J.P. Morgan Chase has been one of the top mortgage lenders in the Home Affordable Program and have seen increases in the numbers of permanent home loan modifications they made over the past months for many troubled homeowners. Also, along with other mortgage lenders, Chase has been using extension programs from the Obama Home Affordable Modification Program to help homeowners who cannot benefit from a traditional modification.
While, again, J.P. Morgan Chase has seen increases in their numbers from month to month concerning permanent home loan modifications, many lenders and the Obama Modification Program have also been using extension plans like the Second Lien Modification Program, foreclosure prevention plans, underwater mortgage assistance programs, and they are expected to take part in the Home Affordable Unemployment Program.
Also, J.P. Morgan Chase has stated that they offer in-house mortgage assistance options to homeowners who may not get the assistance they need from the Obama Home Affordable Modification Program. While there have been positive numbers reported in JP Morgan’s foreclosure prevention efforts and modification program, there are still many homeowners who feel that more should be done.
For many mortgage servicers, there are far more homeowners who may potentially qualify for a home loan modification or other form of assistance than there are who have received assistance. However, Chase, along with other mortgage lenders, have stated that some homeowners simply do not qualify for these assistance plans or are not taking the proper steps to ensure a modification.
Yet, homeowners are understandably still troubled and there are questions that have been raised as to whether mortgage servicers are doing all they can. However, homeowners are still being advised to talk with their mortgage lender if they are having mortgage payment troubles or feel that there may be some financial difficulties on the horizon. Homeowners may also consult the Making Home Affordable website for more assistance and information regarding home loan modifications.