JP Mortgage Decides to Modify Mortgages
By admin ~ November 6th, 2008. Filed under: Mortgage News.
It has been announced that JP Morgan will be modifying mortgages - and as much as 70 billion dollars worth of them. That’s a lot of option ARM’s!
They are not all option ARM’s, however mortgages owned by Wachovia will also be eligible for modification with investor approval. Wachovia did fund billions of dollars worth of “pick a pay” mortgages that allow for payments less than the interest is owed.
So, in order to fight foreclosure, 300 employees will be hired for this modification effort that should start over the next 90 days. It is also said that JP Mortgage will not be foreclosing on any properties while they ramp up to start the modifications.
Loans owned by JP Mortgage, Washington Mutual, and EMC are eligible for modification. Expect that not everyone with a need for a modification will be helped.