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Escrow

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    Q. What is an escrow account?
Q. How can I monitor my escrow account?
Q. What is an escrow analysis?
Q. What is the minimum escrow balance?
Q. What is meant by "target balance"?
Q. What is an escrow account projection?
Q. What is the anticipated escrow balance?
Q. What is an escrow shortage or surplus?
Q. Why did my monthly escrow payment amount increase?
Q. If I don't have an escrow account, how do I establish one?
Q. Will my payment amount remain the same if I pay my shortage in full?
Q. If I choose to pay my entire escrow shortage in full, where do I send it?
   


Q. What is an escrow account?
A. An escrow account is a special account that protects both you and us by ensuring 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 can view your escrow account on Chase.com by clicking "See escrow information", or "see tax or insurance information" on the mortgage Account Details page. You can also see details in the annual escrow analysis statement that we send you.

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Q. What is an escrow analysis?
A. We perform an escrow analysis at least once a year 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 become due. This analysis identifies any overages or shortages that may occur in the escrow account after the payments have been made from the escrow account.
Note: The escrow account normally doesn't include the funds we collect 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 you need to pay your tax and insurance bills for the upcoming 12 month period. We calculate the minimum acceptable balance or cushion you need 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. We don't consider Mortgage insurance (PMI or MIP) when we calculate 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 if 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. The reasons the actual balance is less than the required balance may be:

  • An increase in tax or insurance bills
  • The actual deposit or disbursement (payment from escrow) differs from a previous estimate
  • A tax reassessment on new construction
If you have questions about an increase in your property taxes or homeowner's insurance premiums, please contact your local taxing authority or insurance agent respectively. They are the best sources of information to explain changes in your bill.

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Q. If I don't have an escrow account, how do I establish one?
A. To ensure that your taxes and insurance payments are made in time, Contact Us to establish an escrow account.



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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, we'll 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. We include a coupon with a mortgagor's escrow analysis statement to repay the shortage. If you don't 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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Statements

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Q. When will I receive my monthly billing statement?
A. Like most of our customers, you'll receive statements seven to ten business days after each payment is posted to your account.
Note: If you've signed up for our automatic payment debit program, you'll receive a quarterly statement, which will be generated on the last business day of each of these months: March, June, September and December.

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Payments

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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 I use my Chase account to make a payment online, when will it be posted to my mortgage account?
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'm 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 notify you through voicemail and/or e-mail when we receive your payment. To do so, click "Set up personalized 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 "Make a payment" to do so now.

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Q. If I use my Chase account to make a payment online, when will it be posted to my mortgage account?
A. All online payments you make from a Chase account are applied the same day if they're scheduled before 7:30 PM ET (Monday &ndash Friday). If you provide instructions to pay your mortgage from your Chase account between 7:30 PM ET and midnight on a Business Day (or anytime on a weekend or holiday) and the Send On date is the next Business Day, we'll credit your mortgage account as of the day you provided Instructions and funds will be immediately held from your Pay From account.

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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 you to set up an external checking account for making transfers. Once you add it, 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 on the Payments & Transfers page.
  • Click "Add External Accounts."
  • Enter the account information: bank name, routing number, account number, account type and nickname.
  • Chase will make two "trial" deposits under $.99 to that account within two to three business days.
  • Once you note the deposits, return to the Transfers tab and click "Manage External Accounts" to activate the account.

All online payments made from a non–Chase account are applied two business days from the transaction date.

Click "Set up an External Account" to do so right now.

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Q. If I use 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 two business days from the transaction date if they're made before 7:30 PM ET (Monday – Friday).

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Q. I need to make a payment today. What are my payment options?
A. Payment via Chase Online – Make an online payment using a Chase checking account before 7:30 PM ET (Monday – Friday).

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

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.

Note: 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, you can make escrow shortage payments by entering 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.

Cancel/change a mortgage payment right now.

