J.P. Morgan Chase Home Loan Modification Programs–What Mortgage Aid Is Available For Homeowners?

Homeowners with J.P. Morgan Chase have, like homeowners across the nation with many other mortgage lenders, been finding difficulty when it comes to paying their home loan payment.  Many homeowners have found that financial and economic difficulties have caused their home loan payment to become burdensome, so the Obama Administration proposed the Making Home Affordable Program for homeowners in distress.

With the wide variety of mortgage troubles plaguing homeowners there have been various solutions proposed by the Making Home Affordable Program, some of which have yet to begin and others that have been in place for a quite some time.  There have been homeowners who have been angry with their experience in the home loan modification program, but the number of permanent home loan modifications have been on the rise.

Some frustrations have come in the form of homeowners still being unable to meet their monthly mortgage payments even with a modification.  Homeowners with a second lien on their home loan had trouble making payments in this case, but the Second Lien Modification Program has been set in place to help homeowners who have a second mortgage and need assistance with their home loan payments.

Also, the Home Affordable Unemployment Program has been proposed to help those who are struggling with unemployment and may be unable to make their home loan payment as a result. Homeowners who qualify for this program may find they can get forbearance on their home loan payment or have their monthly mortgage payments reduced.

However, some homeowners, for instance, have seen a decrease in the value of their home loan, and as a result, homeowners who are underwater may be able to take advantage of a principal reduction on their home loan, underwater mortgage refinancing opportunities for Fannie Mae and Freddie Mac homeowners, or short sale options for homeowners who want out of their underwater mortgage obligation.

Mortgage troubles are something that have continued to be a problem for many homeowners, but there are many options available from both the Making Home Affordable Program and in-house programs from lenders.  Homeowners who are struggling with their home loan are being advised to talk with their mortgage lender or consult the Making Home Affordable website for more information about home loan assistance programs.