Homeowner with J.P. Morgan Chase have been using the home loan modification program in order to obtain a more affordable home loan payment. Many homeowners are still suffering due to economic troubles stemming from the recession and as a result have lost their home or needed a more affordable mortgage payment so that they can stay in their house. However, some have realized that they simply cannot afford their home any longer and it’s at this point that J.P. Morgan Chase, along with other lenders, has been offering foreclosure prevention options so that homeowners can get out of their mortgage without facing foreclosure.
Programs like deed in lieu of foreclosure and short sale options allow homeowners to work with their lender so that they can escape their home loan debt without having their credit score take a huge hit through foreclosure. Homeowners who surrendered the deed to their home in a deed in lieu of foreclosure program were able to escape their mortgage without having any foreclosure proceedings levied against them.
Homeowners who were in an underwater mortgage situation have sought assistance through principal reductions from the Making Home Affordable Program and its lenders, as well as, underwater refinancing options, if their home was owned or guaranteed by Fannie Mae or Freddie Mac. Yet, some homeowners have found that they are simply unable to continue owning their home due to the cost and their personal financial trouble.
Foreclosure prevention options from lenders like J.P. Morgan Chase have helped homeowners who simply have fallen on bad times and can no longer afford their home. The foreclosure prevention efforts were set in place to not only help homeowners avoid doing damage to their credit score but also to allow lenders to work with homeowners so that they may move to a new living arrangement and lending institutions may find a new homeowner for that house.
Homeowners who are struggling to make ends meet and cannot afford their home even with a modification may find help through foreclosure prevention efforts from their lender. It will be important for a homeowner to talk with their lender so that they can find what forms of assistance may be available for their particular situation.