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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 us and will adjust with any changes in your payment amount (ARM & Escrow changes, etc.).
  • Set up automatic payments to sign up online or get more information.

Online repeating payment

  • You can set up a repeating monthly payment online.
  • You'll manage the online repeating payment function: it won't adjust automatically. So, you'll need to make any payment amount changes before the effective date of the payment change.
  • Click "Make a payment" to set up online 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. You can make additional principal payments 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'd like to calculate the impact of an additional principal payment to your mortgage, click "See amortization estimator."
Note: If you have an interest only loan, you won't be able to use the amortization estimator

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Taxes

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    Q. I've received my current tax bill. Do I need to send this bill to Chase?
Q. I've filed for a tax exemption. What do I need to do now; and how will this change my monthly payment amount?
Q. What is a property tax abatement?
Q. What is a property tax exemption?
Q. What is a tax assessment or supplemental billing?
Q. How do tax abatements and exemptions affect me?
Q. Am I eligible for property tax reductions?
Q. I received notification of a new tax assessment: what do I do?
Q. How do I confirm that my tax bill was paid?
Q. I received a notice that my taxes are past due.
Q. What types of taxes will Chase pay for me?
Q. I have a newly constructed home and my tax bill appears to be lower than expected.
Q. I paid my tax bill; do I need to notify Chase?
Q. I received a property assessment notice.
Q. I’ve received an offer for a loan to pay my property taxes.
Q. I've received a notification that my property is to be sold at a tax sale.
Q. I'd like Chase to pay my taxes and insurance but I do not have an escrow account.
Q. I recently purchased a property in California; will I receive a supplemental tax bill?
Q. How many supplemental tax bills will I receive if my property is located in California?
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?
Q. What if I can't pay my supplemental tax bills?
   


Q. I've 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, when you receive it, please forward the original tax bill and not a copy, to us. We'll include the original bill with your tax payment.

You may remit tax bills to the following address:

Chase Home Finance
Attention Tax Department
P. O. Box 961227
Ft. Worth, TX 76161-0227

Important notes:

  • To ensure accurate and timely processing, please include your name, address and loan number on all correspondence
  • As far as all other states are concerned, if you receive your original tax bill you definitely don't need to mail us the original.
  • This information applies only to original tax bills. If you receive a past due property tax notice, please contact us immediately at 1-877-314-6353. Please have the tax bill available when you call.

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Q. I've 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 businesses 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 source to determine 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's 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 tax reductions; and your property tax quote is based on the dollar amount last billed for the property. However, when you purchase 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 we receive notification of any changes to your property taxes, we'll adjust your escrow payment to ensure 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 determine that. Often, they'll ask you to complete an application so they can 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 us with verification of the new tax amount.
You may provide this information in one of four ways:

  1. Contact us by phone toll free at 1-877-314-6353.
  2. Mail the verification to:
    Chase Home Finance
    Attn: Tax Department
    P. O. Box 961227
    Ft. Worth, TX 76161-0227
  3. Send your verification by overnight delivery to
    Chase Home Finance
    Attn: Tax Department
    1 First American Way
    Westlake, TX 76262-5914
  4. Fax the documentation to: 1-817-826-1173

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

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Q. How do I confirm that my tax bill was paid?
A. To view your escrow account status, including tax bill disbursements online, see the Mortgage Escrow Information page at chase.com. You may also contact your local taxing authority to confirm that your property tax has been paid.


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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 us immediately at 1-877-314-6353. Please have the tax bill handy when you call.


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Q. What types of taxes will Chase pay for me?
A. We pay only taxes that are considered real estate taxes. Taxes may be classified differently based on the geographical location. Please contact us 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've made a tax payment on your own, please notify us regardless of whether you have an escrow account or not. You may contact us at 1-877-314-6353.


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Q. I received a property assessment notice.
A. If you've received a property assessment notice, you don't need to contact us: we'll also receive notice of an assessment of your property.


