Foreclosure Procedures For Chase – How To Avoid Chase Foreclosure Actions?
The foreclosure procedure for the chase is quite similar to that of all other mortgage loan companies in the United States. It is an effort by the bank to recover bad money from homeowners who are in arrears on their mortgage loan payments.
Here is the foreclosure process followed by Chase:
* Initially a reminder is sent to you to pay the money you owe to the bank within a specified period of time. It contains a warning that if the amount is not paid on time, your home will be foreclosed upon.
* Now your lender takes legal action against you if you have missed payments or ignored the warning. Under the prosecution foreclosure process, you now have 20 days to answer, and if you don’t, a default judgment will be entered against you.
* You must have already appointed an attorney. The court hearing will take place now, where you will have to explain the reasons for the non-payment. You can get an extension of time to make payments if you have genuine reasons or else the foreclosure process will continue until the sale. During this period, you can opt for a short sale. A short sale is selling the property at a price lower than the value of the house.
* Now, after 45 days from the beginning of the process, the summary hearing is held in which your case is presented in court and a complete record of the money you owe to the lender is prepared and presented to you. Now the court decides the date for the sale of the property. This generally falls between the 45th and the 50th after the summary hearing date.
* Now after bidding, your home will be sold to the interested party on the steps of the county courthouse. Now you cannot redeem your property. The money received is used first to pay off the bank’s debt and if there is any left over, it is given to you. This is the foreclosure by chase process and you have 10 more days after the sale to vacate the premises.
How to avoid Chase Mortgage foreclosure actions?
You can avoid this unpleasant foreclosure situation by writing an effective hardship letter to the bank and obtaining a loan modification or refinance on your mortgage. In both programs, your loan is revised with new terms and conditions that make your loan affordable and sustainable. You can contact Chase for complete information on this.
