Norfolk, Va., Aug. 11, 2011 – Continuing its support of military personnel and their families, Chase has opened its newest Homeownership Center in Norfolk near the Hampton Roads area military bases to provide one-on-one help for homeowners struggling with their mortgage payments.
Chase will host local nonprofit leaders and government officials at a special open house today from 9 to 10 a.m. at the new center, located at 1355 International Terminal Blvd., Suite 106.
"We are staffing all of our Homeownership Centers near military bases with employees who have served in the military or military family members," said Steve Stein, head of Homeownership Preservation at Chase. "They understand firsthand the needs of military personnel."
The Homeownership Center in Norfolk is the second center to open near a military base this year – the first opened near Fort Hood in Texas last month. The bank will open four other Homeownership Centers this year near the following military bases:
Chase will have 82 Homeownership Centers nationwide by the end of the year. Counselors at the centers already have met with more than 150,000 borrowers.
Open six days a week with day and evening hours, the Homeownership Centers reflect the bank's commitment to families impacted by the nation's economic challenges.
"Chase has helped more than half a million Americans avoid foreclosure, and we've prevented nearly twice as many foreclosures as we've had to complete," said Stein. "Our Homeownership Centers are a vital part of our wide-ranging efforts to help families stay in their homes whenever possible."
Chase has prevented more than 625,000 foreclosures through modifications, forbearance, short sales and other programs. It has offered more than 1.1 million modifications, with more than 350,000 completed.
Each Homeownership Center features:
Trained advisors. A team of homeownership advisors will assist customers whose circumstances have changed and are no longer able to make their scheduled monthly payment, who want to avoid foreclosure and stay in their home. The trained advisors will evaluate their finances, review possible workout options and answer any questions.
Scheduled appointments. To reduce wait time, customers are encouraged to set up an appointment in advance. They should bring documentation, including recent W-2s and tax forms, recent pay stubs and bank statements and monthly expense documentation. Also, they should bring any information, such as a hardship letter, that will help explain their current financial challenges.
For information, borrowers struggling with Chase or EMC-serviced loans can go to www.chase.com/myhome or call (254) 554-3725. Borrowers can schedule appointments or simply walk in six days a week.
Chase's commitment to military members and veterans
Earlier this year, Chase dramatically expanded the ways it is helping military members and veterans. Specific actions to keep servicemembers in their homes include:
As part of a comprehensive strategy to support the unique needs of military members, veterans and their families, Chase has also launched a series of initiatives in close partnership with government organizations, non-profits, educational institutions and other firms. Specifically, Chase is donating 1,000 homes to veterans over the next five years through its nonprofit partners and -- through the 100,000 Jobs Mission partnership -- has pledged with other firms to collectively hire a total of 100,000 veterans by 2020.
Chase has also partnered with Syracuse University to establish the Institute for Veterans and Military Families to provide education programs for veterans and in-depth analysis of the challenges facing the veteran community. In addition, the bank has formed a multi-year partnership with the Center for a New American Security to address issues impacting U.S. service members, veterans and their families in support of the White House's "Joining Forces" initiative.
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 $2.2 trillion and operations in more than 60 countries. Chase serves consumers and small businesses through 5,200 bank branches, 16,200 ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities. Chase has issued more than 90 million credit cards. More information about Chase is available at www.chase.com.
Media Contact: Mike Fusco, (212) 270-5089