you received with your BPO and send it to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

If you did not receive a Reconsideration of Value form, please contact Chase at the address above.

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Will I receive a refund when my PMI is cancelled?
A. When your PMI cancellation is approved, you will receive a refund of any unearned premiums within 45 days.

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Q. My property was converted to commercial since closing my loan. Can I waive my PMI?
A. We are unable to process a PMI cancellation request for a commercial property.

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Q. PMI was not on my loan at closing or with my previous servicer. Why do I have it now?
A. If you believe PMI was included with your loan in error, please send a written request stating this to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224

When we receive your request, the PMI Department will review your loan documents and determine if PMI is required.

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. Why is the LTV (Loan-to-Value) ratio requirement different for a single family and a multi-family dwelling?
A. Loan-to-value is defined as a comparison of the total financed loan amount to the property value. The LTV ratio requirement is based on the specific investor requirements of your loan and varies from loan type to loan type. Chase must comply with the LTV requirements of your specific loan type.

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Q. I paid down my principal balance to the required LTV. Why is PMI still on my account?
A. Mortgage insurance termination is based partially on LTV, but also is based on your loan payment history. If you believe you meet the requirements to cancel PMI, please mail or fax your written request to:

Chase Home Finance
Attn: PMI Department
P.O. Box 24726
Columbus, OH 43224
Fax: 1-614-422-6313

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. When will my PMI be waived automatically, and how is it determined?
A. For loans originated prior to July 29, 1999:
If your loan is current, PMI may be cancelled automatically at the amortization midpoint of the loan for a single-family home.

For loans originated after July 29, 1999:
Federal law provides that your PMI will automatically be terminated, if both of the following requirements apply:

• Your payments are current; and
• Your scheduled loan to value (LTV) ratio is equal to or less than 78%. Value means the value of your property.

• Any partial prepayments you may have made; or
• Any decline in your property value.

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Q. Who may I contact with any additional questions about Private Mortgage Insurance (PMI)?
A. You may contact a Customer Care Professional with any additional questions about mortgage insurance, toll free at 1-800-848-9136.

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Q. What is the difference between PMI and MIP?
A. Private Mortgage Insurance (PMI) is a form of mortgage insurance required on loans obtained with less than a 20% down payment and are not backed by the Federal Housing Authority (FHA). Mortgage Insurance Premium (MIP) is a form of mortgage insurance required on loans that have received backing from the Federal Housing Authority. This insurance is paid to the U.S. Department of Housing and Urban Development (HUD). Both PMI and MIP are collected with your mortgage loan payments but neither is paid to Chase and should not be confused with other types of insurance such as homeowner's, flood or windstorm.

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Q. What is MIP?
A. Mortgage Insurance Premium (MIP) is an insurance policy that insures Chase against loss in the event a borrower defaults on a mortgage. If the borrower defaults and the lender takes title to the property, the mortgage insurer reduces or eliminates the loss to the lender. In effect, the mortgage insurer shares the risk of lending the money to the borrower. MIP allows borrowers to purchase a home with less money needed for down payment and typically only applies to qualified Federal Housing Administration (FHA) loans. MIP is paid directly to the Department of Housing and Urban Development (HUD). (Mortgage Insurance Premiums should not be confused with mortgage life insurance, which pays a loan should a borrower die, or homeowner's insurance, which protects the homeowner from loss due to damage from fire, flood or other hazard).

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Q. How do I waive my Mortgage Insurance Premium (MIP)?
A. Mortgagors with loans originated prior to January 1, 2001 cannot delete MIP from their mortgage premium payment until the loan reaches the designated maturity date as determined by the Department of Housing and Urban Development (HUD).

Mortgagors whose loans were originated after January 1, 2001 and whose loans are at least 5 years old, may send a written request for more information on how to waive MIP in accordance with new federal laws.

Send written requests to:

Chase Home Finance
Attn: MIP Department
3415 Vision Drive
Columbus, OH 43219-6009

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. I recently had an appraisal completed. May I use it?
A. The Department of Housing and Urban Development (HUD) does not allow any subsequent appraisals when determining the potential waiver of Mortgage Insurance Premiums (MIP). They base their decision solely on the sales price or original appraisal value (whichever the lower of the two).

