Chase Allows Sandy Homeowners to Defer Mortgage Payments Until End of Loan
NEW YORK -- March 6, 2013
Chase announced today that it is allowing homeowners affected by Hurricane
Sandy to defer payments missed during the moratorium to the end of the loan
term. To be eligible, customers must have been current on their loan at the
time Sandy hit and Chase must own the loan in its portfolio. Chase is
currently working with investors to extend this capability to additional
borrowers. In addition, Chase has other solutions that allows all customers
affected by Hurricane Sandy to avoid having to immediately repay payments
missed during the moratorium.
"We created a payment moratorium to help our customers who were struggling
after Sandy and now we’re allowing them to make those payments over an
extended period of time,” said Kevin Watters, Chief Executive Officer of
Mortgage Banking. “We will automatically adjust their loan with no
documentation required and at no cost to them.”
“Sandy has created significant financial strain on me and my family. I was out
of work for several weeks and lost money,” said Joe Ferrara, Nassau County
resident. “I’m grateful that Chase let me use my mortgage payments to pay for
other needs, including a generator. Chase stepped up to the plate by putting
these payments on the end of my loan so I don’t have to worry about it.”
For example, a homeowner who participated in Chase’s payment moratorium from
October 2012 through March 2013 would add six monthly payments, with the same
principal and interest amount, at the end of their loan.
In its ongoing effort to help customers quickly repair their homes, Chase also
announced last week that it is making the greater of 75 percent or $40,000 of
a homeowner’s total insurance claim immediately available to them. The second
increase since Sandy brought the total funds released by Chase to $235 million
or 84 percent of all insurance funds received. In addition, Chase launched a
new Insurance Claim website to help customers keep track of the process.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and 4 million small businesses through more than 5,500 bank
branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile
banking as well as through relationships with auto dealerships. More
information about Chase is available at www.chase.com.
Amy Bonitatibus, 614.422.6699
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