Foreclosures Procedures For Chase - How to Avoid Chase Mortgage Foreclosure Actions?

Foreclosure procedure for chase is quite similar to all the other mortgage lending companies in United States. It is an effort by the bank to get the delinquent money back from the homeowners which are on default on their home 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 specific span of time. It contains a warning that if the amount would not be paid by the time frame provided, foreclosure will take place then on your home.

* Now, a legal action is taken against you by your lender if you have not made the payments or ignored the warning. According to the foreclosure process for chase, you now have 20 days to give the answer and if you fail to do so, a default judgment is taken against you then.

* You must have appointed a lawyer by now. Court hearing will take place now, where in you will have to tell the reasons for non payment. You can get a extension of time for making the payments if you have genuine reasons or else the foreclosure process will follow leading to sale. During this period, you can go for a short sale. A short sale is selling off the property at a lower price than the value of the home.

* Now after 45 days from the start of the process, the summary hearing is done in which your case is presented in the court and a complete record of the money you owe to the lender is prepared and presented to you. Now the date for the sale of the property is decided by the court. This usually falls between 45th-50th after the date of the summary hearing.

* Now after bidding your home would be sold to the interested party at the county courthouse steps. You now can not redeem your property back. The money received is firstly used to pay the debt of the bank and if there is any leftover, that is given to you. This is the foreclosure process for chase and you get 10 more days after the sale to vacate the place.

How To Avoid Chase Mortgage Foreclosure Actions?

You can avoid this ugly situation of foreclosure by writing an effective hardship letter to the bank and getting a loan modification or a refinance to your mortgage. In both of these programs, your loan is revised with new terms and conditions which makes your loan affordable and sustainable. You can contact chase for full information on this.

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