Chase Bank Doing Automatic Load Modifications

Looks like  one of the big banks is finally doing something right.

Chase bank is doing Loan Mods for their customers.

Under the settlement, banks get more credit for modifications that are completed in the first year so the banks are trying to move quickly. By the time the deal was approved in April, Chase had already put together a team to mine through its mortgage paperwork and identify candidates who met the modification guidelines. The borrowers' loans had to be directly held by Chase, not divvied up among investors or backed by Fannie Mae or Freddie Mac. And many of the eligible borrowers also either had to be delinquent on their loans or owe far more on their homes than they were worth.Chase identified thousands of borrowers who fit the bill and mailed them letters asking them to call the bank to discuss a modification of their loan, according to spokeswoman Amy Bonitatibus. Yet, getting customers to respond was more difficult than the bank thought. It heard back from only about half the customers it contacted.

Hoping to get more mortgages modified more quickly. Chase has streamlined the process. It now reworks the loan terms and simply lays out the new payment plan in a letter to its borrowers. The borrower sees the new rate, or how much principal has been taken off their balance, and what their new payments will be. All they have to do is sign the letter approving the new terms and send it back to the bank.

http://investing.bryanellis.com/3545/chase-begins-automatic-loan-mods/

http://money.cnn.com/2012/09/10/real_estate/chase-refinance-mortgage/index.html

However the customers described in the CNN article were 2o months behind on  their mortgage.

If they were current but still underwater, would Chase modify their loan?

Probably not.

And this is only with Chase right now.

Hopefully the other banks will join in.

I'm not holding my breath waiting.

That is where our Note Restructuring Service comes in.

You can be current on your mortgage and have good credit,

but can't sell or refinance because you own more that the house is worth.

We can restructure the note and let the owner either sell or refinance and stay in the home.