JPMorgan Chase Loan Modification - Moratorium on Foreclosures

Update to previous post: "JPMorgan Chase Loan Modification - Mortgage Program Expanded"

As reported by CNNMoney.com - "JPMorgan Chase expands housing rescue plan":

The bank will step up its efforts to offer mortgage modifications for borrowers at risk, institute an independent review process to eliminate all unnecessary foreclosures and hire and train more staff to handle the added caseload that the plan will generate.

Most important, it will not put any delinquent loans into the foreclosure process during the 90 days it takes to implement its new plan.

Good news for homeowners currently at the brink of foreclosure. In regards to the overall housing market, this aspect of the program could delay the inevitable because undoubtedly a 100% of the foreclosures put on hold will not be able to be modified by JPMorgan Chase. As a result, the homes that should've foreclosed during this 90 day period will still be ripe for the pickin'. The harvest will be delayed and perhaps so will the stabilization of the housing market.

The fruit will still be bad, but the seeds in the right hands will produce a healthy future crop. Misfortune for some, no doubt opportunity for others.