Will JP Morgan Chase Expand Modification Programs To Help Underwater And Unemployed Homeowners?

Many homeowners with JP Morgan Chase have been asking for more assistance in their mortgage as underwater homeowners and unemployed homeowners struggle with their home loan payments.  However, despite JP Morgan Chase’s successful numbers in the home loan modification area, there are reports that Chase isn’t looking to take part in some of these expanded programs.

There are online reports that state JP Morgan Chase isn’t going to offer principal reduction to homeowners with an underwater mortgage.  Homeowners across the nation have seen their home’s value drop and are frustrated with having to pay on a home loan that is worth more than the home itself.

However, there are reports that JP Morgan Chase may be able to help homeowners as they have had program in place for homeowners that have lost their income due to unemployment.  Unemployed homeowners, in the expanded programs, may qualify for mortgage forbearance, which could alleviate the strain of their mortgage for a period of time.

While there lenders and homeowners alike have trouble in the home loan modification program, it’s hoped that all lenders will embrace these new programs and offer more assistance to homeowners struggling to make their mortgage payment.