Homeowners with J.P. Morgan Chase may benefit from the home loan modification program from the Obama administration. Many homeowners have been struggling to make their mortgage payments because of things like unemployment or a loss of income from one or more family members.
Also underwater mortgages are becoming a problem, or one might argue have been a problem, as many homeowners now owe more on their home and their home is worth. While J.P. Morgan Chase, in terms of underwater mortgages, have said they are unwilling to use principal reductions in the majority of cases where homeowners are underwater there are still options for struggling homeowners.
The Obama administration has plans in place like the Home Affordable Refinance Program that allow homeowners with an underwater mortgage to refinance their home to get a more affordable rate.
There are also programs for homeowners that are simply struggling to make their mortgage payments, not necessarily due to underwater mortgages, but again, due to a loss of income. The Making Home Affordable Program is still in place and lenders like J.P. Morgan are still making modifications for homeowners.
While it takes a lot of work and in many cases a lot of time for homeowners to get a home loan modification anyone that is struggling to keep their home should to contact their lender and explore all the options available to them for avoiding foreclosure.