JP Morgan Chase is one of the top lenders in the home loan modification program through HAMP, which was set in place by the Obama Administration. The Making Home Affordable Program was launched to provide mortgage assistance options for homeowners that are struggling from the effects of the recession and, despite mixed results, has seen gains from various lenders.
One lender that has seen an increase in the number of permanent home loan modifications made is JP Morgan Chase, as they have increased their numbers in the program over the last few months. However, an increase in numbers has not allowed lenders to avoid criticism or angry homeowners, as many banks have been accused of not doing all they can to assist homeowners.
It’s hoped that a Treasury Department review will sort out any troubles within the home loan modification program, as JP Morgan specifically has been accused of keeping homeowners in a trial modification for much longer than is required by the Making Home Affordable Program.
However, despite troubles with lenders and the modification program as a whole, homeowners are still being advised to contact their mortgage lender if they are having trouble making their home loan payment. Keep in mind there is no perfect lender and many homeowners have had a difficult battle when it comes to getting a home loan modification, but a lower monthly mortgage payment is available to those who qualify and homeowners stand to benefit more so from a difficult road to a modification than to face foreclosure.