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If you have tried to get a Chase loan modification and have been denied, you may still have options. The problem with homeowners trying to get a loan modification approved themselves is that they do not understand the guidelines like a professional does. Many homeowners believe that you should lie to you lender and tell them that you make hardly any money or that you make more money than you do. This is not the case at all. Your lender wants to see a specific debt to income ratio, which normally shows that you would be able to make your monthly payments if they were lowered. Makes sense, right? Why would your lender take all the man hours to modify your loan if they knew you were just going to end up defaulting on it anyways? That is why they have these specific guidelines set up. One loan modification c same day loans ompany is having great success with the “Obama Mortgage Plan”, otherwise known as the HAM program. While there are many articles on the internet doubting the effectiveness of this program, they are having great success. It all comes down to getting the files properly prepared so that you are within your lenders guidelines. If you get qualified for the Obama program, you will be in great situation to lower your monthly mortgage payments. With this program you lender will do a few things to lower your monthly payment to 31% of you net pre tax monthly income. Here\’s what they do: 1. Lower your interest rate to as low as 2%. If this does not lower your payment enough, they move to step 2. 2. Extend your mortgage terms. If you have a 30 year loan, they will extend it to 40 years to further lower your payment.