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Q. MIP was not on my loan at closing or with a previous servicer. Why do I have it now?
A. If you believe MIP was included with your loan in error, please send a written request stating this to :

Chase Home Finance
Attn: MIP Department
P.O. Box 24726
Columbus, OH 43224

When we receive your request, the MIP Department will review your loan documents and determine if MIP is required.

Note: To ensure accurate and timely processing, please include your name, address and loan number on all correspondence.

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Q. I paid my loan in full. Am I due a refund for my upfront or monthly MIP?
A. Chase pays MIP premiums one month in arrears. As a result, if your loan is paid off, you will not receive a refund for your monthly MIP. Chase will pay only the pro-rated amount up to the time of your payoff.

However, if you paid your MIP premiums upfront at closing and your loan was originated prior to December 8, 2004, you may be able to receive a partial refund of your upfront payment. Please contact a Customer Care Professional, toll free at 1-800-848-9136.

If you paid your MIP premiums upfront at closing and your loan was originated after December 8, 2004, you are not eligible to receive a refund of your upfront payment.

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Q. Who may I contact with any additional questions about Mortgage Insurance Premium (MIP)?
A. You may contact a Customer Care Professional with any additional questions about mortgage insurance, toll free at 1-800-848-9136.

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Q. What is "foreclosure"?
A. "Foreclosure" is the legal process lenders use to take possession of a property when the borrower is no longer able to make his or her loan payments. In a foreclosure, the occupants of the property are required to move out once the foreclosure sale is complete. Eviction may be initiated after the foreclosure is completed if the occupants do not vacate the property. The eviction process varies by state and depends on who occupies the property — the tenants or the mortgagors.

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Q. What are my state's foreclosure laws?
A. Foreclosure processes vary by state. There are two types of foreclosure actions that can occur

• Judicial: Foreclosure processed by a court action
• Non-judicial: Foreclosure action taken without going through the courts

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Q. Who should I contact if I receive a foreclosure notice?
A. If you receive a foreclosure notice, please contact our Loss Mitigation department at 1-800-446-8939.

Q. What are my options for keeping my house out of foreclosure?
A. We have many different options for helping you try to keep your home out of foreclosure, including forbearance plans, loan modifications and deeds in lieu of foreclosure. To determine which workout options you qualify for, we'll need to discuss your financial situation with you. Please contact our Loss Mitigation department at 1-800-446-8939.

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Q. Can my home be foreclosed for delinquent taxes?
A. Yes. Failure to pay your taxes can result in a foreclosure action being taken against your property.

Q. Can a lender foreclose on my second lien?
A. Yes. Mortgage holders have the right to foreclose against a property once a borrower defaults on the terms of the loan. If there are multiple mortgage loans against a property, any of the lenders may foreclose if a default occurs.

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Q. Can you foreclose if I am in bankruptcy?
A. Under most circumstances, we cannot continue a foreclosure process once you file bankruptcy. In some cases (e.g., if you have filed bankruptcy more than once), we may not be subject to the automatic stay that would normally go into effect with the bankruptcy filing; in this case, a foreclosure may continue. In addition, we may file a motion with the bankruptcy court to request relief from the automatic stay so we can conduct or continue with foreclosure proceedings.

Q. What happens when my house goes into foreclosure?
A. Once the foreclosure action is completed, the property is transferred to our Real Estate Owned (REO) department; at this time, the eviction process occurs, property values are obtained and the property is marketed. Not all properties are transferred to REO: Bank-owned and some investor properties are transferred to REO if we purchase them at the foreclosure sale. However, some properties we purchase at the sale are transferred to the insurer (e.g., HUD, VA), and some properties are purchased by third parties.

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Q. What is "loss mitigation"?
A. "Loss mitigation" is a process to avoid foreclosure. In other words, we try to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.

Q. Why would a lender foreclose?
A. In most cases, the lender loses money on a foreclosure. Foreclosures only occur when the borrower is either no longer making payments toward the loan or has repeatedly missed his or her scheduled payments.

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Q. What are my options if I'm already in foreclosure or have received notice of foreclosure?
A. If you are in this situation, you may want to consider hiring an attorney and having him or her work with us. If you don't have or don't want to hire an attorney, please call our Loss Mitigation department immediately at 1-800-446-8939. If you don't have the resources to repay your loan, our Loss Mitigation department may be able to determine a solution to either save your home or, at a minimum, reduce the impact to your credit score. The worst option when faced with foreclosure is to take no action at all; you could lose your home and severely damage your credit.

