Home Loan Modification – JP Morgan Chase Can Help Home Owners?
Posted on | December 8, 2009 | 7 Comments
The home loan modification process can help you avoid foreclosure and stay in your home. One of the companies that may be able to help you as J.P. Morgan Chase. If you currently have a mortgage with this company there are options available for you. Please understand that getting a mortgage modification will take a lot of paperwork and a great amount of homework on your part. If you are not willing to do this the home loan modification process is going to be very difficult.
The making home affordable modification program has seen many bumps along the road. There is absolutely no doubt that this program got off to a very bad start. Over the last few months lenders have been working diligently to make sure the borrowers get the opportunity to modify their current home loan. The issue now is that homeowners need to take action and submit the proper paperwork before they can get a permanent home loan modification.
The J.P. Morgan Chase modification program is designed to help Americans stay in their homes and avoid foreclosure. This is exactly what their website says and this is the goal of the company. If you have a mortgage with this company then please make sure to contact them and see what your options are. Please understand that not all homeowners will be able to benefit from the home loan modification process but many will.
If you do not have a J.P. Morgan Chase mortgage and you have another company there’s a good chance that you could benefit from the home loan modification program. Many lenders are struggling with the process of getting a home loan modification done a Pres. Obama continues to urge these companies to do whatever it takes to keep you in your home and help you to avoid foreclosure.
Once again, it is very important that you are willing to submit the proper paperwork and do your homework to greatly benefit from the home loan modification process. If you do the correct steps and you will be able to modify your monthly mortgage payment to a lower amount which will help you stay in your home and avoid the process of foreclosure. If you have any questions make sure to access the making home affordable website or call a HUD representative.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Alan Lake
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7 Responses to “Home Loan Modification – JP Morgan Chase Can Help Home Owners?”
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December 9th, 2009 @ 10:39 am
Where do you get your information from. I have a signed contract with Chase three payments full mod and they still will not Mod my loan. I am not backwards on my house. I did not take money out when times where good. Times are hard for everyone but big banks. Why is this? Check out Chasehomefiancesucks.com for information how Chase sucks. I have been trying to work with Chase for two years. What is RESPA to Chase nothing. Do they call before 6:00am yes.
December 10th, 2009 @ 12:41 am
I started a loan modification with JP Morgan Chase over a year ago. I was then put on a trial modification program for eight months! I was optomistic to say the least!!
However, after going into closing and underwriting I had to make a call to JP Morgan and found out I had been declined!!! They did not call me, mail or notify me!!
Then collection calls started despite the fact that they had made no notification of denial of loan modification!!!
I have insufficient income to make my mortgage payments, I had taken out an additional equity loan from Washington Mutual (now JP Morgan) to complete my residence while retired and only receiving pension and retirement income!!!!! They should not have granted the loan or should have reduced the loan amount at the time but did not!!!
They obviously do not feel any guilt or obligation in placing me in this negative position and have denied me assistance.
They referred me to JP Morgan refinance but I do not qualify for there refi programs.
So one year later, all I can say is JP Morgan is of no help to the common citizen wanting help and assistance to save their home!!!!
December 10th, 2009 @ 5:55 am
I have been waiting for a mod from chase since June 2009. I have send them over and over again the paper work.And all they tell me every time is that they are still working on it or that EMC is reviewing it.We are ready to walk away from the home at this point. Before this I have been trying to get a mode since 2005. Before chase took over.My loan was a sub prime interests only loan that about to reset soon.We were screw with the refinance and even before the refinance same Mortgage company when we got the home with.
December 10th, 2009 @ 6:52 pm
I originally had a subprime loan with Washington Mutual in which the loan could adjust 1%, up or down, every six months. I had a 7.2% original loan for 2 years and was told I could refinance. I was denied refinancing by WaMu because they claimed I did not have enough equity. Hell, I did not pay anything down when I bought it. Anywho, my payments continued to rise to 9.2% and I also had a second mortgage. I had to file Chapter 13 that was dismissed,not discharged. Now that Chase owns WaMu, I had been on a trial plan since August, 09, and received a loan mod package that extends a new loan, until 2050, the next ten years interest only, at 8%, with payments of $950, including tax and insurance. Hell, my payment did not lower, it went up. Where did they get 8%? Nothing has changed. I have tried to call but get nowhere and cannot get to anyone that knows a damn thing about anything. Chase received $25 billion from Uncle Sam to do these modifications. I thought the whole idea was to lower the interest rate and the payment. Hell, in my case, I am no better off. I tried to give them the property before and they would not take it. My house is worth approximately $150,000 and if I sign the papers, I will owe $116,000 total. I feel like I have been slam dunked. Hell, if Chase takes it back and sells it, they will make a profit. I’ll sell it today for $150,000 and walk away with about $25,000. Maybe that is what I need to do.
