Homeowners with J.P. Morgan Chase may qualify for a home loan modification through this lender as programs from the Making Home Affordable Program had been assisting homeowners in getting home loan modifications, as well as other forms of mortgage assistance, over the past months. Chase, is one of many lenders in the Making Home Affordable Program, and despite troubles within the modification program, there have been an increase in the number of permanent home loan modifications that have been made over the past months.
There have been complaints from homeowners who have accused lenders of not doing all they can to help those in need. Recently, a Congressional hearing was held and representatives from top lenders in the modification program were on hand to talk about their current and future efforts to help homeowners. There has been concern due to the fact that the original goal of homeowners assisted through the modification program has not been met and while some of the blame falls on lenders, there is trouble with homeowners and the simple fact that not everyone who may potentially qualify actually meets the requirements for modification.
However, programs like modifications, principal reductions, short sale options, and deed in lieu of foreclosure plans have been suggested, and used by many lenders, so that homeowners may obtain a more affordable home loan payment or avoid foreclosure. The main goal of the Making Home Affordable Program is in fact to simply stop foreclosures on homes across the nation by offering more affordable mortgage payments or in cases where a homeowner simply cannot afford their home loan, there are alternatives offered, like the deed in lieu of foreclosure plan.
While J.P. Morgan and other mortgage lenders have had their difficulties, homeowners need to understand that there is assistance available from either the Making Home Affordable Program or from in-house assistance plans directly from mortgage lenders. In some cases, where a homeowner does not qualify for the home loan modification program set forth by the Obama Administration, a similar program may be available directly from a mortgage lender.
Again, lenders have not been perfect and there are many troubling stories that homeowners have when they have gone through the modification process, but those homeowners who are struggling must exhaust all of their opportunities and continually work with their lender or consult the Making Home Affordable website for more information about avoiding foreclosure.