(03/25/2011) In an effort to help homeowners in Central Ohio who have been severely impacted by the financial downturn, JPMorgan Chase is offering mortgage counseling to help them avoid a foreclosure.
JPMorgan Chase recently sent letters to about 2,400 homeowners in Ohio, inviting them to an event in Columbus at which they can speak with a financial counselor and, if they're truly in dire straits, potentially alter the terms of their home loan, according to a report from the Columbus Dispatch. However, the company also believes only about 300 people will take it up on the offer.
"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.
Consumers facing foreclosure who do not receive this type of help may also benefit from attempting to refinance their existing home loan. By checking the latest online rate tables to find the best local mortgage rates, they may be able to save as much as a few hundred dollars a month on their home loan bill.
Chase has offered more than a million mortgage modifications to consumers since 2009, the report said