Wall Street was shocked recently by the failure of a banking titan, Washington Mutual. Because WAMU held billions of dollars of uncollectible mortgage paper, it was facing immediate foreclosure.
J P Morgan Chase stepped in and bought the ailing firm, keeping it from its ultimate demise. If you are one of WAMU’s depositors J P Morgan Chase has made assurances that there will no loss of funds on your part.
If you were in the process of procuring a loan modification to bail yourself out of a bad home loan, this process should still proceed smoothly under the new ownership.
J P Morgan bought WAMU knowing it had billions of dollars of uncollectible mortgage debt that that would have to be written off.
It is to their financial benefit to work with you to help you maintain your current delinquent home loan and refinance to a more affordable loan modification that will keep you in your home. This is excellent information for those of you who have yet to take advantage of this type of loan.
If you are facing certain future foreclosure, I suggest you move quickly to begin the loan modification process as soon as possible. This may be your only opportunity to take advantage of this offer and get a fixed rate loan with a reasonable interest rate that will keep you safely in your home.
The US Treasury is pressuring J P Morgan to resolve their bad mortgage debt problem quickly. If you move with deliberate speed you just may find the loan modification you need.
I suggest you learn as much as you can about the process of loan modification before you actually fill out an application form. You want to have the upper hand by knowing what information a lender will ask of you so your loan modification application is approved without issue. The Internet is the best source of free information on loan modification requirements.
A simple Google search will result in 1000′s of sites that contain solid factual information that will give you the knowledge that you are seeking. I think that you will agree that a little research is worth the eventual approval of a loan modification with Washington Mutual, now, the J P Morgan firm.
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