JP Morgan Chase homeowners looking for a home loan modification are saying that more needs to be done to make mortgage modifications permanent. JP Morgan has seen an increase in their Making Home Affordable home loan modification numbers over the last few months, but homeowners still want more results.
During the recession, where many banks took a big hit, JP Morgan Chase was one of the few banks that didn’t favor poorly, but rather, stayed healthy as many analysts say that their bailout was only taken so that other lenders who actually needed the money wouldn’t suffer from a loss of business.
Homeowners have been unimpressed by the success of JP Morgan and say they want more permanent home loan modifications made, since JP Morgan is doing so well. The trouble is not with JP Morgan’s participation in the Making Home Affordable Program, but rather the length in which homeowners are being kept in the trial phase of the mortgage modification program.
Typically, a homeowner who is in a trial modification is only supposed to be in that phase of the modification process for three months, provided they make their payments and meet the qualifications of the home loan modification program. However, JP Morgan Chase has been accused of keeping homeowners in the trial modification period for up to six months or more.
Obviously, if this is a problem on the part of JP Morgan, rather than the homeowers, it will need to be solved, but homeowners with JP Morgan have been seeing more and more modifications being made each month, so if you are looking for a modification with this lender don’t give up because there is progress being made.
