If you are one of the millions of Americans who are struggling with their mortgage payment, JP Morgan Chase offers several programs to provide you with mortgage and foreclosure assistance. They want to do what they can to proactively prevent, or stop, a foreclosure.
Even if you are current on your payments today, but you think you may fall behind in the future due to a financial hardship or emergency, there are several options available that may help you stay current and keep your home. Whether you decide you want to stay in your home or sell your home, they may be able to help you and your situation.
Below is a summary of several of the programs offered. JP Morgan Chase will work with homeowners on a case by case basis and help you understand more about options that might work for you, and they will aid you thru the decision process. Also feel free to dial 1-800-848-9136.
Mortgage Loan Modification: Chase has both expanded and enhanced its loan Modification Programs. They can now help address a wide variety hardship situations and emergencies, such as layoffs, short-term income reductions, job loss or even permanent hardships such as the death of a spouse, divorce, disability, or severe medical situations and emergencies. The enhanced and expanded loan modification programs may allow homeowners the ability to modify or change the term of your existing loan, possibly adjust the principal balance, lower the interest rate, and maybe reduce the monthly payments you need to make to an amount you can afford. The goal is to keep the person in their home, and prevent a foreclosure filing. Chase has successfully modified tens of thousands of loan. Read more.
Pre-Foreclosure Sale: After exploring your options for assistance, if you continue to believe that you will have trouble paying and staying current with your mortgage, selling your home may in fact be your best choice. If this does turn out to be your best option, then JP Morgan Chase may in fact accept less on the sale of your home than the amount that is owed on the mortgage. In addition, this options will provide you with more control over the timing and also terms under which you move.
Monthly Repayment Plan: Some families and individuals have experienced a short term reduction in their household income or maybe a short term financial hardship. However, they are on the path to getting their finances back in order and back on their feet. The repayment plan offered by Chase allows homeowners the ability to pay off the late payments over an extended period of time by paying their regular monthly payment plus an agreed upon portion of the delinquent amount, each and every month, which allows the person to slowly pay the balance.
Short Refinance: Certain banks and lenders in your area may be able to help you get a third-party loan, or possibly a new mortgage, to payoff your loan with Chase for less than the full amount owed on your current loan, and this provide you with a fresh start on your house payments.
Deed-in-lieu of Foreclosure: If you are facing a foreclosure, this option can stop it. It is really a transfer of your home to the bank or lender that will result in the “forgiveness” of the entire mortgage balance. The advantages of this program are that JP Morgan Chase may decide to waive any amount or balance that you still owe on the home loan if the property is later sold for a loss, or less than what is owed on the mortgage. This will also result in you not having a completed foreclosure on your credit history, which will therefore not hurt your credit scores as much as a foreclosure would. More on deed-in-lieu.
Partial Claims or Grants-for FHA Loans Only: An one time payment from FHA insurance fund may be available. Chase can work with you to help obtain a one-time payment or grant from the FHA Insurance fund to help bring your mortgage current and prevent a future foreclosure filing.
Second lien, mortgage, and home equity assistance: JP Morgan Chase has joined the federal government program that will offer homeowners help with their second mortgage or home loan. Click here to learn more. The program will help homeowners modify these second mortgages or loans.
Homeownership Centers: Chase has opened dozens of centers around the nation that allow a homeowner to stop by and meet one on one with a trained housing counselor to find solutions to their mortgage problems. Find a listing of the Chase Homeownership Centers and their locations.
Programs for military service members: Individuals who serve in the military, or veterans who lost their homes, may be able to qualify for lower interest rates from Chase, loan modifications, forbearance, or other assistance. If a home was incorrectly foreclosed on in the past JP Morgan will also work with the homeowner in order to compensate them. Basically the lender will do whatever they can to help our nations’ military members and their family’s resolve any mortgage hardship they are facing. Read more.
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