Is anyone familiar with Chase Banks foreclosure process?

by oliver on September 30, 2010

Question:

Is anyone familiar with Chase Banks foreclosure process?

After how many missed payments do they initiate the foreclosure process? How long does the whole process take? Interested in how they compare with other banks. Thanks

Answer:

In the past, Chase did not file for a foreclosure against homeowners until they are 12 payments behind their mortgage. Nowadays though, if a borrower does not pay for 6 months, Chase already files for a foreclosure against that borrower. The usual number of missed payments before the lender files for a foreclosure is 3. Therefore, Chase’s terms are still quite loose and generous in terms of allowance.

The foreclosure process starts once the lender issues the borrower a notice of foreclosure which reminds him of his total debt and informs him that the process of foreclosure begins. After receiving the notice, a certain period will be given for the borrower to make ways in order to make his mortgage payments current. If the borrower was not able to make his payments current or was not able to make agreement with lender to avoid or prevent foreclosure, a notice of sale will be issued. This notice usually takes 2 to 4 weeks prior to the sale of the house. This house will be sold to the public thru an auction at a scheduled time and date. After the auction, the highest bidder will take over or repossess the house and begin the process of eviction.

Leave a Comment

Previous post:

Next post: