Attorneys General across the country are ordering a halt to foreclosures by Chase as investigations are being conducted about the procedures used to kick people out of their homes. Were many of these done illegally? That is the question as charges of negligent business practices are being brought forward by the majority of states. How will this affect the housing market and specifically the Chase homeowners who were at risk of losing their home?
Chase borrowers have been frustrated and angered by the lack of cooperation and communication when they contacted the bank to find a home retention solution, such as a loan modification. Months and months of delays and misinformation left most homeowners feeling like they were getting nowhere with the bank. Many times a loan modification would be in process in one department, only to have a separate department proceed with a foreclosure filing. Obviously there needs to be a more organized and effective procedure in order to properly address this problem.
After all of the problems, delays and errors, can a homeowner finally catch a break? How can this foreclosure suspension be used to benefit borrowers and help them to keep their home? It seems logical that since foreclosure is off the table, at least for now, that a loan modification would be a viable option again. From the bank’s standpoint, some money coming in on defaulted loans is better than no money at all. In addition, those toxic assets will just sit on the books for months while this mess is sorted out, so why not get them modified and paying interest again?
Chase borrowers should really take advantage of this opportunity and not waste any time in contacting the bank to re-apply for a loan modification. Even those homeowners who were denied in the past can now use this new development to their advantage. Take the time to prepare and submit a new application-this time be certain that the paperwork is prepare correctly so that it meets the approval guidelines. Even though this is a second chance, you must prove that you meet the criteria so that a permanent solution can be offered.
Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition. She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies. The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a software program that mimics the federal approval triggers for loan modification. An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications. Thousands of homeowners have been helped using these materials. Visit http://www.myloanmodficationcenter.com for more information.