The Making Home Affordable Program March data shows that JP Morgan Chase had 17,894 permanent pending home loan modifications. This number is down from the previous month’s 20,450 permanent pending home loan modifications. However, homeowners with JP Morgan Chase saw an increase in the number of permanent modifications made in March.
Chase saw the number of permanent home loan modifications they made from February to March increase from 19,385 to 31,460. This is a big leap for Chase as many homeowners have been asking that lenders do more to make modifications permanent and Chase was said to be the lender that keeps homeowners in the trial modification period the longest.
While some of this may be good news, homeowners are now being faced with additional troubles from underwater mortgages and unemployment. Underwater mortgages have homeowners in the trouble in that they owe more on their home than the home is worth. Also, the problems with unemployed homeowners are apparent as having little or no income creates a wealth of problems.
However, the Obama Administration is looking to create programs that would provide principal reductions and unemployment forbearance plans on mortgages, but not all lenders are on board with these initiatives as of yet.