May 5, 2010

Chase plans multi-day, foreclosure-prevention events in eight markets to help struggling homeowners

Chase plans multi-day, foreclosure-prevention events

  • Chase builds on success of one-on-one help for 3,200 customers in Florida
  • Events complement 51 Chase Homeownership Centers

NEW YORK,  May 5, 2010 - Building on its success in helping Florida homeowners, Chase today announced that it will host multi-day Homeowner Assistance Events exclusively for struggling Chase homeowners in eight major U.S. markets this year.

"We have increased borrower participation dramatically by concentrating our reach-out efforts and bringing together dozens of Chase loan counselors for several days," said Dave Lowman, head of home lending at Chase. "Most importantly, we have been able to help many, many families stay in their homes."

Over the next five months, up to 40 Chase counselors will work with homeowners as long as 12 hours a day for four or five days in a central location, like a civic center or community college.

Many of the counselors are based in the 51 Chase Homeownership Centers across the country. Chase began opening the centers in early 2009 to provide face-to-face counseling to homeowners who have fallen behind on their mortgages.  The centers are open six days a week, including evening hours.

Chase began the multi-day events in Florida, where counselors met with 3,200 customers.  Half the homeowners spoke a counselors in less than 10 minutes, and a total of 85% waited no more than 30 minutes before speaking one-on-one with a counselor. Nearly three-quarters of the customers said their experience was excellent while another 12% said it was very good.

"We are building on the terrific customer experiences at our Chase Homeownership Centers across the country," Lowman said.  "The centers have provided personalized help to more than 91,000 borrowers, and we expect these events will helps thousands more in just a few days."

Chase plans to host multi-day events in the following markets:

  • Chicago - May 13 - 17
  • Atlanta - June
  • Washington, D.C.  - June
  • New York
  • Northern California
  • Orlando   
  • Phoenix   
  • Southern California

Homeowners with Chase mortgages can receive the following services at the events:

  • Initial counseling for homeowners applying for a mortgage modification
  • Counseling for customers who are current on their mortgage but are struggling
  • Short-sale assistance for customers who cannot afford their home or don't want to stay in it

They also can:

  • Drop off documents that they need to submit as part of their trial plan
  • Sign final modification documents if they are ready to complete mod agreements

Since 2009, Chase has hired 3,600 additional counselors, hosted and participated in nearly 475 outreach events, and mailed more than 1 million letters to invite customers to events and centers.  

"Chase is a national leader in preventing foreclosure, and we continue to expand on and improve our programs to keep families in their homes," Lowman said. "Since 2007, we have helped prevent more than 965,000 foreclosures."

Since Jan.1, 2009, Chase has offered over 750,000 modifications to struggling homeowners under the Home Affordable Modification Program, its own modification programs, and modification programs offered by Fannie Mae, Freddie Mac, the Veterans Administration and the Federal Housing Authority.  

About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,100 branches and 15,000 ATMs nationally under the Chase brand. Chase has 146 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships, schools and universities. More information about Chase is available at www.chase.com.




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