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Q. I've received an offer for a loan to pay my property taxes.
A.If you've received a solicitation from a third party offering a loan to pay your property taxes, please contact us at 1-877-314-6353 before you agree to any terms.


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Q. I've received a notification that my property is going to be sold at a tax sale.
A. If you've received notice that your property will be sold due to past due taxes, please contact us immediately at 1-877-314-6353.


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Q.I'd like Chase to pay my taxes and insurance but I don't have an escrow account.
A. If you want us to pay your property taxes and insurance, you must have an escrow account. If you don't have an escrow account, please contact us 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 either when there's a change in ownership or when 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 remained 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'll 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 changes or new construction completion happens between June 1 and December 31, you'll 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 can't pay my supplemental tax bills?
A. If you're unable to pay your supplemental tax bills, please contact Chase at 1-877-314-6353 immediately when you receive them. If we're notified about a delinquent supplemental bill, we'll pay the bill, including any penalties owed for late payment, from your escrow account. Please note that you're also responsible for any resulting shortages in your escrow account.

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Insurance – Homeowner's

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    Q. Why do I have to provide proof of insurance on my home?
Q. I live in a condominium and my association pays the insurance. Why have I received a letter requesting proof of coverage?
Q. Was my insurance premium paid?
Q. I need to have a payment made on my homeowner's, flood or wind insurance policy. What do I need to do?
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?
Q. I'm changing insurance companies. What do I need to do?
Q. I received a bill for my homeowner's, wind or flood insurance but it should be paid with my mortgage. What do I need to do?
Q. I received a notice from my insurance company stating that my policy is cancelled. What do I need to do?
Q. What is the minimum homeowner's and flood insurance required for a single family dwelling?
Q. What is the minimum homeowner's and flood insurance required for condominiums, Planned Unit Developments (PUD), and Cooperative Communities (Co-Op)?


   

Q. Why do I have to provide proof of insurance on my home?
A. We require 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've received a letter requesting proof of insurance, you may do one of two things:

1. Update your insurance information online on www.mycoverageinfo.com.
When you're prompted, please use the PIN Number CMM8600.

2. Ask your insurance company to forward proof of coverage by 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've received a request from us to provide proof of insurance and you live in a condominium, please contact your association and advise them of the request. It's possible that, due to the multiple mortgagee clauses on their insurance declaration, we weren't notified of proper coverage. In this case, please advise the condominium association to forward proof of insurance for your dwelling to:

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 insurance 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 www.Chase.com or by calling our 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, we'll make payments directly to your insurance company and we'll collect these escrow funds with each monthly mortgage payment. If you have an additional insurance bill that requires payment, please mail the invoice to us and contact our Insurance Processing Center toll free at 1-877-530-8951.

You can also contact Chase Home Finance by 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.

Note: If you don't 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 us 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. We require that all mortgage loans carry a minimum of the 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 you don't provide proof of coverage or updates yearly, we'll send several notification requests asking for updated insurance information. If we still haven't been notified of proof of coverage, we'll purchase a policy on your behalf to ensure uninterrupted insurance coverage on your property. As a result, we'll include the cost of this policy in your monthly mortgage statement.

If you've acquired or renewed a homeowner's policy on your own, please provide us with the updated policy information. You may do so in one of two ways:

1. Update your policy information online at www.mycoverageinfo.com.
When you're prompted, please use the PIN Number CMM8600.

2. Ask your insurance company to forward proof of coverage to:
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.

Note: When we receive proof of coverage, we'll discontinue the coverage we purchased on your behalf. If applicable, we'll provide credit to you for any overlapping charges.

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Q. I'm changing insurance companies. What do I need to do?
A.If you're in the process of changing insurance carriers or have already done so, please notify us as soon as possible. You may do it in one of these two ways:

1. Update your policy information online at : www.mycoverageinfo.com
When you're prompted, please use the PIN Number CMM8600.

