Single Point Of Contact: Why Won’t Banks Pay More Attention To Homeowners?

WASHINGTON — Tim Collette’s son Aaron will get back from Iraq on August 19. On August 9, his bank, JPMorgan Chase, is taking his house in Bend, Ore. — unless Collette can get a mortgage modification first. But unlike innumerable other borrowers in similar situations, Collette now has a pretty good shot at getting one.

Collette first asked his bank for help in 2008 when his work as a home flooring expert slowed down dramatically. The result was a disaster. He said the bank told him he had to miss payments to qualify for help. When he missed the payments, the bank began pursuing a foreclosure. One day someone from Chase would say one thing, the next, someone else would say something completely different.

The process got a lot easier last week when Chase assigned a single person to follow Collette’s case and handle every single interaction he has with the bank.

“I have a single point of contact now,” Collette tells HuffPost. “That’s a very good change of events. I’m very pleased. My son’s happy too.”

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