Lender Offers Home Loan Help to Thousands

Published

March 24, 2011

Credit.com is the only company of its kind to be founded and run by leading credit experts including journalists, authors and consumer advocates. We're committed to helping consumers understand and master the confusing world of credit and improve their financial standing by recommending products and actions that are in their best interest.

About 2,400 people in Central Ohio recently received letters from JPMorgan Chase inviting them to a home loan counseling seminar in Columbus because they are in danger of losing their property to foreclosure, according to a report from the Columbus Dispatch. At the event, consumers can at least get a better understanding of their situation, and the severely troubled can possibly even receive home loan modifications to make the payments more affordable.

“We’re certainly trying to attract recently delinquent customers to get them in the process as quickly as possible,” Patrick McGovern, a regional vice president for the Chase Home Ownership Center, told the newspaper. “They really want to tell you their story. They want (the bank) to understand why they’re having trouble and how committed they are to keeping their home.”

[Resource: Misconceptions May Keep Homeowners From Getting Low-rate Refi’s]

However, despite the large number of invitees, Chase expects only a few hundred to show up, the report said.

Many consumers across the country are in serious danger of losing their homes to foreclosure, but many lenders are dragging their feet on allowing troubled borrowers to renegotiate their home loans to make them more affordable.