Chase Offers No Doc Refis -Are Banks Starting To Get the Hint?

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You may be wondering if hell has officially frozen over because Chase began offering no doc refis and principal reductions to troubled homeowners…

According to HousingWire

The five largest mortgage servicers signed a $25 billion deal with federal prosecutors and 49 state attorneys general in March to settle foreclosure abuses and documentation problems in the past. Chase agreed to provide roughly $4.2 billion in relief to homeowners under the agreement, including principal write-downs, modifications and refinances for underwater borrowers.

This comes as a surprise to me since Chase and some of the bigger banks have been some of the tougher banks to really deal with as a real estate investor. Which makes me wonder if some of these banks are starting to get the hint that dropping the hammer with a foreclosure isn’t always the best answer especially since in some states the process can take several months.

What do you think – have banks caught on and finally going to cut through the red tape?

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