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JP Morgan Halts Foreclosures for Three Weeks - Waiting for Modification Rules

Breaking news!

"JPMorgan halts new mortgage foreclosures. Will not put new mortgages into foreclosure for 3 weeks. Believes 3 weeks adequate for Treasury to announce a new mortgage modification plan." Mortgage Market Guide.

It looks to me like JPMorgage-Chase figures that there will be changes coming shortly in relation to working out mortgage modification problems. It has been a hit or miss situation on modifications in the past. There have been some companies that would would with the borrower if they needed a modification and others that preferred to let the foreclosure happen. Changes and guidelines from the government could help this situation. President Obama has announced they are working on something to help the homeowners that are current on their mortgage also.

Posted by Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant on 02/13/2009 01:50 PM

Comments (14)

Foreclosures and the Banks in the Mortgage / Finance Channel

foreclosure, delinquent loan modification, current loan modification, stop foreclosure, mortgage market

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14 Comments on JP Morgan Halts Foreclosures for Three Weeks - Waiting for Modification Rules

FEB

This sounds like good news, especially since Oregon was on the TOP 5 list in last nights news for January foreclosures. Let's keep our fingers crossed for good news in 3 weeks!

So do I Leslie, so do I. I hope they are right about the time frame.

Interesting. Do you have a link, Fred?

Jason - I don't have a link, this was just a short announcement on the Mortgage Market Guide.

Oh, got ya. Thanks. Have a good weekend!

FEB

You too brother - Tell Jennifer hi!

I guess three weeks makes all the differnce in the world to some people

Brian - What I am reading is that JP Morgan thinks there will be some loan modification rules within 3 weeks. I hope they are right.

FEB

I hope they are right and we are able to save thousands from foreclosure. The system as it is really sucks and needs to be changed because it really is making no one a winner.

I am really looking forward to some reasonable guidelines on renegotiation. Thanks for the input Todd!

FEB

Fred have you heard anything new on this?

FEB

Sean - The President's announcement today about the Homeowers Affordability and Stability Plan has some information about what is planned. To find out more, check out my website.

FEB

so that's what's going on. the lender for my short sale said they'd be holding off for several wks! good to know...

Greg - One of those unintended consequences, making people slow down the other processes.

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