J.P. Morgan Chase Home Loan Modification Plans And In-House Modification Programs Make Homes More Affordable

Homeowners with a J.P. Morgan Chase home loan have been working with their lender over the past months in order to obtain a more affordable home loan payment. Various economic difficulties, like unemployment, have caused the need for homeowners to seek assistance from mortgage servicers through the Making Home Affordable Program in order to avoid losing their home. However, some homeowners have been denied a modification and, as a result, have grown frustrated and have sought alternative mortgage assistance.

The good news for homeowners with J.P. Morgan Chase in this situation is that there are alternative modifications being made available to homeowners who do not qualify for an Obama Making Home Affordable modification. The June 2010 report from the Making Home Affordable Program states that, through the month of May, J.P. Morgan Chase offered a total of 64,477 alternative modification programs for homeowners who were either unable to obtain a trial modification or who had their trail modifications canceled.

Also, with economic difficulties making even a modification useless for some homeowners, there have been a total of 1,811 homeowners who were offered either a short sale or deed in lieu of foreclosure plan when affording their home loan payment was simply not an option.

Yet, despite these numbers and the fact that J.P. Morgan Chase has made 54,722 permanent home loan modifications as of June 2010, many homeowners believe that more can be done. There are still those homeowners who have been seeking assistance who have been denied some form of aid and have either filed bankruptcy or entered into foreclosure. Obviously, some homeowners were simply swept away during the recession and have struggled to keep their home, but these troubled homeowners feel that there should be more assistance options available so that they can avoid losing their house.

Lenders still point to troubles like improper documentation, failure to make payments during a modification trial period, or the simple fact that homeowners do not qualify for a home loan modification as the main causes for homeowners being unable to obtain mortgage assistance. Yet, despite troubles that remain between lenders and homeowners, individuals who are having trouble making their mortgage payment are often advised to contact their lender to pursue assistance plans that may be beneficial for their situation.

While some homeowners distrust lenders and believe that mortgage servicers do not always have a homeowner’s best interest in mind, outside resources like the Making Home Affordable website and call center are available to provide more information on home loan modification options and the steps homeowners must take when seeking mortgage assistance.