Breaking News……
Friday, October 31, 2008 – 2:03 PM EDT | Modified: Friday, October 31, 2008 – 4:02 PM
Chase to halt new foreclosures for 90 days
South Florida Business Journal- by Brian Bandell
JPMorgan Chase won’t put any more homes into foreclosure for the next 90 days while it implements a plan to help borrowers stay in their homes, the company announced Friday.
The plan will include proactive offers to refinance mortgages to more affordable terms and a network of 24 regional counseling centers – one likely in Florida – that will help homeowners. Chase spokeswoman Nancy L. Norris said a Florida location hasn’t been picked.
Chase will hire 300 loan counselors and 150 people to review mortgages before they are placed into foreclosure to ensure homeowners were offered modifications first. (more…)
