It’s easy to be skeptical of banks implementing programs that offer friendly advice on mortgages and homeownership. After all, didn’t banks get us into a housing crisis in the first place?  Chase and Bank of America may have an ulterior motive when helping you figure out how to keep paying your mortgage, but that doesn’t mean that you can’t make use of and benefit from their free, very informative loan assistance programs.

Home Sweet Loan

With all the changing legislature and special government offers designed to help homeowners keep their home during the economic downturn, there are many steps that the informed consumer can take to prevent foreclosure.  Both Chase and Bank of America have created comprehensive websites dedicated to providing this information to its customers, complete with questions determining your eligibility for different programs, and step by step instructions on how to deal with various issues such as refinancing and loan modification.  Here is a side by side comparison of what is offered on each website:

 Bank of AmericaChase
Downloadable FormsMortgage Eligibility DocumentBorrower Financial Information
Home Affordable Modification Program Affidavit
Advice Topics
"Scam Avoidance"YY
"Making Home Affordable" PlanYY
Loan ModificationYY
Helpful LinksUS HUDMortgage Fraud and ID Theft
Hope NowFederal Reserve Foreclosure Tips
FTC Scam Avoidance

Moving Forward with Loan Transparency

Both of these programs demonstrate a desire for transparency in the home loan process.  In addition to the website, Bank of America offers an online, interactive home loan guide, that walks you through the process of buying a home with easy tools that calculate your expenses, and explains the loan process.

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JP Morgan Chase is also involved with an online informational series, The Way Forward, which helps to keep consumers up-to-date with changes in the world of loans and mortgages.  It also offers three “Focus” videos that offer information and perspectives from homeowners facing foreclosure in Riverside, California.


These programs demonstrate a desire of these two banks to increase their transparency and attempt to create a more “consumer friendly” image after many banks have lost consumer confidence due to the financial crisis.  It also reflects the initial effect of the Truth in Lending regulations implemented this year, including the Home Mortgage Disclosure Act.

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  • lipps

    This must be a joke or some kind of PR garbage.
    I cant speak for Chase they have always been good to me
    But as for Bank Of America, forget it.
    I was on the phone with them recently. Seems like they have some magic formula to devalue your home more than what a local apraiser would.
    This way you cannot qualify for a modification. Your owed to appraised value will be too high.
    Like always BAC will tell you its too risky. lol Thats really funny coming from them.

    Just to get the ball rolling you will have to shell out $375 for an appraisal from their sister company and there is no guarantee that they will accept it.

    This story is really a joke.