JPMorgan Chase Expands Foreclosure-Prevention Events
JPMorgan Chase (JPM) will host borrower outreach programs at 51 Chase Homeownership Centers in an effort to help struggling homeowners current on payments and avoid foreclosure. Yesterday, Chase announced the opening of its 11th Homeownership Center in Florida. The firm published a list today of multi-day outreach events to be conducted in eight major US markets in 2010. Up to 40 Chase counselors will work with homeowners for up to 12 hours a day for four to five days at each event, many based in the centers. Borrowers applying for a mortgage modification also receive short-sale assistance at the events. Those already in the modification process can drop off documents and sign final modification papers. The multi-day events began in Florida, where counselors met with 3,200 borrowers. Chase said half of the homeowners spoke with counselors after less than 10 minutes. According to Chase, 75% of them said the experience was “excellent,” while another 12% said it was "very good.” “Chase is a national leader in preventing foreclosure, and we continue to expand on and improve our programs to keep families in their homes," said Dave Lowman, head of home lending at Chase. "Since 2007, we have helped prevent more than 965,000 foreclosures." Events will be held in Chicago May 13-17. Atlanta and Washington, D.C. events are scheduled for June. New York, Northern California, Orlando, Phoenix, and Southern California events are scheduled throughout the year with no specific dates yet. Write to Jon Prior.