Advisors will work face-to-face to help keep families in their homes
ATLANTA, Apr 26, 2010 (LoanSafe.org) -- --Center is the second in Atlanta
Chase opens its second Homeownership Center at 245 Country Club Drive, Building 300, Suite B, in Stockbridge this week to provide one-on-one help to families struggling with their mortgage payments.
Chase is holding a special open house 9 to 10 a.m. Tuesday, April 27, where Chase mortgage counselors will make a brief presentation on the modification process for local nonprofit leaders and government officials.
"We created these local centers so our borrowers can sit down and discuss their situation face-to-face with trained loan advisors in these challenging times," said David Schneider, head of mortgage servicing at Chase. "They are part of a wide-ranging initiative to help families stay in their homes whenever possible."
Chase now has two Homeownership Centers in Georgia. The first opened in March 2009 at 900 Circle 75 Parkway, Suite 760 in the Buckhead area of Atlanta. Open six days a week, the centers reflect the bank's commitment to families hit hard by the state's economic challenges and its real estate market.
Center staffers reach out to homeowners through hundreds of community foreclosure-prevention fairs and through non-profit counselors. In addition, Chase has contacted thousands of struggling borrowers living near one of the centers.
Nationwide, Chase has 51 Chase Homeownership Centers in 14 states and Washington D.C.
The centers are open Monday though Saturday with day and evening hours. For information, borrowers struggling with Chase, WaMu or EMC-serviced loans can call (866) 550-5705 or go to www.chase.com/myhome.
Chase is the only major mortgage servicer that has opened a large network of face-to-face centers to help struggling homeowners understand their options and help pull together paperwork for mortgage modifications. Borrowers can schedule appointments or simply walk in six days a week.
In 2009, Chase offered nearly 600,000 mortgage modifications to homeowners under the U.S. Making Home Affordable Program, its own modification program and Fannie Mae, Freddie Mac, VA and FHA programs.
Each of the centers feature:
Trained advisors. A team of homeownership advisors will assist customers whose circumstances have changed and are no longer able to make their scheduled monthly payment, who want to avoid foreclosure and stay in their home. The trained advisors will evaluate their finances, review possible workout options and answer any questions.
Scheduled appointments. To reduce wait time, customers are encouraged to set up an appointment in advance. They should bring documentation, including recent W-2s and tax forms, recent pay stubs and bank statements and monthly expense documentation. Also, they should bring any information, such as a hardship letter, that will help explain their current financial challenges.
A track record of helping. The advisors reflect Chase's commitment to helping families sustain homeownership over the long term. Since 2007, Chase has initiated more than 900,000 actions to prevent foreclosures through our own programs and through government mortgage modification programs. During 2009 alone we offered approximately 600,000 new trial loan modifications to struggling homeowners. Of these, 89,000 loans have achieved permanent modification, primarily by reducing interest rates, extending the term of the loans and providing principal deferral.
Chase serves The Atlanta metro area through 56 branches. JPMorgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 44.14, +0.25, +0.57%) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.