JP Morgan Chase’s homeowners are looking for more results in the home loan modification program as lower mortgage payments are being called for due to the slow growth of the job market, which is making home loan payments more difficult.
The home loan modification program has had some success, but there have been many problems between homeowners and lenders and there are also new troubles arising. Things like unemployment and underwater mortgages are causing homeowners to face more strains their finances.
Some options, like principal reductions, are not going to be available across the board from lenders like JP Morgan, as they feel that reducing principals isn’t going to be an option that will be practical for lenders or fair for all homeowners. However, JP Morgan has said they have options available for homeowners struggling in their mortgage due to underwater mortgages, but principal reductions will be used sparingly.
Homeowners with JP Morgan that are struggling with their home loan mortgage payment are being advised to talk to their lender about options still available for helping distressed homeowners.