ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/11/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/11/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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While millions of struggling homeowners have had to jump through all sorts of hoops trying to refinance their mortgages, Michelle and Bob Irwin a few barely had to lift a finger, such as Michelle and Bob Irwin

As part of the $25 billion mortgage settlement that was struck between the nation’s five biggest banks and the state attorneys general and federal government, Chase had pledged $4.2 billion in mortgage relief for tens of thousands of borrowers by either reducing the interest rate or the principal owed (or both) on their loans.

Under the settlement, banks get more credit for modifications that are completed in the first year so the banks are trying to move quickly. By the time the deal was approved in April, Chase had already put together a team to mine through its mortgage paperwork and identify candidates who met the modification guidelines.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

 The borrowers’ loans had to be directly held by Chase, not divvied up among investors or backed by Fannie Mae or Freddie Mac. And many of the eligible borrowers also either had to be delinquent on their loans or owe far more on their homes than they were worth.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Chase identified thousands of borrowers who fit the bill and mailed them letters asking them to call the bank to discuss a modification of their loan, according to spokeswoman Amy Bonitatibus. Yet, getting customers to respond was more difficult than the bank thought. It heard back from only about half the customers it contacted.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

According to a preliminary report on the progress of the settlement issued by its official monitor, Chase claimed $369 million in credits for modifying 3,086 mortgages between March 1 and the end of June.

The bank has offered modifications to another 11,500 borrowers (for credit worth up to $1.2 billion) but those had yet to be completed.

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