2. Ask your insurance company to forward proof of coverage to:
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 our Insurance Processing Center toll free at 1-877-530-8951 to verify that your payment was made or is scheduled. If you don't have an escrow account, you're responsible for the payment of insurance and taxes. If you're paying your own insurance, you must also provide us 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've received a cancellation notice from your insurance company, please contact your agent as soon as possible to acquire updated insurance and send us a copy of the cancellation notice. If your policy is non renewable, you're required to obtain insurance from another carrier. In either case, please notify us immediately. When your new policy is in place, please inform us in one of these two ways:

1. Update your policy information online at www.mycoverageinfo.com.
When you're prompted, please use the PIN Number CMM8600

2. Ask your insurance company to forward proof of coverage to:
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.

Note: Insurance is required at all times. If a lapse occurs, we'll purchase coverage on your behalf, (which could be at a much higher rate,) to maintain continuous coverage on your property.

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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.
We require wind insurance on all properties. If your homeowner's policy doesn't include wind coverage, you must purchase a separate wind insurance policy with the same coverage level as your homeowner's policy. The maximum deductible amount for homeowner's or wind coverage is 5% of the dwelling coverage amount

Adequate flood coverage is the lesser of:
    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.
The maximum deductible amount for flood coverage is $5,000.

Note: If you've made improvements to your property, please contact your agent to ensure your policy covers your improvements and 100% of the improved value.

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Q. What is the minimum homeowner's and flood insurance required for condominiums, Planned Unit Developments (PUD) and Cooperative 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.

The maximum deductible amount 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 within.
      The maximum deductible amount for association policies is $25,000.

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Insurance – Flood

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    Q. Why does Chase require me to carry flood insurance?
Q. What is a lender placed policy?
Q. Why do I need flood insurance, even though my community has never been flooded?
Q. Why am I now in a Special Flood Hazard Area (SFHA) – required flood zone?
Q. What is a Standard Flood Hazard Determination form (SFHD)?
Q. I disagree with Chase's flood determination and want to dispute the findings.
Q. Now that I'm not in a Special Flood Hazard Area, may I cancel my flood insurance policy?
Q. How and when do I get a refund for canceling my flood insurance?
Q. What can I do to maintain my flood insurance policy even though Chase advised me that the flood insurance is not required on my property?
Q. I live in a condominium and my association pays the insurance. Why do I have to show proof of flood insurance?
Q. Where can I find additional information regarding flood insurance?
Q. Where do I send my proof of flood insurance?
Q. What is Flood Gap Insurance?
Q. How much flood coverage is required?
Q. Can Chase require me to increase my flood coverage policy?
Q. What if the value of my home changes?
Q. Chase has purchased a Flood Gap policy on my behalf. May I purchase my own policy?
   


Q. Why does Chase require me to carry flood insurance?
A. Federal law requires that you purchase and maintain flood insurance for the life of the loan if 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 its flood zone mapping during the life of your loan and your property is now in a high risk area, we'll notify you that you must purchase flood insurance. If you don't purchase flood insurance as required, we'll 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 we don't receive proof of a required flood insurance policy within the allotted time, we'll 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; the cost of a flood insurance policy; or any other questions, please contact our 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 we're 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 the tracking needed 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're required to maintain and provide proof of flood insurance coverage. If you disagree with us 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: Please 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 obtain them online at http://www.fema.gov/nfip/forms.shtm..

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

Note: Unless we specifically requested you to submit this information as supporting documentation, please don't forward any of the following items as proof that the property is no longer in an 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'm not in a Special Flood Hazard Area, may I cancel my flood insurance policy?
A. Yes; but both, we and FEMA strongly recommend that you maintain your flood insurance policy even if you're 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're 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're 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. What can I do to maintain my flood insurance policy even though Chase advised me that flood insurance is not required on my property?
A. If you choose to maintain your flood insurance policy even though we don't require you to have flood insurance, please contact your insurance carrier to arrange for the payment of your policy.

Note: If we notified you that your property is no longer located in a Special Flood Hazard Area (SFHA), we won't collect for flood insurance as part of your escrow account.

