The meltdown in the housing market has devastated homeowners across the country, and coupling that with rising unemployment rates and high rate resets on adjustable rate mortgages and you have a recipe for disaster.
The banking industry and government agencies have been seeking to stem the loan losses, and strive to provide the borrowers alternatives before foreclosure. The nation’s largest banks have also been embroiled in controversy following allegations of improper handling of foreclosures at Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC).
JPMorgan Chase (NYSE: JPM) is making concerted efforts to reverse the tide, and is going to ground zero of the housing crisis to do so – Detroit, Michigan. Detroit has been pummeled since 2008, due to the collapse in the auto industry driving many firms out of business and creating unprecedented waves of foreclosures. JPMorgan Chase has decided to send loan advisors to set up shop in Detroit for three days, trying to help struggling homeowners find the best solution. The efforts are aimed at homeowners with Chase mortgages, and the customers that attend will have access to (1) Initial counseling to apply for a mortgage modification, (2) Counseling for those who are current on their mortgage but are struggling, (3) Short-sale assistance for those who cannot afford their home or don’t want to stay in it, and (4) Document signing and drop off for modifications.
In total, the effort will include forty Chase loan counselors, between Saturday, November 13th and Monday, November 15th during the hours of 8 a.m. to 8 p.m. It will be held at the Doubletree Detroit/Dearborn, which is located at 5801 Southfield Expressway at Ford Road, Detroit. The firm’s statement has indicated that no appointments are necessary, and expects to sit down with most borrowers within 15 minutes of their arrival.
Since Jan.1, 2009, Chase has offered more than 975,000 modifications to struggling homeowners. Though that number is staggering, so too is the mountain of mortgage issues across the country. The sand states of Arizona, Nevada, Florida, and California remain downtrodden amongst the mortgage woes, with no clear end in sight.
