JP Morgan Chase homeowners have had similar troubles as homeowners with other lenders, in that underwater mortgages and unemployment are taking their toll. Homeowners have been relying on the home loan modification programs for mortgage assistance and it is hoped these new programs will help homeowners that are struggling in their mortgage even more.
Unemployed homeowners may now qualify for forbearance on their mortgage payment while homeowners with an underwater mortgage may be able to get a principal reduction on their mortgage, with on-time payments over a certain period. Underwater mortgages have been causing homeowners to walk away from their homes, while unemployment has cost homeowners the ability to afford even the most basic of necessities.
The problem with JP Morgan Chase homeowners is while there may be options for unemployment forbearance; Chase hasn’t been making principal reductions on underwater homes. While homeowners that are struggling to make their mortgage payment still have the option of getting a home loan modification, a program in which Chase has seen some success, there is still little help available to those looking at a mortgage where they owe more than their home is worth.
Again, while it seems that the Obama Administration’s principal reduction plan isn’t going to be used by JP Morgan Chase, homeowners still have options when looking for assistance in their mortgage payments. There have been troubles in the modification program, but homeowners should know there is assistance available.