Initiatives through the Obama stimulus package are directed towards helping homeowners struggling with the risk of foreclosure and bankruptcy may be available to you. Chase Bank is now working with it's customers to access the programs available through the government. One such option is the conversion of your adjustable rate mortgage to a fixed rate mortgage.

There are two main programs available through the stimulus package: loan modification and loan refinancing. You can apply for the two options with Chase. However, you will need to know the information below before submitting your application.

- Complete your paperwork well in advance. This will include: bank and credit card statements, tax returns and a concise financial hardship letter. The letter is to help the lender understand the financial difficulty that you are going through. Having these documents ready can speed your application.

- Do not postpone contact with your bank. Be ready to make yourself available to the bank. Return their calls and requests promptly.

- The Chase website has further information regarding applying to the government programs. You may also visit your local branch.

- During the interview be truthful about the state of your finances. Any information that is not correct on your application will be discovered and can hurt your application.

- Only Fannie Mae and Freddie Mac loans will qualify for the application process. Furthermore, your loan must be at least 105% of your home's current market value. This qualification is set I stone.

- Ask for financial advice from the Housing and Urban Development department. The government has instructed this department to provide financial advice free of charge.