Monday, March 30, 2009

JP Morgan Chase Opens Loan Service Center in Phoenix

JPMorgan Chase & Co. opens a new loan service center today in north Phoenix and hopes to help area homeowners facing foreclosure and payments they can’t afford.

The loan service center will “introduce new financing alternatives, reach out to borrowers to offer prequalified modifications, and initiate a process to review each loan independently before moving it into the foreclosure process.”

Chase advisers can also help customers with questions regarding the loan remodification program President Barack Obama introduced last month in Mesa.

Chase’s regional spokesperson said the center is equipped to handle several hundred calls and appointments a week and their goal is to help homeowners improve their situations within 30 days.

In addition to the regional location in Phoenix, Chase launched 23 other loan centers across the country. Nine are in California and Denver and Las Vegas also have centers.

Chase inherited bad loans through their acquisitions of Washington Mutual and EMC Mortgage Corp.

Chase says they have helped prevent 330,000 foreclosures of Chase, WaMu and EMC loans since 2007, primarily by reducing interest rates, extending loan terms and providing principal deferral.

Readers, does anyone know a homeowner who’s received a Chase loan workout or modification? I only know one homeowner who got a modification and that was from Citigroup in late 2008.