Chase is the third largest servicer in the country, and manages a servicing portfolio of 10.5 million loans.
Chase is a subsidiary of JPMorgan Chase, a leading global financial services firm with assets of $2.2 trillion. In addition to loan servicing, Chase services include investment banking, financial transaction processing, asset management, private equity and financial services for consumers, small business and commercial banking.
JPMorgan Chase, which has assets of $2.2 trillion, is the parent company of Chase and WaMu. The company operates in more than 60 countries.
What’s Being Done:
Chase’s CEO Jamie Dimon has stated that Chase supports President Obama’s mortgage modification plan. In the past two years, Chase has helped to prevent more than 400,000 foreclosures primarily by modifying loan terms.
Chase offers the following assistance to qualified borrowers:
Repayment plans, which allow borrowers who have experienced a temporary reduction in income or financial hardship, and who are getting their finances back in order, to pay off the delinquent amounts over a period of time by making their monthly payments plus a portion of the delinquent amount, each month.
Loan modifications, which include changes to the term of the loan, interest rate, or in some cases, to the principal balance. Chase recently enhanced and expanded its modification programs to include a wide array of hardship situations like layoffs, job loss or short-term income reductions, and permanent hardships like death of a spouse, disability, divorce, or severe medical situations.
Short refinance, which allow borrowers who can obtain a loan with another residential lender to payoff their existing Chase loans for less than the full amount owed.
Partial claims (for FHA loans only), allow borrowers to obtain a one-time payment from the FHA Insurance fund to bring their mortgages current.
Pre-foreclosure sale, which involves selling the property prior to foreclosure. On a case by case basis, Chase may accept less than the amount we are owed.
Deed-in-lieu of foreclosure, which is essentially a transfer of property to the lender for possible forgiveness of the entire debt. The advantages are that Chase may waive any amount still owed if the property is subsequently sold for a loss, and the borrower may avoid having a completed foreclosure on their credit history. A deed in lieu may be noted on your credit bureau record.
Next Steps:
If you are currently delinquent, or think you might fall behind on your payments on a loan that’s being serviced by Chase, Chase advises contacting them immediately.
In addition, they advise taking the following steps:
- Have your Chase, WaMu or EMC loan number ready.
- Be prepared to explain what happened that has caused you difficulty in maintaining your monthly payments.
- Gather the following information:
- Income documentation (wage-earners must provide two current pay stubs, and self-employed individuals must provide 4 months of the most recent bank statements and most recent tax return. For corporations and LLCs, be prepared to provide an audited or reviewed year-to-date income statement).
- Hardship letter which outlines the events that have made it difficult for you to continue your monthly payments.
- Signed and completed financial statement that outlines your monthly budget. Additional documentation may be requested to verify income as deemed necessary. This may include items such as bank statements, tax returns and year-to-date income statement.
- Make a list of questions you have, so you can be sure to cover all of your concerns. Have a pen and paper ready so you can take notes on the answers.
Contact Info:
Call Toll free 1 (866) 550-5705 Hours: Monday – Friday 8:00 am – 11:00 pm, ET; Saturday 8:00 am – 8:00 pm ET; Sunday 9:00 am – 5:00 pm ET
