Real Estate Pro Articles

Chase Opens Center to Aid Borrowers Avoid Home Repossessions

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Last week, JP Morgan Chase announced it will soon be opening a center in 19 cities including Indianapolis. The centers will be providing guidance as well as resources so that mortgage holders who are worried about keeping up with their mortgage payments be informed enough to avoid home repossessions.

The financial giant chose the city wherein they will open the center based on their foreclosure rates. It is thus not surprising that Indianapolis will have such center considering the large volume of Indianapolis repossessed properties.

For now, the exact date the 19 centers will be opened has yet to be announced. So far, there are already 51 centers all over the nation and if all goes well, there will be a total of 76 centers.

According to Chase, home repossessions should be the last option for homeowners struggling with their mortgage payments. And if these homeowners will be able to find a good foreclosure alternative, then it is not only them who will benefit but the general public as well.

Since 2009, the financial giant claims to have prevented about 468,000 foreclosures including Indiana repossessed homes via loan modification, short sale, forbearance, term extensions and repayment plans. The center staff also has met with at least 120,000 customers since they started operations.

In a typical situation, Chase contacts the borrowers a hundred times before endorsing the property to a foreclosure sale or VA foreclosure auctions. For them, this effort to work with the borrowers shows their sincerity in helping mortgage holders avoid home repossessions.

Lenders have largely been blamed for the enduring foreclosure crisis since most have not even tried to communicate with the buyer. In fact, there were even allegations last year that they employ robo- signers which resulted to homes illegally foreclosed because the paperwork were not thoroughly reviewed.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles