How to Avoid Chase Foreclosures

If you have been missing payments with your Chase mortgage, chances are you are already feeling depressed and uneasy. Losing your home is not an easy situation; in fact, it is really one of the most tormenting things that could happen to anyone. Before you start getting crazy on what to do, you probably need to know the process of Chase foreclosures, so you’ll know how much time you have before your house actually gets foreclosed.

Chase Foreclosures Procedure

The process that Chase follows in bringing you in a foreclosure case is almost the same as with other financial institutions in the country. Expect these things to happen when you face Chase foreclosures:

1. They will send a letter to remind you that you have not made a payment with the bank. It will also have a timeframe when you need to make the payment, and a warning that if it’s not paid in the time specified, your home will be foreclosed.

2. Chase will then file a case when you have not made the payment. For 20 days, they will wait for you to answer them and if you don’t, a default judgment will be imposed.

3. A court case will follow, and you will have to defend yourself and explain why you have not made the payment. If the court finds your reason to be valid, then you will be given more time to make a payment for your home, if not, then your home will be foreclosed.

4. After 45 days, summary hearing will start and you will be presented with all the records of the amount of money you owe the bank. The date of the sale of the home will also be decided, which is around 45 to 50 days after the summary hearing.

5. Your property will then be sold, and you won’t have the chance to get it back. Ten days after the sale you must leave the property.

More or less, this is the foreclosure procedure of Chase and all the other banks. There might be some difference on timeframes and steps, but generally the steps listed above are what financial institutions follow.

Chase foreclosures

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Are There Other Options Besides Chase Foreclosures?

Because Chase Bank is committed to helping people retain their homes, they have laid out options for people on the brink of foreclosure.

Loan modification. You can apply for loan modifications with Chase the moment you experience hardship. You can write a letter explaining your situation, and request the bank to grant you a modification. They can help you or anyone who is qualified for the program by reducing the interest rate, waiving fees, extending loan term and even forgiving the loan. There are requirements before you can be qualified for this though; basically, the house should be your primary residence and not a vacation home and the owner or borrower must be experiencing hardship like illness in the family or retrenchment.

Homes Affordable Foreclosure Alternatives (HAFA) Program. It is a government program that Chase supports. Actually, it is almost the same as getting through the regular short sale or deed-in-lieu process, but it is government mandated, therefore more helpful. In HAFA, after the short sale, you will no longer be in debt for the amount that fell “short”. It means that after you have sold the property through the program, you will no longer owe anything. It also has less impact on your credit score plus you will be provided with $3,000 relocation assistance.

Short sale and deed-in-lieu. These are the normal processes that Chase will help you take if you don’t want to take the foreclosure route. In short sale, you will be selling your home below the market price just so you can pay your mortgage loan, the deed-in-lieu on the other hand, will have you sell the property to Chase. You should remember though, that not everyone is qualified for these processes.

There are many ways to avoid foreclosure. It is of course, very painful to lose your home, thus it is best to start working with your mortgage lender as early as you experience hardship so that you can find the best option to take. You don’t have to immediately get into the Chase foreclosures procedure, just as long as you are willing to work out your debt with them.

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