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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've received notice from us asking for proof of flood insurance, it's 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. Since you live in a condominium, we suggest that you contact your condominium association to obtain a copy of the flood insurance policy.

Please forward your flood insurance policy information to:

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 websites that provide additional flood information are:

www.fema.gov
This Federal Emergency Management Agency's website has available tools that can help you obtain the flood insurance needs of your community:
  • Map Service Center – to view flood maps for your specific geographic area
  • Information about flood requirement regulations
www.floodsmart.gov
This website will help you to:
  • Determine your risk of flooding
  • Retrieve a list of insurance agents who can write a policy for your community
  • Get information about flood insurance requirements
In addition, you may contact our Insurance Processing Center toll free at 1-877-530-8951.

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Q. Where do I send my proof of flood insurance?
A. You may update us on your flood insurance information in one of these two ways:

1. Update your flood insurance information online at
www.mycoverageinfo.com.
When you're prompted, please use the PIN CMM8600.


2. Mail a copy of your flood insurance policy to:
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 we 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. We recommend 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 us.

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


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Insurance – Wind

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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; and Hurricane or Catastrophe Insurance. Known by any of these names, Wind Insurance is one of the ten 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 our 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 we purchase on your behalf to meet the wind coverage requirement. This policy is purchased if either you don't have wind coverage or we're 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 don't have an escrow account, we'll 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, please notify us immediately.

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Q. Where should I send my updated insurance information?
A. You may update us on your insurance information in one of these two ways:

1. Update your wind insurance information online:
www.mycoverageinfo.com
When you're prompted, please use the PIN Number CMM8600


2. Ask your insurance company to forward proof of coverage to:
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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Insurance – Claim

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    Q. Why is my insurance claim check payable to both Chase and me?
Q. Will Chase endorse my claim check?
Q. Can I pay my loan balance in full with my insurance claim check?
Q. May I use my claim funds to pay my past due balance?
Q. My claim amount is greater than the principal balance on my loan.
Q. What are the specific guidelines for processing a lost claim?
Q. My claim is less than $10,000.
Q. My claim is between $10,000 and $20,000.
Q. My claim is greater than $20,000.
Q. What documents do I need to complete my claim?
   


Q. Why is my insurance claim check payable to both Chase and me?
A. We're responsible for ensuring that repairs are satisfactorily completed and your home is restored to its preexisting condition. To process your insurance claim check, you must endorse your check and mail it to us 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'll 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, find more information below.

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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 us to ensure that your claim funds will cover the total outstanding amount.

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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 its preexisting condition. You may not apply your insurance claim check to an outstanding balance on your mortgage unless it's 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, we'll release the difference to you.

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

If you've sent a claim of damages on your mortgaged property to your insurance company, please notify us at:

Chase Home Finance
Attn: Loss Drafts
P.O. Box 80600
Atlanta, GA 30366

Or, notify us via overnight mail at:

Chase Home Finance
Attn: Loss Drafts
2405 Commerce Avenue
Building 200, Suite 100
Duluth, GA 30096

Fax: 1-678-475-8793

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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, we'll endorse and return your check within ten 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. We'll 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 us to request an inspection ten days before the repairs have been completed.

We'll release the remaining claim funds payable to all borrowers, any payees listed on the original insurance claim check and any contractors (if applicable) within five business days of receiving the following documents:

  • 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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Q. My claim is greater than $20,000.
A. If your mortgage payments are current, please send your endorsed insurance claim check to Chase. We'll deposit the insurance funds and release the initial disbursement of $10,000 or 1/3 the total claim amount, whichever is greater, payable to all borrowers and any additional payees on the original insurance check.

Please contact us to request an inspection ten days before the repairs have been completed. We'll 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) within five business days of receiving the following documents:

  • 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 us to request an inspection ten days before the repairs have been completed. We'll hold the $25.00 fee for this inspection from the final claim funds at the completion of the claim.

