Good news for California homeowners who may be having trouble keeping up with their home loan payments. JP Morgan announced this past Friday that they are going to greatly increase their Loan Modification programs, and are also going to put a 90 day moratorium on Foreclosures. This expanded Loan Mod plan is earmarked for approximately $70 Billion in mortgage loans, which could help approximately 400,000 homeowners avoid foreclosure. Since 2007, JP Morgan already has completed negotiating Loan Modifications on about $40 Billion in loans for about 250,000 homeowners.
This a great news for California homeowners who may have recently experienced an adjustable rate reset, or had a financial hardship. The Loan Mod program will also apply to homeowners with mortgage loans with Washington Mutual and EMC. JP Morgan acquired Bear Sterns companies which EMC was a part of, and WAMU was acquired by JP Morgan in September.
Bank of America has also stated that it is starting a new program this December 1st, to conduct about 400,000 loan modifications that were loans with the newly acquired Countrywide Mortgage. In August, the FDIC also increased their Loan Modifications plans after they took over Indy Mac Bank.
These loan modifications will possibly include rate reductions, extending terms, moratorium on payments, and in some cases totally replacing the loan with a new loan. California homeowners who are having difficulties making their mortgage loan payments and have a hardship, should consider a Loan Modification. A professional Loan Modification company that is Attorney backed, or better yet, Attorney lead, can negotiate more favorable terms and conditions in most cases. Also, these Loan Mods companies can save homeowners many hours of frustrating work. For more information regarding Loan Mods or for questions, visit the website of our Loan Modification Affiliate: CaLoanModLawyer.com
