The Making Home Affordable service report for June was recently released and mortgage servicer J.P. Morgan Chase saw an increase in the amount of permanent home loan modifications that were made from May to June 2010. Many homeowners have been asking that lenders do more to help homeowners not only obtain a more affordable home loan payment but also avoid foreclosure as well. The majority of lenders in the Making Home Affordable Program had been criticized by many angry homeowners who have been denied a permit home loan modification or who’ve dealt with a frustrating process while seeking mortgage assistance.
However, the rise in the amount of permanent home loan modifications made by J.P. Morgan Chase is reason to give homeowners hope who may feel that obtaining a more affordable mortgage is almost impossible. For instance, through the month of May 2010, J.P. Morgan Chase had made 47,467 permanent home loan modifications for homeowners who qualify. That number in June 2010 increased to 54,722 permanent home loan modifications.
While many homeowners are seeking a traditional modification, others have been in need of various alternatives to this type of mortgage assistance, like modifications on a second mortgage or specific assistance for homeowners who are unemployed. Both of these situations, which are becoming more common for homeowners, have programs that are set to deal with these troubles in the near future and the hope that homeowners who have a second lien on their home loan or who are unemployed may get the help they need.
It’s no secret that homeowners and lenders have clashed when it comes to the Making Home Affordable Program. Again, homeowners have been accusing lenders of having an uncaring attitude towards their homeowner’s needs and not making the modifications that are necessary to keep some in their home. Yet, lenders have stated that it is not beneficial for a financial institution when a homeowner loses their home and a bank has to proceed with foreclosure efforts, but some homeowners either file incorrect paperwork or simply do not qualify for a modification.
While the Making Home Affordable Program has had some troubles, lenders are also offering in-house mortgage assistance plans for homeowners who do not meet the Obama Modification Plan’s requirements. Both lenders and homeowners have been at odds, but it is still advised that homeowners who are struggling to make their mortgage payment talk to their lender first so they can find the best solution for their personal mortgage situation.
There are online sources outside of lenders who can help homeowners with the mortgage modification process, but it’s been warned that homeowners need to take care when consulting these sources, seeing as how there are many modification scams in the works. Homeowners can also consult the Making Home Affordable website for additional information and assistance with their mortgage modification needs.