Homeowners with J.P. Morgan have been seeking mortgage modifications in order to lower their monthly payment on their home loan. J.P. Morgan Chase is one of the top lenders in the home loan modification program and they have seen increases in the number of permanent home loan modifications made over the past months.
For instance, the April report for the Making Home Affordable Program states that J.P. Morgan had 39,507 permanent home loan modifications. However, the report for May shows that that number has risen to 47,467 permanent home loan modifications. While there have been complaints and troubles with customers, there are more and more permanent modifications being made in the Making Home Affordable Program.
With the rise of new mortgage troubles outside of a simple inability to make a mortgage payment, refinancing programs, forbearance plans, and even short sale options have been made available to homeowners who are struggling with mortgage difficulties. While not all of the lenders in the Making Home Affordable Program are using all of these mortgage assistance plans, there is help for homeowners in need.
Again, many lenders have been highly criticized for not doing all they can to help homeowners avoid foreclosure, but with an increase in the number of permanent modifications made over the past months homeowners should note that home loan modification plans are still available. Consulting the Making Home Affordable Program and talking over options with their mortgage lender will be the best place for a homeowner to start seeking a lower monthly mortgage payment through a modification.