Chase Offering Mortgage Relief...Finally

If you're one of many homeowners who has attempted to refinance your mortgage in the last several years with Chase, or any other large lending institution, you've probably been through the ringer. Many people discovered, after months of haggling with their mortgage companies, that they still lost their homes despite attempts at getting current on payments or working out refinancing options. Fortunately, the $25 billion dollar settlement between the nation's five biggest banks and the attorneys general and federal government means that Chase and several other banks are now offering refinancing options that actually make sense.

Chase has declared $4.2 billion in mortgage relief to homeowners, which they will accomplish by either reducing mortgage principals or lowering interest rates. The settlement offers more credit to those banks who modify more loans in the first year so Chase has moved quickly, assembling a team to sift through tens of thousands of loans and identify homeowners who qualify for one of the relief options. For the most part only those owners who owed more on their homes than they were worth or who were delinquent on their mortgage payments qualified.

Chase has already begun sending loan modification letters to homeowners. In fact, CNNMoney highlighted Michelle and Bob Irwin who received a surprise letter from Chase informing them that their  interest rate would be slashed and their monthly payment would be reduced by $229 a month. This was especially good news for the Irwins who were 20 months behind on their mortgage payments and fearing foreclosure.

This is also good news for many other homeowners who may see similar letters arriving from their own banks. It's also a positive shift overall for an economy and a housing market that appear to be gradually shifting back into the positive.

If you're a resident of East Lansing or the Lansing areas of Michigan and would like more information about buying a home, selling a home, or getting approved for a home loan, please contact me at MyRealtorRob. As an East Lansing realtor, I can offer you a free market analysis and help you determine how to get the most money for your home right now.