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?