The creative team at Chase has assembled a new Chase loan modification package that gives new hope to people who are at risk for foreclosure. Chase projects that this program will help over 400,000 homeowners and modify $70 billion in mortgages, averting numerous foreclosures and calming so many homeowners. Every application will receive individual attention and a detailed review for modification.
Chase, along with EMC and Washington Mutual, is owned by Mr. JP Chase Morgan. For all of the three branches, he plans to expand the loan modification program by applying pertinent programs to reach even more homeowners than before. All three of these institutions will have access to these loan modification programs, which:
o Modify the loans of delinquent borrowers
o Pairs delinquent borrowers with local financial counselors to get appropriate guidance and financial advice
o Reviews all mortgages before initiating a foreclosure
o Won’t pursue any foreclosure until the new execution is through
New Modification Procedure
Over 250,000 homeowners have received aid from Chase loan modification. About 650,000 mortgages with over $110 billion in principal have participated in loan modification. After Chase acquired Washington Mutual, it had to somehow deal with Washington Mutual’s old policy of issuing high-risk mortgages with high default rates. To deal with this problem, it introduced a new loan modification program that aims to eliminate the negative amortization loans that caused homeowners so many problems in the first place.
Any borrower from Chase, Washington Mutual, or EMC who is having difficulty handling their current mortgage loan can apply for the Chase loan modification program. Chase lets people convert to a 30-year fixed rate mortgage including an adjusted repayment schedule, deferment of loan principal, or even interest-only payments for up to the next ten years.
Lending officials at Chase might identify and contact at-risk homeowners to notify them of their options. Interested applicants will need to send the requisite financial documents before the expiration date of the offer. Correctly assembled and filled out paperwork could result in a loan modification approval. So it’s crucial for applicants to clearly understand the loan modification submission guidelines.
Be proactive in maintaining your own home and saving the fate of your house. Don’t let it slip away due to foreclosure through your own negligence when you could have prevented it! Financial crisis could strike at any time, so be prepared to apply for loan modification when you need it.