Many homeowners have been looking at lenders in the Making Home Affordable Program, like J.P. Morgan Chase, and have been asking about the number of permanent home loan modifications that have been offered for trouble homeowners who are seeking lower monthly mortgage payments on their home loans. J.P. Morgan Chase is one of the top lenders in the Making Home Affordable Program and as a result, has been able to help many homeowners obtain a permanent modification, but they have also drawn criticism, along with other lenders, who are working to provide aid to distressed homeowners.
J.P. Morgan Chase is not the only lender that has been criticized for what many homeowners are terming “a lack of concern” on the part of these lenders. There have been accusations by homeowners and government officials alike who say that the top lenders in the Home Affordable Modification Program are not doing all they can to assist homeowners who need help when it comes to helping them afford their mortgage or simply avoid foreclosure.
However, J.P. Morgan Chase has often stated that they are doing what they can but there is some trouble on the part of homeowners when it comes to submitting documentation or simply qualifying for a home loan modification. Also, reports from financialstability.gov have shown that J.P. Morgan Chase has been increasing their number of permanent home loan modifications from month-to-month. For instance, Chase had made 39,507 permanent home loan modifications as of the month of April, and increased that number to 47,467 permanent modifications as of the month of May. There are also predictions that in the coming days when the report for June is released, there will be more increases in these numbers.
On the other hand, critics of the Making Home Affordable Program, and specifically J.P. Morgan Chase, have made mention that as of May, it was estimated that 242,282 homeowners potentially qualified for a home loan modification. While the number of permanent home loan modifications did increase, critics of J.P. Morgan Chase say that it is a small percentage in the number of homeowners who potentially qualified for mortgage assistance. However, J.P. Morgan Chase has mentioned that, again, there were many home loan modification trials that began, but homeowners either submitted incorrect paperwork or simply did not qualify for a modification.
There have also been statements from J.P. Morgan Chase that have said they are offering extensions of the Making Home Affordable Program to help homeowners in a variety of mortgage situations and troubles where a traditional modification may not be enough. Also, many of these mortgage lenders have mentioned they use in-house assistance programs as well if a homeowner fails to qualify for the Obama Administration’s Home Affordable Program.
Homeowners still say that these efforts are not enough and that lenders must do more to help homeowners who are struggling to simply make their home loan payment. However, homeowners who are in trouble are still being advised to first contact a mortgage lender to talk over assistance options that may be beneficial for their specific mortgage situation. There are those who say that lenders are unwilling to work with homeowners and that simply contacting a lender primarily is not the best route, so for these people there are alternative sources of assistance, like the Making Home Affordable Program website that can provide tools and resources for homeowners seeking mortgage aid.