How to Avoid a Chase Bank Foreclosure

If you are behind on your monthly mortgage payments and are not very optimistic about your financial situation in the coming months, you would naturally be worried about saving your property from an expected foreclosure. Instead of waiting for the bank to contact you in this situation, you must be well prepared and should communicate your problem to the lender yourself.

Chase is among the major financial institutions in the US, spread in almost all the states. It has millions of customers and is preferred because of the lower interest rates, especially for those who make timely monthly payments.

Instructions

  • 1

    Look for remedies

    It is highly recommended that you take necessary measures to avoid a foreclosure because it would be extremely hard to stop it once Chase decides to go ahead with it. Once you realise that your monthly income is shrinking or your expenses have reached an extent where it is getting increasingly difficult for you to make the payments on time, you must find some remedies to avoid a foreclosure.

    You should try to find a part-time job to enhance your monthly or weekly income. If you work in a restaurant or you are a truck/taxi driver, you may look to work overtime to earn more and pay the mortgage payments to Chase on time. If you are unable to find a part-time job or it is not possible for you to work more because of health or any other problem, you may look to sell something to be able to pay the installments.

  • 2

    Communicate to Chase

    Chase is known for its high-quality customer service. As soon as you witness signs of a deteriorating financial situation, you should immediately contact the bank. Talk to the customer service representative on the phone and take all the information regarding the terms and conditions of rescheduling the payments. At times, you may get some relaxation in the payments on phone but it is recommended that you visit your branch and talk to the manager.

  • 3

    Put your home for sale

    If you have worked out your financial situation and it remains impossible for you to make the payments on time, you may put your home for sale and watch out for a good offer. Selling your house would be a much better option than the foreclosure.

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