J.P. Morgan Chase has been one of the top lenders in the Making Home Affordable Program and, since more homeowners are becoming troubled and distressed, foreclosure alternative assistance plans and alternative modification programs have been made available from a variety of lenders to assist these homeowners who may not qualify for a Making Home Affordable modification.
According to the June 2010 report from the Making Home Affordable Program, J.P. Morgan Chase has offered alternative modification programs for 31,973 homeowners who had their trial modification canceled and 32,504 homeowners who were not initially accepted for a trial modification through the Home Affordable Modification Program. Permanent modifications have been on the rise for J.P. Morgan Chase, as well as other mortgage servicers, but there are many homeowners who believe more needs to be done.
There are foreclosure prevention plans available as well, if a homeowner does not qualify for a Making Home Affordable modification or an in-house mortgage assistance plan from their lender. Short sales and deed in lieu of foreclosure plans have been offered from many of the nation’s top mortgage servicers in order to help homeowners who either do not qualify for mortgage assistance or who cannot benefit from any type of home loan aid due to factors like unemployment or a cutback in wages at their place of employment. Some homeowners have simply fallen into a very difficult position and, since they can no longer afford their home loan payments, some of these financial institutions are offering a way for a homeowner to surrender their home without facing the foreclosure process.
While it is understandable that many homeowners are still angry with lenders and the Making Home Affordable Program, there are alternatives being offered which may be of use to these homeowners who were disqualified from a permanent home loan modification. While sources outside of lenders themselves, like the Making Home Affordable website or approved housing counselors from the Department of Housing and Urban Development may be of help, homeowners are often advised to primarily talk with their mortgage lender about assistance that may be available for their personal situation. Again, many homeowners have been denied aid through the modification program but there are alternative plans that may be beneficial in helping a homeowner either keep their home or avoid the foreclosure process.