Chase Mortgage Modification - Helping You Avoid Foreclosure by Lindsy Emery
Chase bank is not one of the biggest lending institutions in America. Like all large organizations, it has undergone a series of changes that are sometimes very confusing. It would appear that Chase has a singular focus, but in actual fact it has many different aspects and works with many banks. Chase mortgage modification works with many organizations and works hard to help its clients avoid foreclosure.
Chase has also changed its name several times. It started as Bank One, then became JP Morgan, then JP Morgan Chase and finally Chase Bank. It is also known WaMu and EMC. With the recent downturn in the economy,
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In the last twenty-four months,
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Repayment Plan
A Repayment Plan is good for those who have experienced a short-term problem, slipped a little behind in their payments,
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Short Refinance
Again,
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Partial Claims - FHA only
This is just for FHA insured loans. Chase bank works with the insurance company to bring the mortgage up to date.
Pre-Foreclosure Sale
This is for borrowers who are facing more serious challenges and the other options would not be helpful. In this case Chase may consider accepted less money that what is owed.
Deed in Lieu of Foreclosure
This is also known as an incomplete foreclosure. The borrower gives the deed to their home to the bank and the balance of the mortgage is forgiven. There is no legal proceeding and the homeowner's credit rating is undamaged.
Loan Modification
The bank will sometimes modify the loan to allow the homeowner, who must be suffering hardship, to avoid foreclosure.
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