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

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Q. What documents do I need to complete my claim?
A. Below, find a detailed explanation of the documents you need when you contact us 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's no possibility that a lien could be placed on the property due to unpaid debt for labor or materials. This form must be notarized before you submit it to us.
  • Conditional Waiver of Lien – The Conditional Waiver of Lien is completed by your contractor confirming that the contractor will waive any claims of lien conditional on receiving payment in full for labor and materials. (If you're 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, we require a completed W-9 form prior to issuing disbursements, which include your contractor as a payee. (If you're completing the repairs on your own, this form is not required.)

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Mortgage Insurance – PMI

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    Q. What is the difference between PMI and MIP?
Q. What is PMI?
Q. How do I waive my Private Mortgage Insurance (PMI)?
Q. What is the Homeowner's Protection Act of 1998?
Q. How do I order an appraisal?
Q. Is there a fee for an appraisal?
Q. May I choose my own appraiser?
Q. I recently had an appraisal completed. May I use it?
Q. How long is an appraisal valid?
Q. What is a Broker's Price Opinion (BPO)?
Q. How do I order a Broker's Price Opinion (BPO)?
Q. How long is a Broker's Price Opinion (BPO) valid?
Q. I disagree with the results of my BPO. What is my next step?
Q. Will I receive a refund when my PMI is cancelled?
Q. My property was converted to commercial since closing my loan. Can I waive my PMI?
Q. PMI was not on my loan at closing or with my previous servicer. Why do I have it now?
Q. What is the LTV (Loan-to-Value) ratio requirement different for a single family and multi family dwelling?
Q. I paid down my principal balance to the required LTV. Why is PMI still on my account?
Q. When will my PMI be waived automatically; and how is it determined?
Q. Whom may I contact with any additional questions regarding Private Mortgage Insurance?
   


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 that 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 us and shouldn't 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 the 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 to realize home ownership sooner. (Private Mortgage Insurance should not be confused with mortgage life insurance, which pays a loan if a borrower dies; or with homeowner's insurance, which protects the homeowner from loss due to damage from fire or other hazards.)

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Q. How do 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'll review your loan and send you a PMI Requirement Letter, which will include the requirements to cancel PMI for your loan. After we've received all required documentation, our approximate turnaround time will be 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 originated on or after July 29, 1999 (post the 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. 1. If you've 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.

2. If you haven't 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, send a written request to our PMI Department. When we receive it, we'll review your loan and send you a PMI Requirement Letter, which will include the requirements to cancel PMI for your loan. After we receive all the required documentation, our 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 us 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, we 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 90 days 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. You may only choose the BPO option if the loan currently meets 80% LTV based on original value. The fee for a BPO is included in the BPO request letter. You also may choose to send the BPO fee with the required curtailment to meet the 80% LTV. You cannot order your own BPO due to the possibility of a conflict of interest for the realtor, with no exceptions, as per HOPA guidelines.

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Q. How do I order a Broker's Price Opinion (BPO)?
A. 1. If you've 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.

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

f 2. If you haven't 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 BPO is valid up to three 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 us at the above address.

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'll 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're 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, our 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 one loan type to another. We 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 it is also 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. 1. For loans that 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.

2. For loans that 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% where value means the value of your property.
This scheduled LTV ratio is calculated based on your loan's amortization schedule. If your loan has a fixed interest rate, use the amortization schedule as of the day you opened your loan. If your loan has an adjustable interest rate, use the amortization schedule as of your most recent rate change. Whether your interest rate is fixed or adjustable, this scheduled LTV calculation does not consider either:
  • 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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Mortgage Insurance – MIP

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    Q. What is the difference between PMI and MIP?
Q. What is MIP?
Q. How do I waive my Mortgage Insurance Premium (MIP)?
Q. I recently had an appraisal completed. May I use it?
Q. MIP was not on my loan at closing/previous servicer. Why do I have it now?
Q. I paid my loan in full. Am I due any refund for my upfront or monthly MIP?
Q. Whom may I contact with any additional questions regarding Mortgage Insurance Premium (MIP)?
   


