Chase modifies 138,000 mortgages
July 23, 2009
By MoneyAisle
New Mexico Business Weekly reports that “Chase Bank has approved 138,000 trial mortgage modifications since the federal government implemented the Making Home Affordable program on April 6.”
Out of the total modifications, 87,100 are through the Making Home Affordable program, while the remaining 50,900 are through Chase’s mortgage-modification program.
“Under the federally backed Making Home Affordable program, struggling homeowners can reduce mortgage payments for principle, interest, property taxes and hazard insurance to 31 percent of their gross income, usually by reducing the interest rate or extending the length of the loan.”