December 13th, 2009 @ 10:14 pm
Folks, you are not alone. Whether with Chase or any other lender, there are so many people in your predicaments. The trial modifications were a bad idea from the beginning, as the mods were granted without determining whether or not individuals qualify for the mod, when they should have been qualifying individuals before granting the mods. It has given so many people a sense of false hope and a part of the reason why we got in this situation in the first place (e.g. stated income/stated asset programs of years past). Through 11/30/09 there have been 759,000 trial mods put in place nationwide, but only 31,000 have actually converted to permanment mods!! Not good.
There is so much in the programs that does not get relayed to the homeowners and the process & procedures can be overwhelming to say the least. If you folks need help, and an advocate to help you through this, please know I would be more than happy to lend a hand. I have close to 14 yrs in the banking/finance industry and have been out of work since March. Recently, I formed a company, Champion Solutions, LLC, to help individuals like you who are trying to get their loans modified and need help navigating the programs. There are very few individuals who are doing what I am doing and trying to help people. If you would like to talk and see what can be done, please feel free to send me an email @ thomasjharris@sbcglobal.net or call me directly @ 815-260-9707. I will only lend my assistance if I firmly believe there is something that can be done. It can’t hurt. Thank you for your time.
January 6th, 2010 @ 5:45 pm
A Tale of Two Dirty Banks
(Boycott J.P. Morgan Chase & Bank of America)
J.P. Morgan Chase is the dirtiest, most corrupt, not only bank, but business in America. I would call them mafia, because they are a criminal enterprise, but I do not want to offend the mafia by putting them in the same category with this scumbag bank. I guess Jamie Dimon missed his ethics class at Harvard Business School. His company’s policies are a direct reflection of his character, and he is a scumbag dirty pig. I lost everything and I can’t even get a job because J.P. Morgan Chase destroyed my credit by dragging out the short sale/foreclosure process for over a year. And to pour salt in the wound, my mortgage has PMI insurance, which means the bank doesn’t lose. I have been turned down for two jobs because of my credit and also that H.R. Bill 3149 has not passed yet………I lay in bed contemplating suicide while J.P. Morgan Chase writes out billions in employee bonus checks.
My nightmare with Jamie Pig Morgan Chase Bank………….
After being laid off, I could no longer afford my mortgage payment. I did not want a foreclosure to occur so I tried to do the right thing and located a realtor and an attorney to work with to help facilitate a short sale. I have brought three different buyers to the lenders. These buyers were pre-approved and ready to close. Every time we got close to closing, the lenders would kill the deal. They should be on their knees, kissing my ass, thanking me for finding them even one buyer in this horrible economy and even worse real estate sector, let alone three. J.P. Morgan Chase and Bank of America have lied, manipulated, and jerked us around for over a year. These two scumbag, lying, dirty banks make my skin crawl and make me want to vomit my stomach contents. One bank representative even told me that “They were going to ruin my credit and destroy my life for putting them in this position.” I put them in this position????? I had an 804 FICO Score before I was laid off. I had a 30 year low rate fixed mortgage. I did everything right. These criminals, who should be in prison for their fraudulent activities, now get 7$$$$$$$$ figure bonuses as rewards. Not to forget, these criminals had their hat-in-hand begging the government for a handout of billions of yours and mine tax dollars. Let’s have a brief history listen. The bulge bracket firms on Wall Street are the DIRECT CAUSE of the great recession. They are the ones who bought the crap sub-prime loans, replenished the coffers of fly by night lenders, sliced and diced them, re-named and re-packaged them as Mortgage Backed Securities, coerced and blackmailed the ratings agencies to give them triple AAA credit ratings, and then sold these garbage investment vehicles around the world knowing full well the whole time this was a scam. These banks perpetrated the largest fraud known to mankind. They systemically brought down not only the U.S. economy but also the global economy. Countries such as Iceland have collapsed because they believed the lies that the thieves on Wall Street fed them and over levered themselves to buy RMBS investments. And now that the real estate bubble has collapsed, and these thieves cannot milk anymore revenue from the RMBS fraud, they are trying to create revenue on the backside by destroying the middle class and people’s lives, including mine. I have lost everything. I am three months from being homeless and living in my truck. I don’t have a ten million dollar mansion like Richard Fuld (Former Lehman Brothers CEO) to go home to, hundreds of millions of dollars in savings, or a private jet to fly me home to my estate in Chicago from NYC , every weekend, like Jamie Dimon. The only way an individual can let their anger known is by exercising freedom of choice. BOYCOTT these scumbag criminal organizations masquerading as banks and take your business elsewhere. They are a disgrace to America.
March 12th, 2010 @ 6:57 pm
I’m not alone here! My mind is still trying to digest how business can be transacted with such little regard for ethics. We were strung alone for 5 months waiting for the modification final review. After several phone calls I finally got a straight answer. I was told that our application was declined 2 months ago! No letter or phone call. And, Chase continued to advise us, on several different phone calls, that our modification was pending and they will send us a letter when they have made their decision. Knowing all along that they killed our prospect of potentially lowering our mortgage to help us save our home. They gave no explanation nor apology.