JP MORGAN BEGINS TO OFFER HOMEOWNER RELIEF

Now that JP Morgan has reached a settlement with the government, it will begin the process of providing debt forgiveness and other mortgage relief to struggling homeowners.

Under the terms of the agreement, JP Morgan will receive credit for relief it provides in four major categories:

• Modifications
• Rate reduction/refinancing
• Low income and disaster area lending; and
• Antiblight lending

To get credit, JP Morgan must submit the loans for review. So far, they have submitted 100 loans for review as a dry run.

JP Morgan has been given a deadline of 2017 to fulfill its requirements under the settlement.  The settlement was negotiated through the residential mortgage-backed securities working group, which is a joint state and federal group formed by the government to investigate wrongdoing within the mortgage backed securities market

If you have a loan owned by JP Morgan and are seeking relief, call us today. We can assess whether you qualify for a loan modification and negotiate the modification with your lender.

The first consult is always free of charge.