JP Morgan homeowners that are looking for help from the home loan modification program or struggling with their mortgage due to unemployment or owing more on their home than the home is worth may have new forms of assistance to aid in their troubles. The Obama Administration is putting greater stress on principal reduction and forbearance on mortgage payments, which may be the key to helping homeowners and the housing market.
Homeowners with JP Morgan have experienced the same troubles as most other homeowners whose mortgage is held by other lenders in that they are having trouble making mortgage payments due to unemployment or they are looking at an underwater mortgage that has them paying on a home that has drastically dropped in value.
Reportedly, these new programs, which up until now have been options, just not stressed by the Obama Administration as initiatives lenders need to be using, will offer unemployed homeowners a possible forbearance on payments or underwater mortgages a principal reduction.
While there are many homeowners in need of this type of assistance, some lenders have been hesitant to apply these programs. However, any homeowner in trouble may want to check with their lender about these new options from the home loan modification program or simply ask about forbearance or principal reductions outright.