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 that 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 us 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 us against loss in the event a borrower defaults on a mortgage. If the borrower defaults and the lender takes the 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 if a borrower dies; or with 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 that 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 five years old, may send a written request for more information on how to waive MIP in accordance with new federal laws.

Please 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) doesn't 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 is 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, our 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. We pay MIP premiums one month in arrears. As a result, if your loan is paid off, you won't receive a refund for your monthly MIP. We'll pay only the prorated 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 our 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're not eligible to receive a refund of your upfront payment.

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

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Foreclosure

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    Q. What is "foreclosure"?
Q. What are my state's foreclosure laws?
Q. Who should I contact if I receive a foreclosure notice?
Q. What are my options for keeping my house out of foreclosure?
Q. Can my home be foreclosed for delinquent taxes?
Q. Can a lender foreclose on my second lien?
Q. Can you foreclose if I am in bankruptcy?
Q. What happens when my house goes into foreclosure?
   


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 don't 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've 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 conveyed to the insurer (e.g. HUD, VA); and some properties are purchased by third parties.

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Loss Mitigation

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    Q. What is "loss mitigation"?
Q. Why would a lender foreclose?
Q. What are my options if I'm already in foreclosure or have received notice of foreclosure?
Q. Can I get on a repayment plan?
Q. What is a loan modification?
Q. What is "capitalization" on an approved modification?
Q. Can you modify active bankruptcy accounts?
Q. What is a "deed in lieu of foreclosure"?
Q. Can I sell my home if the foreclosure process has started?
Q. Can I sell my home if I owe more than it's worth?
Q. What will a foreclosure do to my credit rating?
Q. What happens if I'm past due with my payment?
Q. What happens if I miss a payment?
Q. When will my past due payment be reported to the credit agencies?
Q. How much will being past due cost me?
Q. Why do you charge fees when I am past due? I'm already having problems paying.
Q. How do I get my past-due loan back in good standing?
Q. What if I can't make my payments?
Q. Can I refinance my loan if my mortgage payment is past due?
Q. What happens to my tax and insurance if I'm also past due on paying into my escrow account?
   


Q. What is "loss mitigation"?
A. "Loss mitigation" is a process to avoid foreclosure. In other words, we try to help a borrower who's 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's 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 adding the arrearage 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. Also, your property 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 make it difficult to obtain future credit of any kind, including home loans and student loans. Obtaining credit cards may also be difficult; and if you're able to get credit, your interest rate is likely to 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're 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're 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 at 1-800-446-8939 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 as well as any late fees and interest you've incurred.

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1098 Mortgage Interest Paid Tax Statement

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Q. What deductions can I claim for income tax purposes?
Q. I pay mortgage insurance premiums monthly. Why is there no amount listed in the Mortgage Insurance Premiums box (Box 4) on my 1098 Mortgage Interest Statement?
Q. Why did I pay more interest this year than last year?
Q. Why doesn't my Social Security Number appear on the Mortgage Interest Statement?
Q. Can reportable interest be claimed by more than one person?
Q. If my loan was transferred during the year and is now being serviced by a different company or if I refinanced my loan, will I receive more than one Form 1098 Mortgage Interest Statement?
Q. Are the real estate taxes I paid reported to the IRS; and can I deduct them?
Q. If my mortgage was with Chase last year, how do I get a copy of that 1098 Mortgage Interest Statement?
Q. I paid points at closing. Why is there no amount listed in the Points Paid on Purchase of Principal Residence box (Box 2) on my 1098 Mortgage Interest Statement?


Q. What deductions can I claim for income tax purposes?
A. For more information, please contact your tax/financial advisor; or contact the IRS at 1-800-829-1040; or visit www.irs.gov.

