Another major lender has increased its loan modification help to struggling borrowers-JPMorgan Chase & Co announced an expanded program which could help as many as 400,000 homeowners modify their current home loans.  $70 billion in unaffordable loans are slated to benefit from this new program.  JPMorgan announced it will halt placing any more loans in foreclosure while it implements the new program over the next 90 days.

This new Chase loan modification help is expected to transpire over the next 2 years, but could take longer and cost more than current estimates.  JPMorgan Chase has stated they will implement the program to help as many people who want to stay in their homes as possible by proactively reaching out to homeowners facing financial hardship.  The Federal government is urging lenders to keep people in their homes.

The Chase loan modification help will come in the form of lower interest rates, extending loan terms and new product offerings.  Each borrowers situation will be reviewed and an appropriate loan workout plan recommended.  JP Morgan will offer loan modification help to Washington Mutual and EMC customers, two lenders which the banking giant now owns.  When JP Morgan took over Washington Mutual and EMC, it acquired portfolios which included pay option adjustable rate mortgages.  These risky loans have a high default rate, and Chase loan modifications on those loans would eliminate the option to pay less than the interest due.

Approximately one in five homeowners with a mortgage currently owes more than the home is worth, making refinancing or selling difficult.  The FDIC is currently working on a loan guarantee program to further induce lenders to offer far ranging and meaningful loan modification help to distressed homeowners.  The new plan would be the most aggressive effort yet to control the damage to the U S housing market.  Over half a million homeowners are in foreclosure, and with more loans set to adjust to higher payments, the next round of defaults is around the corner.

JP Morgan will offer Chase loan modification help to clients with 24 regional counseling centers, the hiring of 300 new loan counselors and contacting borrowers with loan workout options.  Each loan will be reviewed to find a loan workout solution prior to moving into foreclosure.  One of the biggest hurdles has been actually getting in touch with delinquent borrowers.  Many homeowners are hunkering down, unsure of what to do and what their options are.  Borrowers are encouraged to learn about the various loan modification programs to find out if they qualify for help.

An excellent source of up to date, unbiased information is The Complete Loan Modification Guide.  This is a low cost, easy to ready handbook that takes you step by step through the loan modification process.  The Complete Loan Modification Guide provides you with everything you need to prepare a professional and acceptable loan modification application.  You learn how to qualify for loan modification help, get assistance completing the forms properly, learn your legal rights, and much more.  Don’t miss out on the billions of dollars set aside to help struggling homeowners-get the help you need.  Order and download The Complete Loan Modification Guide today and get started on the path to financial security again.

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