JP Morgan Home Loan Modifications—Are They Still Stopping Foreclosures?

JP Morgan has seen their permanent and pending modifications rise over the last few months in the Making Home Affordable Program, but there is still the question of is the home loan modification program still helping homeowners?  Despite the success lenders like JP Morgan Chase has seen over the last few months, there are still problems that are taking their toll on the modification program.

Homeowners that have been kept in a trial period well beyond the required three months or homeowners that were denied a modification after their trial period are justifiably angry over their experience with the modification program.  However, there are homeowners that have trouble with second liens on their home and underwater mortgages that are causing not only lenders trouble, but also the housing market as well.

There are many people that simply want a more affordable mortgage payment on their home, but other homeowners are getting no help from a mortgage modification due to a second lien on their home.  Other homeowners have seen the value of their home drop so low that they are simply unwilling to pay on the mortgage anymore.

Despite these problems, homeowners that are still looking for a modification from JP Morgan shouldn’t give up.  JP Morgan has seen increases in their numbers for the mortgage modification program over the last few months so there is home loan assistance still available.