Chase offers a variety of services for its customers, and one of those great services is the Chase Military Survivor Program. This great program forgives the debt of the family of military customers who have been kill in combat action or passed in a combat theater of operations since January 1, 2011. If a service member was liable for debt, the balances may be waived for most existing Chase mortgages, credit cards, auto loans, student loans and other consumer or business debt. This great feature from Chase allows families of the military better benefits and opportunities.
Required Documents
- Department of Defense Report of Casualty Form (DD 1300)
- Copy of the clerk of court court-certified letters of executor or a similar document showing you have the authority to act on behalf of the borrower’s estate.
- Loan-related documents may help, especially if you have an account number to reference.
Chase Military Survivor Program Review
- Mortgage
- Debt forgiveness applies to existing balances of all residential properties at the time of application to the program.
- The property must be one-to-four unit residential property or manufactured housing.
- Auto Finance
- Survivors may be eligible to have the existing auto loan balance waived and may be able to keep the vehicle.
- In the case of an auto lease, survivors may apply to assume the lease and retain the vehicle, or they may return the vehicle without being subject to fees or penalties.
- Credit Cards
- Debt forgiveness on Chase credit cards.
- The survivor can apply to retain card privileges, subject to income verification and credit evaluation.
- Student Loans
- Debt forgiveness on any Chase student loan.
- Consumer Banking
- Overdrawn or charged-off balances may be forgiven.
- Charged-off accounts that have been previously reported may have the record deleted.
- Business Banking
- Survivors may be eligible to have at least some of the existing business loan or line of credit balance waived.
- Servicemember’s business debt may be waived in proportion to their ownership interest in the business.
- Required Documentation
- Department of Defense Report of Casualty Form (DD 1300).
- A copy of the clerk of court court-certified letters of executor or other legal documents reflecting authority to act on behalf of the borrower’s estate.
- Tax Implications
- Because the forgiveness of debt may have tax consequences when it comes time to file your tax return, a tax advisor should be consulted.
Conclusion
Overall, the Chase Military Program is a great feature for military families. In order to support the families of our troops, Chase has set up this great debt forgiveness program. If you ever had to handle debt of a deceased military service member, you will want to follow this program closely. If you liked this article, go ahead and check out our full list of Chase Coupon Bonuses!