JP Morgan Chase to Modify Mortgages
Monday November 3, 2008
JP Morgan Chase recently committed to offer mortgage help to 400,000 families. The bank will modify loans and temporarily stop foreclosures. What does that tell you about the efficacy of foreclosure these days?
JP Morgan will offer lower interest rates and allow forbearance of some principal payments. They will also eliminate negative amortization for borrowers in the program. In all, they expect to modify up to $70 billion in mortgages.
We've seen calls for mortgage help, but solutions are complex and hard to come by. The bank clearly sees this as a win-win solution. People get to keep their homes with a more affordable mortgage, and the bank does not have to foreclose and take almost-certain losses.
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Comments
I have been from site to site looking at all the grief that chase is getting.My family and I have fallen on really bad and rough times for the last year and a half, but every time we called they went way beyond help for us and helped us so nicely. They went way beyond for us and now they are trying to modify our home for us. I thank God for them and the people are wonderful. I will suggest anyone go through chase to buy a house. They are what mortgage companies are about. Thank you chase for helping us save our home. God Bless You all.And keep up the great job. Jerry & Vickie Campbell