Q. Can I get on a repayment plan?
A. A repayment plan is an effective loss mitigation option that is used in an attempt to bring a loan up to date. This option is used when a borrower can send multiple increased payment installments to bring his or her loan up to date. The repayment option only works if the borrower is able to make monthly payments in excess of his or her regular monthly payments.

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Q. What is a loan modification?
A. A loan modification is a change in the terms of a loan, usually the interest rate and/or term, in response to the borrower's inability to make the payments under the existing terms.

Q. What is "capitalization" on an approved modification?
A. Capitalization is when the arrearage is added to the unpaid principal balance. Interest accrues on the capitalized amount.

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Q. Can you modify active bankruptcy accounts?
A. Yes. We'll need approval from the Bankruptcy department - and we may require consent from the Bankruptcy Court - before we handle these accounts.

Q. What is a "deed in lieu of foreclosure"?
A. A deed in lieu of foreclosure is one of the options used to avoid foreclosure. A deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time and effort associated with foreclosure.

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Q. Can I sell my home if the foreclosure process has started?
A. Yes. However, you need to contact our Loss Mitigation department at 1-800-446-8939 before the foreclosure sale is complete. Your property also must be listed with a licensed real estate agent.

Q. Can I sell my home if I owe more than it's worth?
A. Yes, in some instances. This option is known as a short sale or pre-foreclosure sale. To pursue this option, you can contact our Loss Mitigation department at 1-800-446-8939 to determine if you qualify.

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Q. What will a foreclosure do to my credit rating?
A. Foreclosures are extremely damaging to your credit score and can stay on your credit report for up to seven years. A foreclosure can cause difficulties obtaining future credit of any kind, including home loans and student loans. Obtaining credit cards may also be difficult, and if you are able to get credit, your interest rate will likely be at a higher rate. If you're heading toward a foreclosure, there may be options available to reduce the impact to your credit score. Please contact our Loss Mitigation department at 1-800-446-8939 for additional information.

Q. What happens if I'm past due with my payment?
A. You'll be charged a late fee and, depending on your loan type, you may be charged additional interest. In addition, we are obligated to report late payments to the main credit bureaus every month, so late payments may have a negative effect on your credit rating.

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Q. What happens if I miss a payment?
A. You'll be charged a late fee and, depending on your loan type, you may be charged additional interest. In addition, we are obligated to report late payments to the main credit bureaus every month, so late payments may have a negative effect on your credit rating.

Q. When will my past-due payment be reported to the credit agencies?
A. We report to the main credit bureaus every month, so even one late payment may end up on your credit report. When payments are made on time, this monthly reporting helps you build a positive credit history. If you're concerned about this, please call Customer Care at 1-800-848-9136.

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Q. How much will being past due cost me?
A. Late charges vary according to the terms of the loan and are based on factors such as the type of loan and the interest rate. For example, if you have an adjustable rate mortgage, your late charges would change as your interest rate changes. Also, some loans accrue interest on a daily basis, so late payments result in additional interest charges.

Q. Why do you charge fees when I am past due? I'm already having problems paying.
A. Every month, we have an obligation to pay the owner or investor of your home loan. When you don't pay your loan, we're still required to pay this obligation on your behalf. We charge fees for past-due or missed payments to make up the cost of paying your obligations for you.

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Q. How do I get my past-due loan back in good standing?
A. You'll need to make all your past-due payments and pay any fees and interest charged as a result of late payments. To find out exactly how much you owe, you'll need to request a loan reinstatement from our Loss Mitigation department at 1-800-446-8939. If you're unable to catch up on your payments, our Loss Mitigation department may be able to set up a plan to get you back on track.

Q. What if I can't make my payments?
A. If you can't make your payments, please contact a Loss Mitigation department member immediately at 1-800-446-8939 . Even if you don't think you have the resources or ability to repay your loan, the Loss Mitigation department may be able to help you work something out to save your home or, at the very least, minimize the negative impact to your credit. By doing nothing, you'll face foreclosure and severely damaged credit.

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Q. Can I refinance my loan if my mortgage payment is past due?
A. It's best to contact our Loss Mitigation department to discuss your options.

Q. What happens to my tax and insurance if I'm also past due on paying into my escrow account?
A. If you have an escrow account, we continue to pay tax and insurance to protect the property. However, just as with your mortgage, you would still owe this money, in addition to any late fees and interest incurred.

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