Mortgage Workouts Getting Serious

JP Morgan plans mortgage workouts to help 400,000 homeowners avoid foreclosure. They are in a rush to avoid more foreclosures and will institute new programs to keep homeowners in their home within the next three months.

Expect independent reviews of all these mortgages, many of which are the option pays that lead to negative amortization. Jp is afraid many people with high monthlies and no equity will satrt to walk. This a huge aggregation of mortgage holders - much larger than the subprime market that literarly broke the bank. And they have every reason to be afraid.

JP will temporarily suspend foreclosures while the changes are implemented.

JPMorgan will create new financing alternatives and renegotiate existing loans. I think you can expect to see this develop into a trend. The banks have finally realized that the foreclosures they allowed to go to market are tanking everything. lets see much more of this!

Thanks for Reading
Howard Bell
www.yourpropertypath.com
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