Chase and Corona Virus

StopCoronaPayments

LoanSafe Member
Mar 20, 2020
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Good Morning-

Have been in contact with Chase 4 times last week. They still have not posted or instructed borrowers as to how they will implement relief for homeowners. I am hopeful that they will offer 12 month forbearance like most other banks out there.....stay tuned, we will get to the bottom of this and provide very clean details so you can figure out your April 2020 mortgage payment, if any....
stopcoronapayments!
 

StopCoronaPayments

LoanSafe Member
Mar 20, 2020
7
0
1
Monday 3/23 update from Chase.
Called a few times and the wait to speak to someone today is 9 hours! No thanks.
I also reached out to Chase through the Secure online messaging center and received this response. My conclusion is that Chase has still not decided to give 12 months forbearances......yet..Stay tuned.



Thank you for your response. My name is James, and I appreciate the opportunity to assist you. I certainly understand the importance of verifying what options you may have at this time. For information about the various mortgage assistance options available, please visit https://www.chase.com/personal/mortgage/my-mortgage/home. For quick access, I have attached PDF copies of the mortgage assistance application and checklist. Please be assured, completing the attached application will help us quickly determine what assistance options your investor allows. Please continue to make your mortgage payment if you are able to. If you are unable to make your mortgage payment, we are offering the following protections for up to 90 days: - We will not charge late fees or NSF fees - We will not report late payments to the credit reporting agencies, previously reported information will not change - We will not place collection calls or letters Here at Chase, our goal is to provide you with the outstanding service you expect and deserve, Benjamin. We understand that these are uncertain times. If you have any additional questions or concerns please let us know, we're only an email away and we're always here to help. Take care, and stay well. Sincerely, James N Baker Chase 1-800-848-9136 www.chase.com
 

bigfrog

LoanSafe Member
Aug 31, 2011
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It isn't just like that, how POTUS stated that there will be relief. Like in 2008, the first round of people were hit hard. They didn't really get any help. It was more like a year or 2, before any signs of help. Government are slow, but effective. Talking to the bank first will just prepare them to act negatively against you. The way to do this is to stop payment for about 3 months. They will get in contact with you. They will get a much information from you as they can, specially about your financial situation. After that they will go through what they find out about you and comparing it with guidelines.If qualify, then help will be offered. But some times it isn't that straightforward either. If the investors have a better options, they'll take it instead of helping.
 

StopCoronaPayments

LoanSafe Member
Mar 20, 2020
7
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1
There are a handful of banks who have already ordered relief effective immediately,(forbearance) see link below.
The purpose of this thread is to specifically help home owners, like myself who find themselves in the same situation as me

1) NON FHA LOANs and FHA Loans owned and serviced by Chase.

2) SPECIFIC PRO ACTIVE MEASURES CHASE BANK WILL OFFER IN REGARDS to forbearance and any other workout options to avoid missed payments, negative credit reporting and foreclosure.


I will continue to update the thread as more information is available.

StopCoronaPayments
 

StopCoronaPayments

LoanSafe Member
Mar 20, 2020
7
0
1
March 24
Waited on hold for 45 minutes for Chase and they cut me off.

Update- 30 days ago, prior to the Corona outbreak, JP Morgan told me they would be offering a loan modification for a nominal fee of $2200 on a non owner occupied 10/1 Interest only from 3.875% to 3.0%. No underwriting or appraisal required.
The modification was received today and will go into effect April 1 2020.
Again, this is not in connection with COVID 19 but nice to see that banks are doing something to lower rates for exisitng customers in an effort to keep their business in a downward trending interest rate market.

Will keep hammering Chase to get some answers!
 

StopCoronaPayments

LoanSafe Member
Mar 20, 2020
7
0
1
3/25/20- Spoke to Chase and have confirmed that they are offering the following:
90 day protection plan. No late reporting, no foreclosures, no payments for 90 days. Chase will reevaluate after 90 days and decide how to proceed with options after that. They specifically say this is not a forbearance. Taking a wait and see approach.
Not what I was hoping for but still hopeful this will improve in 90 days.
 

StopCoronaPayments

LoanSafe Member
Mar 20, 2020
7
0
1
Just received a secure message from Chase. Looks like the 90 day plan without payments or negative reporting is accurate. See below

To our customers impacted by current public health concerns:

First, please know that you are in our thoughts during this difficult time and we are prepared to assist customers affected by COVID-19.

We know you've already taken steps to notify us of your situation. You don't need to send us any additional documentation. We're offering support in the following ways for 90 days, beginning from the date you notified us of your impact:​
We won't charge you any late fees​
We won't report negative information to credit reporting agencies​
If you are able to keep making your mortgage payments, you should do so.

Please make sure we have your current phone number and email address on Chase.com so we can keep in touch. You can also use chase.com or the Chase Mobile app to securely make and confirm payments, access tax information and view your escrow account.

If you are in the military and have been activated to respond to a disaster, you may be eligible for additional benefits. Please call our military services hotline at 1-877-469-0110.

Most importantly, be safe and follow your local community guidelines and recommendations.
Thank you,​
Michelle Silwonuk
Michelle Silwonuk
Managing Director, Chase Home Lending​
Additional resources:

Centers for Disease Control and Prevention (CDC) https://www.cdc.gov/

World Health Organization https://www.who.int/