Many homeowners who are facing foreclosure might have options when it comes to preventing foreclosure or simply making their home more affordable through mortgage assistance plans. J.P. Morgan Chase is one of the top lenders in our nation who has been working with homeowners through the Making Home Affordable Program and these lenders have not only been attempting to help homeowners through mortgage assistance plans, but also by offering foreclosure prevention programs.
Mortgage assistance options like home loan modifications have been used over the past months by many lenders to make homeowners’ monthly mortgage payments more affordable. While there have been troubles in the home loan modification program, lenders like J.P. Morgan Chase have seen an increase in the number of permanent home loan modifications they have made from month to month and there are still opportunities for struggling homeowners despite the fact that some people have been denied or have had a terrible experience when seeking mortgage assistance.
Yet, there are also, as part of the foreclosure prevention efforts, other plans in the works that are set to help homeowners in specific situations like the Second Lien Modification Program, which is hoped to make the cost of a monthly mortgage payment more affordable for homes that have a second mortgage. Many homeowners obtained a modification but it was of little help due to the fact that the second mortgage on their home was not modified and their monthly mortgage payment with still too expensive for their financial situation.
However, in worst case scenarios, lenders like J.P. Morgan Chase have offered homeowners a deed in lieu of foreclosure plan which allows them to surrender their home without having to face the foreclosure process. Homeowners who have tried all that they can to make their home more affordable but simply cannot afford the costs of living in their home any longer make benefit from avoiding foreclosure since it can do a great deal of damage to their credit score.
Homeowners are often advised to talk with their lender or consult the Making Home Affordable Program’s website if they are struggling with their home loan payment. Talking to one’s mortgage lender early when financial troubles arise may give a homeowner a better chance at saving their home by finding an option from the mortgage assistance program that will be right for their situation.