Q. I pay mortgage insurance premiums monthly. Why is there no amount listed in the Mortgage Insurance Premiums box (Box 4) on my 1098 Mortgage Interest Statement?
A. The Mortgage Insurance Premiums box (Box 4) applies only to loans closed after December 31, 2006. For more information, please contact your tax/financial advisor; or contact the IRS at 1-800-829-1040; or visit www.irs.gov.

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Q. Why did I pay more interest this year than last year?
A. The amount of interest credited to your account may change from year to year. The change may occur as a result of a change in the interest rate; or the amount of interest may change because of the number of payments we received from you during the calendar year.

Q. Why doesn't my Social Security Number appear on the Mortgage Interest Statement?
A. In accordance with IRS regulations, we're only required to report mortgage interest received from the "Payer of Record" on the loan. We report mortgage interest received in the name and Social Security Number of the first person listed on the billing statement who is also known as the primary borrower. If you'd like to change the primary borrower to another name listed on the note, please send us a written request with signatures from all the borrowers listed on the note, to:

Chase Home Finance
Attn: Year End
P.O. Box 24725
Columbus, OH 43224-9833

Note: We won't be able to grant the request unless we receive a written request signed by all the borrowers.

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Q. Can reportable interest be claimed by more than one person?
A. In accordance with IRS regulations, we report mortgage interest received in the name of only one individual. For more information, please contact your tax/financial advisor; or contact the IRS at 1-800-829-1040; or visit www.irs.gov.

Q. If my loan was transferred during the year and is now being serviced by a different company or if I refinanced my loan, will I receive more than one Form 1098 Mortgage Interest Statement?
A. You should receive a Form 1098 from each company to which you paid reportable mortgage interest or points. If you refinanced and had reportable interest on both the old and the new loan, you should receive a separate 1098 Mortgage Interest Statement for each account.

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Q. Are the real estate taxes I paid reported to the IRS, and can I deduct them?
A. In accordance with IRS regulations, we're not required to report real estate taxes paid to the mortgagor or the IRS. We provide you with the amount of real estate taxes you've paid in Box 5 on Form 1098 for informational purposes only. To determine if real estate taxes paid are deductible, please contact your tax/financial advisor; or contact the IRS at 1-800-829-1040; or visit www.irs.gov for more information.

Q. If my mortgage was with Chase last year, how do I get a copy of that 1098 Mortgage Interest Statement?
A. To get a copy of the 1098 Mortgage Interest Statement, click "See your 1098 Mortgage Interest Statement(s) for last year" right now.

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Q. I paid points at closing. Why is there no amount listed in the Points Paid on Purchase of Principal Residence box (Box 2) on my 1098 Mortgage Interest Statement?
A. In accordance with IRS regulations, not all points are reportable. For more information, please contact your tax/financial advisor; or contact the IRS at 1-800-829-1040; or visit www.irs.gov.

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Qualified Written Request

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Q. What is a qualified written request?
Q. When should I send one?
Q. I'm not sure if my question needs a qualified written request. What should I do?
Q. Can I mail it with my mortgage payment?
Q. Where can I find more information about RESPA? and QWRs?


Q. What is a qualified written request?
A. The Real Estate Settlement Procedures Act (RESPA) defines a "qualified written request" as a written correspondence (separate from a payment coupon) that includes your name, account number, the information you are seeking or the reason why you believe your account is in error.

Q. When should I send one?
A. Whenever you believe there is an error on your account such as a penalty or late fee you don't owe, or if you believe that there is a problem with the servicing of your loan.

Q. I'm not sure if my question needs a qualified written request. What should I do?
A. You can always contact our Customer Care Department at the number listed on your statement, or at chase.com.

Q. Can I mail it with my mortgage payment?
A. No, it must be sent as a separate correspondence (see address on reverse). Correspondences included with payments are not considered qualified written requests.

Q. Where can I find more information about RESPA? and QWRs?
A. Simply visit hud.gov and type in "qualified written request" in the available search box.

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