Chase to Offer $1.1 Trillion in Loan Modifications

chase-building1Great news for Chase borrowers! You “may” now have the most loan modification friendly lender in the country.

Chase announced Friday that they plan to modify a whopping $1.1 trillion in loans it services that tied up in securitizations (AKA Mortgage Backed Securities or Investor Owned Loans). They also plan to include a dash of mortgages in its  own loan portfolio .

“Chase believes it can legally modify the vast majority of its mortgages owned by investors consistent with the relevant investor agreements and the best interests of investors,” Chase said in a statement. They mentioned in a statement to the press that they would need to seek a small amount of approvals for modifications in which the investor requires verification

Chase claims  that they will hold face to face meetings with strugling homeowners in local communities hardest hit by the foreclosure crisis and work in conjunction with local non-profits and organizations. They plan to add staff to assist borrowers with loan workouts in their neighborhoods and will not put any loans into foreclosure as it installs the loan modification program over the next 90 days.

The loan modification program will also be offered to borrowers with mortgages held Washington Mutual and EMC. Chase acquired WAMU last month after they became the largest bank to implode in US history. EMC was a former mortgage arm of Bear Stearns. Chase gobbled up the Bear in February.

Chase claims that their loan modification program may help stop foreclosures on an estimated $70 billion in mortgages and save approximately 400,000 families from foreclosure. Chase said it has already modified $40 billion in mortgages and assisted approximately 250,000 customers since early 2007.

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