NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) has approved 138,000 trial mortgage modifications since early April, when it started modifying certain loans under a U.S. government program, the bank said on Tuesday.
Chase, JPMorgan’s consumer and commercial bank, said it has helped prevent 565,000 foreclosures since 2007 through its own modification program and the government plan.
The bank, which generally halts foreclosure while assessing a mortgage for modification, said it is reviewing a further 155,000 applications for modifications.
Banks have been battling rising loan losses from mortgages as the financial crisis has spiraled and the U.S. unemployment rate has reached 9.4 percent.
The pace of home loan modifications climbed by 55 percent in the first quarter from the 2008 fourth quarter, but mortgage payment delinquencies and foreclosures are also rising, U.S. bank regulators said in a report on Tuesday.
(Reporting by Elinor Comlay; editing by John Wallace)
#1 by Frederico Lozano on July 9, 2009 - 3:46 pm
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I’ll be living in this home for almost 6 years and i been not paiying for 7 months.I try to do modifiquetion twis but the said i can’t cualifica.And i really need help because i don’t wanna lose my home
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#2 by Mortgage Refinancing on July 21, 2009 - 11:45 pm
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Interesting!
The loan modification process can be frustrating and confusing for many distressed homeowners. But you have to know what exactly is loan modification. A loan modification is a permanent change in one or more terms of a borrower’s home loan.
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#3 by AMY on January 16, 2010 - 9:11 am
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I applied for a loan modification hoping to change my 15 year mortgage to a 30 year one. Pre-screening determined that I qualified financially and I paid the $700+ to apply. Because of a couple NSFs in the summer (the result of not moving money fast enough on my part) and one in October (the result of my paying on time but forgetting i had and trying to pay it again) i was declined. All issued had been resolved quickly and Chase was never at risk of NOT being paid. The agent on my case said Chase had more interest in having me sell my house than in making it possible for me to stay in it. How ’bout that from a company who received 25BILLION in government bailout money?
#4 by tomasa anzo on January 25, 2010 - 8:38 am
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i have done 2 mod with chase and then i did 1 with n.a.c.a and it has been 9 months total and i have got no answer iam on a fix income i have given all the correct documents i dont understand why i have = not got any help by chase ….. these programs are to help not make life harder…..
#5 by tomasa anzo on January 25, 2010 - 8:41 am
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when i did this mod chase promice me a 2% fix on a 30 yr term and they never did as they promiced they lied and i still have not heard from them since the naca event can anybody help obama iam calling you to help please or anybody at jp morgan chase