Loan Modifications Can Help

A loan modification is a great option for many people who are faced with a mortgage payment that they can no longer afford.  Many banks are increasing their efforts to work with troubled borrowers.  Read this article from The Associated Press about what JPMorgan Chase is doing.

“JPMorgan Chase & Co. on Friday became the latest major bank to beef up its mortgage modification efforts as the government also considers a plan to help homeowners avoid foreclosure.  JPMorgan’s expanded program aims to help avoid foreclosures on about $70 billion in loans, which could help as many as 400,000 customers.  The New York-based banking giant has already modified about $40 billion in mortgages, helping 250,000 customers since early 2007.

JPMorgan will not put any loans into foreclosure as it implements the expanded program in the next 90 days.  Charlie Scharf, JPMorgan’s chief executive of retail financial services, said the modifications will range from reducing rates to extending terms to completely replacing loans.  Modification options will be given to customers based on their current loan needs, Scharf added.

The program will be offered to customers with loans held by Washington Mutual Inc. and EMC.  JPMorgan acquired Seattle-based WaMu in September after it became the nation’s largest financial institution to fail.  EMC was a unit of Bear Stearns Cos., which JPMorgan acquired in February.”  - The Associated Press

If you are behind in your mortgage payments, or anticipate trouble in the near future, and you think a loan modification may help you, contact Oregon Home Savers for a free evaluation.  Call 1-888-545-0656 or visit www.OregonHomeSaver.com