From a May 5, 2010 JP Morgan Chase Press Release
Chase plans multi-day, foreclosure-prevention events in eight markets to help struggling homeowners:
- Chase builds on success of one-on-one help for 3,200 customers in Florida
- Events complement 51 Chase Homeownership Centers
Building on its success in helping Florida homeowners, Chase today announced that it will host multi-day Homeowner Assistance Events exclusively for struggling Chase homeowners in eight major U.S. markets this year.
“We have increased borrower participation dramatically by concentrating our reach-out efforts and bringing together dozens of Chase loan counselors for several days,” said Dave Lowman, head of home lending at Chase. “Most importantly, we have been able to help many, many families stay in their homes.”
Over the next five months, up to 40 Chase counselors will work with homeowners as long as 12 hours a day for four or five days in a central location, like a civic center or community college.
Many of the counselors are based in the 51 Chase Homeownership Centers across the country. Chase began opening the centers in early 2009 to provide face-to-face counseling to homeowners who have fallen behind on their mortgages. The centers are open six days a week, including evening hours.
Chase began the multi-day events in Florida, where counselors met with 3,200 customers. Half the homeowners spoke a counselors in less than 10 minutes, and a total of 85% waited no more than 30 minutes before speaking one-on-one with a counselor. Nearly three-quarters of the customers said their experience was excellent while another 12% said it was very good.
“We are building on the terrific customer experiences at our Chase Homeownership Centers across the country,” Lowman said. “The centers have provided personalized help to more than 91,000 borrowers, and we expect these events will helps thousands more in just a few days.”
Chase plans to host multi-day events in the following markets:
- Chicago – May 13 – 17
- Atlanta – June
- Washington, D.C. – June
- New York
- Northern California
- Orlando
- Phoenix
- Southern California
Homeowners with Chase mortgages can receive the following services at the events:
- Initial counseling for homeowners applying for a mortgage modification
- Counseling for customers who are current on their mortgage but are struggling
- Short-sale assistance for customers who cannot afford their home or don’t want to stay in it
They also can:
- Drop off documents that they need to submit as part of their trial plan
- Sign final modification documents if they are ready to complete mod agreements
Since 2009, Chase has hired 3,600 additional counselors, hosted and participated in nearly 475 outreach events, and mailed more than 1 million letters to invite customers to events and centers.
“Chase is a national leader in preventing foreclosure, and we continue to expand on and improve our programs to keep families in their homes,” Lowman said. “Since 2007, we have helped prevent more than 965,000 foreclosures.”
Since Jan.1, 2009, Chase has offered over 750,000 modifications to struggling homeowners under the Home Affordable Modification Program, its own modification programs, and modification programs offered by Fannie Mae, Freddie Mac, the Veterans Administration and the Federal Housing Authority.
Tags: chase, counseling, loan modification, loss mitigation, workout
May 17th, 2010 at 8:17 am
you could try to do a loan mod on your own, but should you…
There are New Rules To Loan Modifications Today. What you don’t know could cost you big time. http://www.realestatesecretstoday.com/loan_modification
If you are upside down on value, you really need to consider going after a Principal Reduction Program which will not only reset your LTV to today’s value, but also may reduce your mortgage payment by 20-50%. http://www.realestatesecretstoday.com/acs_principal_reduction.html
July 16th, 2010 at 5:06 am
I would like to know what difference does it make to modify your mortgage if a homeowners association can force a homeowner into foreclosure on their property? after going thru the grueling process of modifing my nortgage, my HOA sent out a newsletter informing the cummunity that they adopted georgia’s POA which enables them to force eviction from our homes. This is becoming a sweeping trend accross the nation. And no one in our goverment seems to care! how are we going to stop this trend? Now with this issue on the table, homes can be bought for a fraction of what they are worth because all the HOA what is the assessment fees paid. So once again they system is failing the people.
Todd Reply:
July 16th, 2010 at 9:02 am
First of all, you agreed to the HOA fee when you moved into the neighborhood so if you had a problem with it, you shouldn’t have moved there. Second, all you have to do to not have your home foreclosed upon by the HOA is pay your fees. Third, I haven’t seen any unruly HOAs going around trying to force people out of their homes…any time I’ve heard of a HOA foreclosing on a property, it’s been for several years of not paying HOA fees and usually because the person being foreclosed on was a nuisance in other ways too.
I disagree that there’s a problem to stop here…I live in a HOA-run neighborhood too and I don’t want a bunch of my neighbors not paying their HOA fees even though the HOA management company is a pain in the neck sometimes. We all knew what we were getting into when we moved into the neighborhood…there was NOTHING hidden about the fees. So if you moved into the neighborhood planning not to pay the fees and live there, then it’s you that’s trying to take advantage of the system and not the HOA.
maxine white Reply:
August 11th, 2010 at 10:24 am
Awe come on Todd,
Did I mention anywhere in my note that I am trying to avoid paying HOA fee’s? If families are falling behing in MORTGAGE payments what make you think that they may fall behind in other bills too including HOA fees? HOA that threaten foreclosure is using bureaucratic propaganda. I am not advocating no need for HOA’s jut that there is a need for HOA reform. Business, doctors, lawyers and others collect their bills without the right to foreclose, no matter how meritorious or deserving their claim. Associations should not be entitled to special treatment. Simply put this is HOA’s abuse. and they are takin on the worst attributes of big-brother government.