When dealing with a mortgage company and an attempted modification, never assume anything. It would be wise to contact Chase to be certain that you are applying for relief for both loans.
When attempting a modification, I encourage you to document everything you send to the mortgage company. Thoroughly complete the packet. Send all documentation the mortgage company requests. Send it numerous times, if necessary. Send monthly updates to the information you provide, if you do not yet have a decision and the information you provided to the mortgage company becomes stale. Keep copies. Be persistent.
Two points of caution:
1) If you are behind on your mortgage payments while you are waiting for your modification application to be reviewed and processed, it is not uncommon for the lender to initiate (or continue with) foreclosure proceedings. If a foreclosure lawsuit is filed, you should NEVER ignore it, even if you are in the middle of a modification attempt. The modification application does NOT stop a foreclosure. The foreclosure will proceed unless you file a response to the foreclosure complaint.
2) You may be contacted by companies requesting large retainers in order to help you file a modification application. If you are considering such a company, be extremely careful and do sufficient research. There are many foreclosure modification scam companies who will happily take your money and perform little or no service for you.
As always, I strongly encourage you to contact a local attorney experienced in foreclosure and/or bankruptcy to discuss your options with regard to your property, mortgage(s), and foreclosure. There may be options an attorney could suggest that you have not considered. You can find such an attorney at www.nacba.org (The National Association of Consumer Bankruptcy Attorneys or NACBA) and/or www.naca.net (The National Association of Consumer Advocates or NACA).
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To answer your question directly: Each loan is different and will require a different loan modification. Pre-qualified does not mean a loan modification is guaranteed - It simply means they will work with you to collect the paperwork and CONSIDER you for a loan modification.
I have seen many of my clients obtain a loan modification. It has been my experience that mortgage modifications are difficult and often require more than one attempt. I have witnessed home owners apply 4, 5 even 6 times before a modification is granted. So, don't take no for an answer and keep trying to obtain a loan modification, if that's what you want to see happen.
If your home is worth less than the 1st mortgage you may want to consider Chapter 13 bankruptcy in order to remove the 2nd mortgage lien. It won't hurt to discuss your situation with an experienced attorney, in order to learn how all of this can work for you.
I hope this helps.
Steven A. Leahy
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.