JPMorgan Chase announced today that over the next 90 days it will be expanding its Mortgage Modification efforts in order to help struggling homeowners avoid foreclosure and stay in their homes. During this 90-day period as it implements these changes, there will be no new foreclosure filings.
JPMorgan Chase owns Chase, Washington Mutual, and EMC...their new plans include things like opening 24 new regional counseling centers to provide face-to-face help for its borrowers, adding 300 loan counselors to its staff, and considering more flexible eligibility criteria on origination dates, loan-to-value ratios, etc. for its modifications.
I can say from personal experience with short sales, these guys mean business. Their loss mitigation folks are very proactive, helpful, and quick to review files. I will be curious to see how this all unfolds...
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