JP Morgan Chase being one of the largest loan servicers in the country has a slew of programs that are available to borrowers in need of mortgage assistance. Very much like the vast majority of other lenders in the country Chase is apprehensive to award assistance to a borrower that is current on their mortgage. Their point of view, if it isn't broken don't fix it. In other words if you are making your payments and paying them the interest as outlined in the original note, what is their incentive to reduce their profit.
With that though in mind, there are various stages of delinquency on a mortgage loan that affects the manner in which your file is handled at Chase. When a loan is current to 60 days delinquent it will be serviced within their Eminent Default Department. While it may appear as though they are making great progress within this department, it is important to understand that the file will be closed and all progress will be lost when it is transferred from them to Loss Mitigation, whom handles loans that are delinquent in excess of 60 days.
Borrowers should always try to submit payments to the best of their ability when being reviewed for assistance, largely because loan modification is never a guarantee and borrowers need to always have an exit strategy during this process. I have seen every scenario, borrowers that have made their payments and stayed within 60 days delinquency and others whom have continued to fall further behind.
My experiences with Eminent Default have been less than productive to say the very least, they seem to intentionally delay the process to pressure borrower to submit and reinstate the loan. Progress can be made with the Chase eminent default dept however you may be best waiting until the loan transfers to loss mitigation.
