Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Bank Unveils “Homeownership Centers”

HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS
March 25th, 2009

Finally, one bank is taking the bull by the horns to slow the rate of home foreclosures. JP Morgan Chase developed a new concept to aid its customers at risk of losing their homes to foreclosure. The centers are staffed with counselors that meet one-on-one with customers of Washington Mutual and EMC, the former lending arm of Bear Stearns.

The centers are opening in areas with high rates of delinquent loans. The bank plans to have two dozen centers open nationwide by April including nine in California. Counselors promise to analyze each borrowers financial situation and give them a firm answer, if they qualify for a loan modification, one way or the other, within 30 days of their face-t0-face meeting.

Up to this point, this task was handled over the phone with lackluster results. The failure has been blamed on bank employees not taking the time necessary to fully analyze the ability of borrowers to handle a modified loan payment. Early indicators are the majority of these loan modifications fail within 6 months after homeowners fall behind, even with the lower payments.

In fact, most of the homeowners in trouble today are not the bad apples pegged to the subprime loan debacle. More than 80% cite a recent job loss or decline in income due to reduced hours as the reason they can no longer afford their house payments. Banks must decide if it is better to modify a loan or cut their losses and foreclose to get the property off the books.

I hope other banks will follow JP Morgan Chase’s lead. There will be no light at the end of the tunnel for the recession until foreclosure activity recedes to historic norms.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Wednesday, March 25th, 2009 at 8:22 am and is filed under HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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