Military members have access to several different Chase mortgage assistance programs. The leading plans offered include Military Modification Program, Home Ownership Assistance, Education, and general foreclosure counseling. A number of centers also operate near military bases and installations so homeowners can receive face to face advice and support. Read more details on these and other options below.
The Chase Military Modification Program is offered for individuals who may have served in the military retroactive to 2001. Any military member who is struggling to make their payments, or who is delinquent today, may apply and can qualify for assistance. This particular program will go above and beyond the federal government's Home Affordable Modification Program (HAMP) and the benefits that it provides. Military members with a second mortgage serviced by Chase may be able to benefit as well, and the interest rate on that loan can be reduced to as low as 1%. This is an enhanced mortgage modification program that can provide time for homeowners to get back on track.
Military members can also explore the Reduced Service Members Civil Relief Act (SCRA) and the pricing from that program. This provides a reduced interest rate to qualified applicants. Chase may in fact lower the interest rate down to 4% or lower when someone is on active duty. While it may be hard to believe, some homeowners may even qualify for interest rates as low as 1%!
As part of the SCRA program, Chase has also put into place a rebate or similar program for military personnel and their families. This rebate can in effect lower an eligible borrowers’ effective mortgage interest rate as well.
Foreclosure prevention is provided from the Home Ownership Assistance option. JPMorgan Chase will not start a foreclosure proceeding on any currently deployed military personnel or their family. As part of this protection, homeowners can receive access to interest rates as low as 1% if they are having trouble paying their mortgage. Even if you're behind on your mortgage payments and haven’t paid it over a defined period of time, the foreclosure proceedings will not be initiated by Chase. This protection applies regardless of when you first took out your home loan. Once someone leaves the service they are still protected for up to one year from a foreclosure proceeding, so it provides time for ex military members to improve their financial situation.
For people who are behind on their mortgage, these lower interest rates and forbearance programs have helped thousands of families get back on track. Their monthly payment on their home loan will be greatly reduced, and this provides borrowers time to get current. The Chase Mortgage Assistance Program offered to members of the military could lower the SCRA rate or modify their loan and reduce it to as low as 1% if you qualify.
In addition, in any instances in which Chase may have mistakenly (or questionably) foreclosed on military members, JP Morgan Chase will both stop and reverse the sale, and they will also eliminate any existing amount they own on their mortgage. So the lender is correcting some of the mistakes they made in the past.
Chase also runs a number of Homeownership Centers across the nation, including several near military bases. These centers can provide people with a great source of information. For example, Chase will staff all of its Homeownership Centers with employees specifically trained in military issues as well as the SCRA program. All of these locations offer comprehensive help with modifications, interest rates, payments and ways to avoid foreclosure. Borrowers can meet one on one with housing counselors to explore their options. All services are free, and confidential. Some of the centers are located in the regions of.
Active or retired members of the military who have a question about their rights, who need help with their housing, or who want information on mortgage assistance programs should dial 1-877-469-0110 to reach a Chase customer service representative.
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