Chase to set up full-time center for people struggling to pay mortgages
Written on February 5, 2011 by Brooke Wardlaw
JPMorgan Chase and Co. plans to open a home ownership office in Salt Lake City this summer to assist customers who have slipped into the foreclosure process or are seriously behind on their mortgage payments.
Chase, which has more than 60 branch offices in Utah, will assign 10 counselors to advise borrowers struggling with a job loss, health bills or other issues that have put their mortgages in trouble.
The location and opening date of the Chase Homeownership Center are still being worked out.
“The best way to help borrowers find ways to stay in their homes is to sit down face-to-face and discuss their individual circumstances,” David Lowman, CEO of Chase Home Lending, said in a statement.
The center will be open six days a week. Counselors will help borrowers work out a solution that feels right to them, said Chase spokeswoman MaryJane Rogers.
Other Utah banks do help borrowers faced with losing their homes. Chase, however, appears to be the first big lender to set up a full-time center with counselors.
“The center will not be a [bank] branch. The only purpose of these permanent centers is to help our customers who are homeowners stay in their homes whenever possible,” Rogers said.
Short-term options include customized repayment plans for borrowers in arrears and interest-only payments. Permanent fixes could be interest-rate reductions or extensions on loan terms.
Chase already operates 51 home ownership centers in the U.S. Earlier this week, the national lender announced plans to add another 25 centers, including one in Salt Lake City.
Rogers wasn’t able to say how many customers have averted foreclosure with help from Chase centers.
She said representatives have counseled 120,000 borrowers since 2009. The bank has offered more than 1 million temporary modifications and completed 300,000 permanent modifications since then.
Copyright 2011 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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