JP Morgan Chase Bank Foreclosure Defense

JPMorgan Chase is one of the largest financial institutions in the country. The financial holding company offers investment banking, commercial banking, asset management solutions, and financial transaction processing through its subsidiaries. They also provide mortgages to millions of homeowners throughout the country and often foreclose on them. Unfortunately, JPMorgan Chase often does not have legal grounds to start the foreclosure process.

To make matters worse, JPMorgan Chase appears as though they are willing to work with homeowners in fear of losing their home. It is only when homeowners have tried to save their home that they learn the financial institution is not on their side and that, in fact, it is too late for them to take further actions. Below are a few of the most common ways the bank states they can help.

Loan Modifications

JPMorgan Chase claims that they have enhanced and expanded its loan modification programs. Now, they claim they can help homeowners with a wide variety of emergencies and financial hardship situations. These include short-term income reductions, lay-offs, job loss, and even permanent hardships such as divorce, the death of a spouse, or serious medical emergencies and situations. Through a loan modification you can change many aspects of your mortgage contract. These may include an adjustment of your principal balance, the interest rate, and reduce monthly payments to make them more affordable.

The company states that the purpose of a loan modification is to help keep homeowners in their home. Unfortunately, these must still be approved and the lender has rejected countless borrowers who have been eligible for their programs. A Fort Lauderdale foreclosure defense lawyer can advise on whether you are eligible and if so, negotiate with JPMorgan Chase to help you obtain a modification that will help make mortgage payments more affordable.

Pre-Foreclosure Sale

JPMorgan Chase often tells homeowners that selling the home is often the best solution if they are finding it difficult to keep their mortgage payments current. JPMorgan Chase also states that in some cases, they may even accept a lower amount for the sale than what is currently owed. While this can allow homeowners to avoid the formal foreclosure process, it still results in homeowners losing their home.

Truthfully, many homeowners have many other options, including filing for bankruptcy, that may allow them to keep their homes while also making mortgage payments more affordable. Before ever putting your house up for sale, you should always speak to a foreclosure defense lawyer who can advise on how you may be able to keep it.

Repayment Plans

Some individuals have experienced short-term financial hardship but they are starting to get back on their feet. For example, a homeowner may have lost their job but they have now found other employment. JPMorgan Chase offers these homeowners the option of a repayment plan. Throughout the plan, homeowners pay back a portion of their late payments every month over an extended period of time.

It is not uncommon for JPMorgan Chase to still start the foreclosure process even when a homeowner has started their repayment plan. They may not keep or even create the original paperwork outlining the repayment agreement, or otherwise act fraudulently or deceptive in order to foreclose on a property. Before agreeing to a repayment plan with the bank, you should always have legal representation who can ensure the process is done right and that your best interests are protected.

Short Refinance

Some lenders and banks are willing to assist you with obtaining a third-party loan or even a new mortgage, that will allow you to pay off your JPMorgan Chase loan. The idea is that this will provide you with a fresh start and a new chance to stay up to date with your payments. If you cannot afford to pay your current loan, though, you likely cannot afford to repay a new one. Other major financial institutions have also been accused of foreclosure fraud, so this does not ensure you are fully protected in the future.

Deed-in-Lieu of Foreclosure

Like most major financial institutions, JPMorgan Chase allows for deeds-in-lieu of foreclosure. With this option, you transfer ownership of the home to the bank. In turn, JPMorgan Chase will forgive the mortgage loan, even if they sell the home for less. A deed-in-lieu of foreclosure can protect your credit score, as the foreclosure will not appear on your credit report. Again, however, you will still lose your home and there may be other options that allow you to remain in it. A foreclosure defense lawyer can advise on your case and determine if there are other options available.

Second Mortgages

JPMorgan Chase is one of the many financial institutions that is part of the federal government program that offers homeowners assistance with their second mortgage. Second mortgages can be modified just like first mortgages, but it is always best to have an attorney on your side when negotiating these to ensure that you can afford future payments and that your rights are protected.

Programs for Military Service Members

If you have served in the military or you are currently in active service, you may qualify for a loan modification, lower interest rate, forbearance, or another type of assistance. JPMorgan Chase also claims that they will help military members who were wrongly foreclosed on in the past. However, considering that JPMorgan Chase has been the subject of many wrongful foreclosure lawsuits, this is difficult to believe. A foreclosure defense lawyer can also advise on the federal laws and programs that protect military service members.

Our Foreclosure Defense Attorneys in Fort Lauderdale Can Help with Your Loan

JPMorgan Chase is one of the largest financial institutions in the country, but that does not mean they always operate honestly. At Loan Lawyers, our Fort Lauderdale foreclosure defense attorneys go up against the big banks to ensure the rights of homeowners are protected. We will put that expertise to work for you. Call us now at (954) 523-4357 or fill out our online form to schedule a free consultation.