Chase ForeclosureJP Morgan Chase & Co wants to be fair in its process of foreclosure and the announcement to put it on hold until the review is completed in 40 US states is a testimony to this fact. Chase foreclosure freeze was imposed earlier in 23 states where the court order is required to initiate the procedure. However, it did not stop the seizure of homes in California and several other states. The problems of incomplete court affidavits and illegal evictions led the bank to delay the process and put a halt on the forceful seizure of homes.
The moratorium is expected to continue for another three to four months in some states as the bank is committed to sort out all issues before it can set a new timeline. It is difficult for the bank to sit idle when the borrowers are not making payments for the last several months. Florida and New York are among the states where payments are due for more than 20 months. However, it is also the responsibility of the lender to see that there is no error in the documents presented before the court. Foreclosure suspension is necessary to let officials continue with their investigation and put an end to the scandal created by lenders.
Chase Foreclosure Process
Chase foreclosure process usually starts with the issue of a notice of default. A typical timeline sets the auction date 90 days after the issue of this notice to the homeowner who still has options open to get assistance from the loss mitigation department by calling 1-800-446-8939. It is possible that you may be found qualified for a forbearance plan, loan modification or deed-in lieu of foreclosure even at this point of time.
Note that the process can be initiated in case of delinquent taxes and second lien mortgage also. In some cases, foreclosure is halted if you file bankruptcy but the bank can also put a counter motion to seek relief from the automatic stoppage and continue with the procedure. Contact an attorney to know your options of foreclosure prevention when the process is on.
There are two kinds of processes that a bank can follow depending upon the law of the state in question. Judicial procedure requires a court action and is followed in states like Florida, Illinois, Ohio, Indiana, New York and Wisconsin.
On the other hand, the non-judicial process can be initiated by the lender upon sending a legal notice to the borrower. This procedure is followed in states like Alabama, California, Arizona, Colorado, Michigan, North Carolina, Texas, Georgia, Oregon and Washington.
Foreclosed properties are generally bought by a third party at the auctions but some may also be transferred to the bank as bank-owned or REO properties. The listings of REO properties are available online at the website of JP Morgan Chase Bank.
Chase Foreclosure Department
Chase Foreclosure Department works under the loss mitigation department of the bank and handles issues and complaints concerning a foreclosure process. It is hard to get a direct phone number to contact this department but online banking users can find a phone number to talk to a loss mitigation specialist and explore options offered by the Chase foreclosure prevention team. Here is the phone Number.
Chase Foreclosure Department Phone Number: 1-800-446-8939
The complete address of the department which is also known as Chase Homeowners Assistance Department is as follows:
Chase Home Finance LLC
Homeowners Assistance Department
3415 Vision Drive
Columbus, OH 43219-6009