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J.P Morgan joins other lenders in offering loan modification program

Shared by Sara on Mon Nov 03, 2008 5:06 am
J.P Morgan Chase and Co. plans to come up with a loan modification program for borrowers who're behind on their mortgage payments. Those having ARMs with negative amortization could be shifted to loans with lower rates or their principal balances will be reduced. The loan modification would be used to modify terms and conditions on $70 billion in mortgages for around 400,000 borrowers. Source: http://latimesblogs.latimes.com/laland/2008/11/mortgage-modifi.html

Community Members Opinion

Jessica
Jessica

Joined: 08 Jun 2004

Community Mentor
Posts: 808
Location: OHIO

435.63 Dollars($)

Posted: Mon Nov 03, 2008 5:15 am Post subject:

That's great news Sara. Looks like Chase is following other lenders like Bank of America and Wachovia. With lenders and banks coming up with the offer to modify loan terms, it seems that they have now realized that they could end up with better results than a foreclosure. _________________ http://jessica.mortgagefit.com/

Niicss
Niicss

Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey

499.28 Dollars($)

Posted: Wed Nov 05, 2008 3:03 am Post subject:

This is indeed a great news for the borrowers. A lot of people will be helped by this move of J.P Morgan. _________________ Good is the Enemy of Great.


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