Chase Bank will host multiday foreclosure prevention counseling events in eight markets across the country, the company announced Wednesday.

The events will occur over the next five months and the first one will be held in Chicago from May 13-17. Events for Atlanta and Washington, D.C., will follow in June. Dates for the remaining markets — New York, Northern California, Orlando, Phoenix, and Southern California — have not yet been announced.

Struggling homeowners with Chase mortgages will be able to obtain counseling, including assistance in applying for a loan modification or arranging a short sale. Borrowers can also drop off documents required under a trial loan modification and sign final loan modification documents.

Many of the up to 40 counselors who will participate in the events are based in the 51 Chase Homeownership Centers nationwide, the company said.

"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," the announcement said.

Chase first hosted similar events in Florida, serving 3,200 customers, the company said. The company reported that more than half of customers spoke to a counselor in less than 10 minutes and 85 percent spoke with one in less than half an hour.

JPMorgan Chase subsidiaries have modified 43.3 percent of 431,341 loans eligible for loan modification under the federal government’s Making Home Affordable program, according to nonprofit investigative journalism organization ProPublica. Its estimated volume of loans eligible for modification ranks second-highest among large servicers, behind Bank of America.

The news organization gathered Treasury Department data through March 31, 2010, for 22 major mortgage servicers with at least 5,000 loans eligible for the program.

Of the 22 servicers, eight have modified a larger percentage of eligible loans than JPMorgan Chase subsidiaries. Wells Fargo has modified a slightly larger percentage of loans — 43.7 percent of its 378,480 eligible loans — while Bank of America has modified a much smaller percentage — 26.6 percent of its 1,085,894 eligible loans.

In terms of conversions to permanent loan modifications, JPMorgan Chase subsidiaries rank squarely in the middle of the pack of 22 with a 7.3 percent rate. Wells Fargo has modified 7.9 percent of its eligible loans, while Bank of America has modified 3 percent.

JPMorgan Chase subsidiaries have canceled loan mods for an estimated 5.9 percent of total loans eligible for modifications, higher than the 4.7 percent average among large servicers, ProPublica also reported. And an estimated 20 percent of loans eligible for modification remain "in limbo," or have been in a trial mod that extended longer than four months, compared with an average of 11 percent among the largest servicers.


What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE tomorrow! Join us and thousands of your peers from wherever you are.Register Today×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription