J.P. Morgan Chase is one of the top lenders in the home loan modification program that has been set in place to help those homeowners who are struggling to make their mortgage payment or need some form of mortgage assistance to deal with problems stemming from the recession. The home loan modification program and other mortgage assistance plans are being offered from the Obama Making Home Affordable Program and from lenders themselves.
Lenders have stated that while there have been problems in the Making Home Affordable Program, there have been more and more permanent modifications made each month. Also, the top lenders within the program have all stated that there are in-house assistance plans available to homeowners who may not qualify for a traditional mortgage modification through the Home Affordable program.
Also, troubles resulting from underwater mortgages and unemployment are still causing hardship for many homeowners and there have been new plans developed to deal with these problems. Programs such as principal reductions, although rarely used by some mortgage lenders, forbearance options, short sale plans, and even deed in lieu of foreclosure programs have made managing various mortgage difficulties a little easier.
While there has been no perfect mortgage lender in the Making Home Affordable Program and many homeowners have been very frustrated through the modification process, there is more being done on the part of lenders to assist those who are in need. While not every homeowner will qualify for a modification or necessarily receive mortgage assistance, there is more being done to make modifications available for homeowners in need.
Despite problems with the modification program homeowners are still being advised to talk over assistance options with their lender or consult the Making Home Affordable website for more information on mortgage assistance.