Chase mortgage aid procedures |
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In February 2008, Chase joined with other major servicers in announcing
Project Lifeline, which can stop the clock on the
foreclosure process for 30 days for homeowners who are 90 days or more behind on their mortgage payments.
As with other efforts, the goal is to get homeowners in contact with Chase to determine if a modification or refinance
can be worked out. The lifeline is being offered to people with any residential mortgage for their primary home -- not just subprime
borrowers.
Do you accept partial payments?
No, Chase accepts full monthly payments only.
What percentage of borrowers can expect to get some type of workout of their mortgage?
In total, Chase has modified or refinanced $3.6 billion of subprime ARMs and is processing $3 billion more. Together, that's 51 percent
of all Chase-serviced subprime ARMs (59 percent of the total dollar amount) due to reset by March 2008.
For prime borrowers -- a larger group with larger mortgages -- Chase has made more than 1 million contact attempts,
resulting in the modification and refinancing of more than $415 million of prime ARMs.
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At this time, Chase does not have statistics about fixed-rate borrowers who have received a workout of their mortgage.
Are there any fees involved in the workout process?
Chase charges no prepayment or modification fees when the homeowner's
assistance department modifies the loan to make it affordable. However,
borrowers who miss a payment may be charged a late fee or other
penalty fees. For this reason, it's important to contact Chase before
missing a payment.
Does the process differ depending on whether you are a borrower who is missing a regular payment
or a borrower whose mortgage is about to reset?
The process may differ a bit, but the Chase specialist assigned to the borrower will review options and determine what solutions are
the most appropriate and affordable for the borrower.
Is it helpful if they contact a credit counselor who can work with you on the process?
Chase knows that worried homeowners might be more comfortable seeking
help from a trusted community
group and might not respond to the company's outreach. So, Chase
created its Homeownership Preservation Office in 2004 to make it
easier for those nonprofit community groups to talk directly to
Chase about customers at risk of losing their home. Chase then works
with the community group to provide in-depth counseling to the homeowner
in distress.
Borrowers should contact their city's housing department to find information about city foreclosure prevention programs
or to be directed to a community group to speak with about preserving their home ownership.
Homeowners can also call HOPE NOW at (888) 995-HOPE
(4673) to speak with a HUD-approved counselor to receive foreclosure
avoidance help.
How did it go? Tell us about your experience using this
information to work out a solution with your lender.
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