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Chase and Loan Modifications: Prepare to be Surprised

It isn't every day that I get post positive comments about mortgage companies and home loan modifications, so it is a pleasant surprise to find a mortgage company who appears to be changing its ways. Recently I posted about how the big 5 banks who were the target of the AG settlement are faring. Sadly reports are that as of June 30, 2012, Bank of America had not finalized any loan modifications although I have seen several clients obtain trial period modifications in the last few months that are still waiting for the modifications to become permanent. Well, I hope you are sitting for the next bit of news: Chase is modifying home loans! As a part of the AG settlement, Chase had pledge $4.2 billion in mortgage relief for tens of thousands of borrowers by either reducing the interest rate or reducing the principal or both on their home loans. Chase has risen to the challenge by identifying thousands of borrowers who appear to qualify and mailed them letters asking them to call the bank about modifying their home loans. Unfortunately, the borrowers may not believe Chase after so much time and effort trying to modify because the response to these letters is only about half. As I have stated before, the AG settlement may not be the best thing out there, but it is the best solution we currently have. We all need to work together to help people save their homes and Chase appears to be trying to start over. Check your mailboxes. Are you behind on your mortgage payments? Call 254-633-2876 or email us at [email protected] today for a FREE, no-obligation consultation before it is too late. Let my family help yours.

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