During the course of the past series of months, Chase has taken the opportunity presented by President Obama’s Making Homes Affordable Program to refinance countless mortgages. Although not every home owner is approved for refinancing or home loan modification when they apply for a lower rate on their mortgage, there are a number of different options available to struggling home owners.However, it is of vital importance to understand that loan modification is a two way street. Failure to make timely payments once a loan has been modified by Chase could result in a cancellation of the modification that will leave you with few other options than foreclosure. Here is what you need to know about the refinancing and home loan modification options that are available to responsible home owners who are struggling to stay in their current home.The first step to either refinancing your mortgage or requesting a modification of your loan is to speak directly with a representative from Chase that specializes with helping home owners who are having a hard time making ends meet. Chase has now opened dozens of Chase Homeownership Centers throughout the customers where home owners can come and sit down with a professional who will help them assess exactly what options are available that will keep them in their home. If there is not a Chase Homeownership Center in your area, representatives with the same level of experience and training are available to take all of the time that you need to work through these complex issues over the phone.Before you contact a Chase representative, however, it is a good idea to spend some time looking over the basic options that are made available to home owners and lenders through the Obama Administration’s Make Homes Affordable program. While the primary goal of the program is to help people restructure their home loan so that they will have a lower monthly payment, not all applicants will qualify for this type of assistance.Last but not least, Chase Mortgage has been offering alternative methods of loan modification to applicants who did not meet the criteria for assistance through the federal program to tens of thousands of home owners since early 2010. If home owners fail to make regular payments on these modified loans or simply do not qualify, they can still avoid foreclosure proceeding through a deed in lieu of foreclosure or a short sale.