| Chase Mortgage Modification Encompasses More Than One Lender to Help Eliminate Foreclosure |
At one point Chase was Bank One, then JP Morgan, JP Morgan Chase, now all over you will see Chase Bank, but Chase is also WaMu and EMC. With the myriad of job losses, closing companies and failed efforts at boosting the economy, mortgage lenders have to be more forthright in preventing foreclosure.
Chase bank has in the past two years made efforts in order to prevent over 300,000 foreclosures by modifying loans. Chase keeps six different options over foreclosure:
Repayment Plan
This option is generally for those that experienced a temporary set-back, were able to jump back up on their feet, but got behind in the meantime. This option allows for the borrower to pay back the deficit a little extra each month until they are caught up.
Short Refinance
This option allows the lender to get a loan at a lesser rate than the delinquent loan. Over time this loan would help save money, but is an option for those not in desperate means.
Partial Claims - FHA only
These are exclusively for FHA loans, in which Chase will work with FHA Insurance fund to help bring the mortgage current.
Pre-Foreclosure Sale
This is a valuable option in which the borrower believes that even with other options keeping current with the mortgage would still be a challenge. In this scenario Chase may be willing to accept less than what is owed.
Deed in Lieu of Foreclosure
This option is best described as an incomplete foreclosure. The borrower forfeits the deed to the lender and the lender forgives the debt. No courts are involved and a borrower's credit is left in tact.
Loan Modification
Due to hardship the lender is willing to modify the existing loan in order to avoid foreclosure.
For additional 'need to know' information about Chase mortgage modifications - Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net
Article Source: UnArchived Articles
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