Homeowners have been struggling over the past months to meet their mortgage payment due to a variety of economic factors, mainly from unemployment troubles, and lenders like J.P. Morgan Chase have been working with the Obama administration to provide home loan modifications, along with other mortgage assistance aid, to homeowners who can no longer afford their home at its current rate.
The Making Home Affordable Program was set in place to help those who needed a more affordable home loan payment. J.P. Morgan Chase, one of the top lenders in the home loan modification program, has, along with other mortgage lenders, began modifying mortgages for individuals who are in need of assistance on their home loan. As of May 2010, a report from the Making Home Affordable Program shows that J.P. Morgan Chase has made 47,467 permanent home loan modifications to homeowners in need.
However, there have been troubles between mortgage lenders and homeowners, and there are many who still believe that banks are not doing all they can to help homeowners get the mortgage assistance that will keep them in their home. There have been troubling stories from homeowners that would seemingly give proof to these claims, and many homeowners are angry over the seemingly lack of care on the part of big lenders to help them keep their home.
Yet, lenders and homeowners have been dealing with issues that make a traditional modification almost unhelpful and there have been calls for alternate programs like principal reductions or second lien modifications, that lenders are having to adapt to what it comes to working with homeowners. While no lender is perfect and there have been many cases where banks have not done all they can, there are still assistance programs available from J.P. Morgan Chase and other mortgage lenders.
Homeowners need to understand that a home loan modification or other form of mortgage assistance may be available for their situation and they may be able to either make their home more affordable, or if they face losing their home, avoid foreclosure through a foreclosure prevention plan. While obtaining mortgage assistance may not be an easy route for many homeowners, it should be known that these options are out there and homeowners should strive to do all they can to get the help they need in their home loan and keep a roof over their head.