JPMorgan Chase & Co. (JPM) the largest U.S. bank by market value, plans to offer $110 billion in loan modifications of mortgages with plans to expand its modification program within the next 90 days to help 400,000 homeowners avoid foreclosure.

In addition, Chase plans to forgo foreclosure proceedings on all real-estate loans while the changes are implemented in the next 90 days

The loan modificationoffer is also extended to clients of Washington Mutual Inc. (WAMU), who JPMorgan purchased this last month. Loan modifications may include interest-rate or principal reductions and for owner-occupied mortgages for homeowners who show a willingness to pay.

Chase says they plan to establish 24 regional mortgage counseling centers and  hire more loan counselors and offer prequalified loan modifications to borrowers to provide face-to- face help in areas with high foreclosure rates.

The new program is expected to assist approximately 400,000 families with about $70 billion in mortgages.

Chase said they will start a new process to independently review each loan before moving it into the foreclosure process and will temporarily suspend foreclosures while the changes are implemented.

The loan modification program will include pay-option ARM’s that were when it acquired Bear Stearns and WaMu. JPMorgan said all modification offers will eliminate negative amortization and are expected to be more affordable for borrowers in the long term.