Who is Next in the Quest to Avoid Foreclosures?
November 5, 2008
JPMorgan Chase & Co is the latest bank to expand its loan modification program. The program will look to assist as many as 400,000 customers in an effort to avoid foreclosures that could reach $70 billion in defaulted loans.
Charlie Scharf, JPMorgan’s chief executive of retail financial services, discussed that the modifications at JPMorgan will range from reducing rates to extending terms to completely replacing products. Modification options will be given to customers based on their current product and needs.
One of the biggest stumbling blocks JPMorgan has found in trying to modify loans is actually getting in touch with customers, Scharf added. It has been our experience at Loan Mitigation Advocates that large banks, like JP Morgan, are currently unequipped to handle the shear volume of inquiries from people in dire financial predicaments. This is exactly where Loan Mitigation Advocates can be of service. We have numerous contacts deep within the banking industry and a proven process to expedite the loan modification process.
Comments
Got something to say?
Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
CORPORATE BROKER’S LICENSE #01858172