New Way to Refinance Loan and Avoid Foreclosure: In addition to the struggle with mortgage payments, homeowners who are undergoing foreclosure have to spend hours submitting documentation to mortgage servicers only to be asked to resubmit more paperwork. Five of the largest mortgage servicers in the country have agreed to stop foreclosure abuses and issues with documentation. Some of the servicers have opted for a principal reduction in mortgages for borrowers who owe more money than the cost of the property itself.
Chase Bank Provides New Way to Refinance Loan and Avoid Foreclosure
Among these servicers is Chase, who not only agreed to provide a relief in the amount of $4.2 million for homeowners, but also to facilitate the borrowers with a loan modification agreement. Chase’s new approach consists of sending eligible customers a letter notifying them of a new refinanced loan with a lower interest rate. The borrower only has to sign and return the letter without any additional documentation. This is a way to facilitate the borrowers with a faster and more comprehensive process to avoid a foreclosure.
If you are struggling with a foreclosure issue and need help, do not hesitate to contact us.
Information obtained from: http://www.housingwire.com/news/chase-offers-no-doc-refis-principal-reduction?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29