"In servicing a property, we follow the investors' guidelines to avoid foreclosure when possible and to minimize the loss in the case of foreclosure," Chase said in a statement. "After foreclosure, we seek to sell the home for fair market value."
The family said Chase has now said it may be willing to entertain an offer if an independent appraisal is conducted on the home first.
On Thursday, Chase sent a real estate agent to assess the home's value. On Tuesday, an appraiser is scheduled to visit.
Jeannette said she has looked at apartments in the area so the children can continue going to school, but she has struggled to find spaces large enough for the family. If they are evicted, she said they would still likely try to buy the home. But moving with seven children and their aunt is something the Gearings would like to avoid.
"In the middle of school year and holidays? Moving is never a good time," she said. "Just to do that and move back in? For what reason? Red tape?"
When asked if the Gearings' family friend would be willing to pay a higher price to meet the appraisal value, Jeannette Gearing said they would be willing to pay a "fair" price for the home.
"I'm glad something is happening," she said. "Hopefully it will be a good thing and we can get something resolved."