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Chase Loan Modification Offers Top 900,000

Mortgage lender JPMorgan Chase announced this week that it has made over 900,000 loan modification offers since the start of 2009, through a combination of government and in-house efforts to help homeowners in financial distress.

Chase's Retail Financial Services officer Charlie Scharf said the bank has responded to the worsening economy by working more directly with its borrowers. He added that the bank continues to find new ways to keep them in their homes as much as possible.

In the last quarter, Chase has put over 61,000 homeowners in trial loan modifications under the Home Affordable Modification Program (HAMP), the government’s workout initiative. Eighty percent of the remaining borrowers with aged trial modifications have also been contacted with the bank's final decisions.
                                
Chase was the first of the major lenders to provide personal counseling centers in some of the most distressed areas in the country. Since 2009, 51 counseling centers have been set up, where counselors have met face to face with close to 100,000 struggling borrowers to discuss their workout options.

The bank has also recently expanded its workforce to better help homeowners, adding some 8,000 employees to its staff over the last year and a half. The new staffers help families find the best solutions, start the loan modification or short sale process, and help them fill out the forms at no charge to the borrower.

Besides HAMP, Chase has also actively participated in the Home Affordable Refinance Program (HARP) and the Home Affordable Foreclosure Alternatives (HAFA), which offers short sales and refinancing plans for those who do not qualify for loan modification.