Yesterday it was announced that JP Morgan Chase would be expanding their foreclosure prevention/home ownership centers to Minneapolis. A location has not yet been found to house the new operation. (Perhaps they want to look at some empty real estate offices?)
JP Morgan Chase already operates centers in 25 other cities. The Minneapolis area is a good place to be for Chase as there continue to be plenty of struggling homeowners who are upside down on their homes.
The goal is to try to help struggling homeowners figure out a way how to stay in their homes and continue to pay JP Morgan Chase.
Homeowners need to think about this….if you own a home that you purchased for $200,000 a few years ago and today it’s maybe worth $100-$120k do you really want to figure out a way how to continue to overpay for that property via a loan modification?
The bankers are in town to convince you to keep paying for your overleveraged house even though it may take 20+ years in some situations for that value to come back – if ever.