JP Morgan has been one of the banks that has faired better than others throughout the recession, but in the Making Home Affordable Program, they continue to have trouble as homeowner delinquencies increased from the month of January to February, according to reports from the Making Home Affordable Program.
In January 2010, JP Morgan Chase had 432,416 homeowners that were delinquent and potentially qualified for a home loan modification. However, that number of delinquent homeowners rose in February to 437,323. This increase didn’t stop JP Morgan from making some gains in both the number of trial and permanent modifications made for February, but rising delinquencies cause trouble for lenders.
With the amount of homeowners that are in need of a home loan modification, all of the top lenders have seen complaints due to, what looks like, the inability to accurately handle such a high volume of homeowners. There have been some lenders that have had more successful than others, but with rising delinquencies, it puts more work on lenders that are struggling to keep up.
While homeowners may be struggling and worrying about their home loan modification, those with JP Morgan can take comfort in the fact that despite a rise in the number of delinquencies, JP Morgan is still making more and more modifications for homeowners.