JP Morgan Chase is just one of the many top lenders in the Obama Making Home Affordable Program, who have been, over the last few months, in charge of making mortgages more affordable to homeowners that have suffered due to the recession.
However, many lenders have had trouble with homeowners, and vice versa, as there are problems arising in the home loan modification program that are causing many homeowners to miss the opportunity to avoid foreclosure through a mortgage modification plan.
Members of the Treasury Department are saying that lenders aren’t doing enough to make modifications and that the numbers for the program, overall, are too low. The Treasury Department has stated they are going to conduct reviews to see if lenders are doing their part and if not, lenders may lose incentives from the modification program.
While some lenders, like JP Morgan, are not willing to widely use certain plans within the Making Home Affordable Program, like principal reductions, but there are options available to homeowners who may be struggling with their mortgage. Homeowners are being advised to contact their lender about what types of assistance may be available for their specific situation.