While the economy and housing market are said to be on the mend, as well as positive reports from the job market continue to be made, there are still many homeowners who are struggling to make their mortgage payment. Many homeowners over the past few months and last year turned to the Making Home Affordable Program in order to find solutions for their home loan troubles.
Lenders like J.P. Morgan Chase, one of the biggest mortgage lenders in the country, are being observed by the Obama administration so that they will provide more assistance for homeowners who are in need. However, there have been many complaints about lenders and homeowners are saying that many of the big banks participating in HAMP are not doing all they can to help.
J.P. Morgan Chase has produced more and more home loan modifications each month and have continued to see positive results when it comes to helping homeowners avoid foreclosure. Yet, this bank has been accused of keeping homeowners in the trial modification phase for a longer period of time than is required and, obviously, many homeowners have been upset with various lenders in the home loan modification program.
It’s for this reason that the Treasury Department has said lenders who are found to not be doing all they can to help homeowners avoid foreclosure are going to lose some of the incentives they receive from the Making Home Affordable Program.
However, despite homeowners’ frustrations and a Treasury Department review, homeowners should know that lenders like J.P. Morgan are still making home loan modifications and they are offering a variety of other assistance programs to help struggling homeowners. Anyone who may be having trouble paying their home loan is being advised to contact their lender to ask about solutions for their mortgage difficulties.