Bank offers free help in Louisville to those at risk of foreclosure

LOUISVILLE, KY (WAVE) – The number of foreclosures in the Louisville area continues to grow, as the roller coaster economy continues. Thousands of homes in the area have been foreclosed on, or are in the process, and it's costing the city money. That, in turn, comes out of your wallet.

"From the stand point of ongoing maintenance of the property, from the stand point of potential arson, from the stand point of devaluing the neighborhood so these are all components that as a community we all need to be interested in," said Jim Mims with the Mayor's Office.

Chase Bank estimates it contacts at-risk customers about 100 times before foreclosure proceedings, but often times, they say customers are too scared to deal, so they ignore it.

"We realize it's an emotional situation for borrowers," said Steve Brassington with the Chase Home Ownership Center.

So they've hired about a dozen additional workers and opened a specialty area at one of its branches to help homeowners face-to-face for free, with issues like reducing interest payments, all aimed at helping to keep people in their home.

"Chase realized that we needed to have physical locations for borrowers to come in and sit down and have one-on-one counseling," Brassington said.

Thursday, about three dozen community groups learned about the new program from Chase, so they can spread the word to those in need.

The face-to-face program is only at the downtown Louisville Chase branch and is one of 82 nationwide in the company.

The center will be open from 8 a.m. to 8 p.m. Monday through Thursday, 9 a.m. to 6 p.m. Friday and 9 a.m. to 1 p.m. Saturday. You can call (502) 566-2006 for more information. You must have your mortgage through Chase or EMC to quality for the services.

To find out more information about the program online, click here.

Copyright 2011 WAVE News. All rights reserved.