AVOID FORECLOSURE: North San Diego Loan Modifications

I found this interesting post online. While each bank has different criteria, LOAN MODIFICATIONS are one of the best ways to avoid Foreclosure in North San Diego.

Chase underwriter says, “We are approving 98% of the loan modifications.”
I received a call last night from a nice gentleman who works as an underwriter in Chase’s loss mitigation department in San Diego, California.This unit of Chase is also known as the “ARM Unit”.

In the course of the conversation he told me that the main function of this department is to modify as many adjustable rate mortgages as they can, as fast as they can. He also went on to tell me that they were approving more loan modifications than denials and even threw out a number that he swears is true.

“98% of the Chase loan modifications are approved and they do whatever they can to keep homeowners in their home.” Typical interest rate is 5% and the rate is fixed on average, 30 years. It doesn’t matter if it is their primary residence, second home or investment property, they will modify the loan if it makes sense.

Also, this BS rumor that these loan modifications needs to be individually approved by an investor is completely false. The Chase underwriter told me that all the investors want loan modifications and they have already given Chase the green light to modify loans at will. He said there may be a few investors that do not allow this, but he says they are the minority.
This is something I have been advocating since day one. Give everyone loan modifications that deserve it and if they default after the loan modification, then they deserve to go into foreclosure. (unless it is a new hardship)
Plain and simple. This isn’t rocket science and there are too many homeowners losing their homes because of the incompetence of these lenders and servicers loss mitigation departments. It needs to stop and we need to hold them accountable!
This is business and also a bit of human compassion mixed in. You sold them or you now service their toxic loan, now give this “human being”, “American homeowner”, “mother or father” a break and help them stay in their home. Stop lying to the media and American people. When you say you don’t want to take people’s homes, back these claims with real help and data to back it up. The media lip service must stop now!
I just wanted to give Chase another thumbs up and give credit where credit is due. I hope to give some more thumbs up posts in the future in regards to other lenders and servicers and I also will keep telling the truth and bashing lenders and servicers when necessary.