Chase Bank Foreclosure Process begins when homeowners make defaults on their monthly mortgage payments. Chase Bank Foreclosure Department will start sending letters informing that you have not made your payment and request you to make the payments as fast as possible. The bank will continue to send such types of letters for 2-3 months if you do not make the payment. According to Chase Foreclosure Policy, the bank will send a Notice to Accelerate the due date when you reach the point of 60 days past due. In such a case, you will be required to repay the entire delinquent amount including late fees, if applicable. The foreclosure department will threaten you to initiate the foreclosure process if you do not pay the amount.
Failure to respond the notice with a payment will make the foreclosure attorney of Chase to forward you a demand letter. This foreclosure letter is a formal notice that a foreclosure case will be filed in the court if the loan is not made current. The bank will file a foreclosure in the court if you don’t respond to the demand letter. Now, you will receive a notice of default and the court documents that will list the total debt amount that is required to be paid by you. The court will offer you around 20 to 30 days to make a response to the notice.
In case if you fail to provide a response to the notice within the time scale, then the foreclosure attorney of the bank will file the notice of sale. This notice is also known as sell will and it will engage a sheriff who will set an auction date on which, your home will be sold to a prospective buyer in the foreclosure auction. Chase Bank has a huge resource of foreclosure properties for sales to potential buyers and investors. Interested buyers could visit the Chase Foreclosed Properties website to find property listings and local real estate agents through which they can make their purchase.
The above foreclosure process is followed in a state where judicial foreclosure is in practice. However, anytime during the foreclosure timeline, the process of foreclosure can be stopped by coming to an agreement with the bank. You can negotiate with the bank for a more affordable payment term in order to keep your home. Moreover, you may be eligible for foreclosure prevention and loan modification programs through which you could prevent the inconvenience of home foreclosure. For more comprehensive information, log on to the bank website.
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