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In-Person Loan Modification Comes to D.C.

Please welcome guest blogger Renae Merle from The Post's financial staff, who supplied this item, which has good news for struggling borrowers who are frustrated by voicemail jail when trying to reach their lenders. -- ER

Chase’s new walk-in loan-mod center is in a swank office building along the southern edge of Franklin Square park. (Photo by Elizabeth Razzi)

For troubled borrowers trying to get a loan modification from J.P. Morgan Chase, the detached voice on the other end of the telephone line is finally getting a face. The lender is opening a loan modification center in a fifth-floor office at 1350 I St. NW, in the District, near the McPherson Square Metro station. Anyone in the Washington area with a loan serviced by Chase, Washington Mutual or EMC can go in and ask for help saving their home.

While they accept walk-ins, Chase recommends calling 202-216-8189 for an appointment. Bring a ton of personal financial information, including your two most recent pay stubs and income tax return. Lenders always want to know a lot about your financial situation before agreeing to modify your loan.

The Chase Homeownership Center will have seven staffers who can modify a troubled loan by lowering the payment or extending the terms, for example. They’re hosting an open-house for nonprofit groups today, but starting tomorrow the center will be open Monday through Thursday, 9 a.m. to 6 p.m., and Friday from 9 a.m. to 1 p.m.

“We’ve opened 24 homeownership centers around the country because we know some struggling borrowers want to sit down face-to-face with loan advisors to talk about their situation,” said David Lowman, head of mortgage lending at Chase. “With President Obama’s mortgage assistance plan, we have even more ways to offer real help to families – whether we are talking to them over the phone or across the desk.”
To find out if you qualify for the Obama administration’s foreclosure prevention program, check out The Post’s question-and-answer tool.

-- Renae Merle

Tell us about your experiences trying to reach your lender. Would you prefer a face-to-face meeting?

By Elizabeth Razzi  |  April 9, 2009; 6:00 AM ET
Categories:  Foreclosure , Loan modifications  | Tags: EMC, J.P. Morgan Chase, Washington Mutual, foreclosure, loan modification  
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