JP Morgan Chase Offers Help

As part of their recent settlement with the Justice Department, JP Morgan Chase Bank is offering assistance to homeowners, including forgiveness of debt and other mortgage relief for homeowners. The relief comes in a number of areas, including loan modifications, interest rate reductions, low income and disaster lending and blight relief lending. As Chase makes various types of loans, it gets credit under the JD settlement, but not all relief gets the bank dollar for dollar relief. So, obviously, they are happier doing one form than some of the others. ultimately, assistance under the terms of the settlement will total $4 Billion, and the bank has until 2017 to get it all completed and disbursed. The first 100 cases are now underway, and are regarded by both government and bank officials as a 'test' of how the settlement will work. If you have a home loan with Chase and think you may qualify under the terms of the settlement, or if you're not certain if you qualify, get in touch with Chase as soon as possible and get the discussion going. As always, Good Luck.

Good News for Current & Former Citibank Borrowers

Well, if you are or were a Citibank borrower, yesterday's news is potentially good for you. As part of a $7 Billion settlement with the Department of Justice. Of that $7 Billion figure, $2.5 Billion will go to provide financing for construction of low income multi-family rental housing. Part of the $2.5 Billion reportedly will also go toward helping home owners who financed their homes with Citi. This part of the settlement will provide loan mods and principal reductions of existing loans. If you have questions, contact Citibank or the Department of Justice in Washington, D. C. As always, good luck.

More Help to Avoid Foreclosure in NY

The New York state Atty. General, Schneiderman, has announced a new plan to grant targeted small loans to help families remain current on their mortgages by qualifying for a loan mod they might not otherwise be approved for, thus avoiding foreclosure. The program is called New York State Mortgage Assistance Program (NYMAP). Loans will be for a max of $40,000, and be used to pay off other financial obligations that might be preventing the homeowner from qualifying for a loan mod on his/her mortgage. For more info, contact the NY State Atty. General's office. As always, good luck.