Homeowners who are in default on their Chase home loan have more options available to them than ever before. The Obama Administration’s Making Home Affordable Program has made getting a Chase Mortgage Modification much easier. Chase Bank receives financial incentives to do loan modifications and more for eligible homeowners who experienced financial hardship.
Chase Bank has long been able to do loan modifications in instances when they deemed it was an advantage to them. It always involved cutting their losses! However, it was not a common occurrence. The MHA program and the underlying economic situation in the United States have made the whole process much more palatable for Chase.
Foreclosure is an expensive and labor-intensive process. In a very slow real estate market, it is even more troublesome to a lender. By reworking a mortgage, Chase can help a homeowner keep their home and obtain a more affordable house payment for the future.
Since the beginning of the MHA Program in 2009, over a million homeowners have gotten loan modifications. The government has adjusted and improved things to provide assistance to even more struggling homeowners. There are programs specifically for the unemployed who are seeking jobs.
There are additional programs for the hardest hit areas of the country. These programs offer foreclosure prevention specific to the needs of that particular locale. Incentives are being paid to Chase and other participating lenders to reduce the principal on homes where the homeowner is underwater in their mortgage, owing more than the home’s market value.
There are new programs that Chase must make available that help eligible homeowners who cannot work out a Chase Mortgage Modification, for whatever reason. Short sales and deed-in-lieu of foreclosure arrangements are set up to relieve the homeowner of future obligations resulting from the mortgage. There are even funds to assist with moving expenses necessary for obtaining more affordable housing.