J.P. Morgan Chase is one of the top lenders that is taking part in the Obama Making Home Affordable Program and they are doing so by providing various plans to assist homeowners that are struggling in their mortgage. Homeowners are having mortgage troubles for a variety of reasons, most notably job loss or a cut in their household income.
Despite lenders like J.P. Morgan Chase participating in the Obama administration’s home a modification program, there are still problems and many homeowners are unhappy not only with the program but with lenders as well. Lenders like J.P. Morgan Chase have been accused of not doing all they can to help homeowners that need assistance with their mortgage.
However, lenders are saying that the low numbers in the home loan modification program do not indicate the full spectrum of their efforts to help homeowners as many have in-house programs or alternate options for homeowners that are struggling to pay their mortgage.
While no program or bank is going to be perfect in providing mortgage assistance options, homeowners are still being advised to contact their mortgage lender and ask about options available for their situation when it comes to avoiding foreclosure. Not all homeowners are going to be given assistance, however it’s felt that the majority of homeowners may qualify for some form of mortgage assistance through either the Obama administration or their mortgage lender’s in-house programs.