 1 comment »Coconut Creek Real Estate: Foreclosure Prevention Measures - Part IVWelcome to Part IV of my series on foreclosure prevention measures being taken by the government and banking institutions in the U.S. Today we will be covering another bank that has stepped up and taken action to stem the foreclosure crisis.
Chase has been a leader in providing loan modification options to its borrowers since the rise in foreclosure rates began. In many ways, this is due to the fact that Chase has remained financially sound through this economic downturn unlike many other banking institutions. Earlier this month, Chase announced a moratorium on foreclosures for its borrowers while the company reviews its mortgage portfolio to determine who may benefit from a loan modification. Some borrowers will receive offers to lower their interest rates or even reduce the amount of principal owed on the home. Borrowers with riskier loan types such as adjustable-rate mortgages will be given the option to switch to a conventional, fixed-rate loan. Additionally, these offers won't be limited to just Chase customers. Chase, who acquired Washington Mutual and EMC, will be making these options available to borrowers with loans through those banks as well. Chase's goal is to get their borrowers into loans that will allow them to be affordable for the long-term, not just in the here and now. Chase's efforts over the past year are paying off for homeowners. They have already assisted 250,000 people already in keeping their homes and are expected to be able to help another 400,000 over the next two years. Way to go, JP Morgan Chase!
Tomorrow: Citigroup
Related Articles: Coconut Creek Real Estate: Foreclosure Prevention Measures - Part I Coconut Creek Real Estate: Foreclosure Prevention Measures - Part II Coconut Creek Real Estate: Foreclosure Prevention Measures - Part III
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