The present state of the economy has affected a lot of people leaving them without jobs, suffering lay-offs, and even salary cuts. Almost everybody is experiencing the same problem. An ordinary person’s capacity to earn is not enough to cover the monthly mortgage payments they owe. This results in being in default of the loan payments exposing them to the threat of turning their homes over to their lenders. The good news is that there are many companies that can help you cope with your loans, lenders like the Chase Bank.
For thousands of homeowners looking to save their homes from being auctioned for not being able to pay their monthly mortgages, the Chase Bank Mortgage Loan Modification program would seem like a huge boon. The terms and conditions required by the bank are easy to understand and can be readily met by homeowners.
The bank merely requires that the borrower inform them ahead of time if they cannot make the payment. This requirement gives the bank the freedom to appoint and send an agent to discuss the problem with the borrower in a free and straightforward manner. With the record of their bank statement showing the latest two month transactions, their recent income tax statement as well as their income slips and letter explaining why they cannot make the payment, income and expenses of the clients are evaluated. These are used to formulate a proper plan of action in order to prevent defaults, even future ones.
With the bank’s unique Foreclosure Rescue Program, the bank can hold off foreclosing the property even 5 days prior to foreclosure by making a detailed re-evaluation of the client’s file. Another program, the Enhanced Streamline Reliance Program saves the mortgagor by replacing their variable mortgage rates with fixed rates to remove some pressure from the borrowers. With the assistance of the local community groups, the bank is able to use places like churches as hotels as a meeting place with their borrowers. By taking great lengths, the bank helps borrowers settle their loans and, through applicable retrieval packages, even save their homes. Even homeowners who are 90 days past their payment dues are given hope with the bank’s Project Lifeline Program.
This special loan modification program gives them a 30-day breathing room from foreclosure and gives them a chance to settle their payments. Homeowners who have problems settling their dues have been rescued by this program saving their homes.
The plan’s performance has been quite impressive, with the loans due for resettlement by March 2008 having been settled 51% of the full dollar value of subprime ARMs serviced by Chase. Over 415 million dollars were used to refinance or assist the loans of prime borrowers. Already, millions of Americans have received help and achieved financial stability with the aid of the JP Morgan Chase Bank’s Mortgage Modification Program.