Homeowners with a J.P. Morgan Chase home loan have been able to use the Making Home Affordable Program in order to obtain modifications in the form of mortgage assistance from some of the nation’s top lenders over the past months. Some homeowners have seen lower monthly mortgage payments as a result of obtaining a home loan modification, which has helped many avoid foreclosure.
Unemployment, the loss of value in homes, and a cutbacks in wages at many homeowners’ place of employment have caused a variety of housing troubles as homeowners have struggled to meet their mortgage payments in many cases. Some homeowners are simply unable to meet all of their financial costs and, in some cases, have become delinquent on their home loan payment, while others are suffering in other financial areas as they attempt to keep their mortgage payments current.
Due to the widespread financial difficulties that many homeowners have faced, J.P. Morgan Chase and other mortgage lenders have been using home loan modifications as a way to help homeowners who can no longer afford their monthly mortgage payment by offering either a reduction in interest or a lower monthly mortgage payment through various mortgage manipulation methods, like extending a homeowner’s home loan terms.
While there have also been underwater mortgage refinancing opportunities, unemployment mortgage assistance plans, and modifications for homeowners who have a second mortgage on their home loan, there are still homeowners who have been struggling despite these modification and mortgage assistance efforts. The Making Home Affordable website and Hotline have offered tools to homeowners who are struggling through the modification process and, with more pressure on lenders, there has been an increase of permanent home loan modifications over the past months.
Despite the fact that there is still trouble between homeowners and mortgage servicers, individuals who are having difficulty making their home loan payments are being advised to talk with their mortgage lender or consult sources like the Making Home Affordable website early before mortgage problem get out of hand and unmanageable. Not all homeowners will qualify for mortgage assistance, but with various programs from the Making Home Affordable Program and in-house mortgage assistance options from lenders, homeowners have more routes that they can take when seeking a more affordable home loan payment.