J.P. Morgan Chase has been working with homeowners through the Obama Making Home Affordable Program in order to provide home loan modification assistance to those who may face losing their home and are in need of aid. Unemployment, among other financial troubles, has caused many homeowners the inability to pay their mortgage payment so lenders have been working to provide alternative mortgage plans that are more affordable to these distressed homeowners but foreclosures are still occurring as some homeowners are either denied a trial modification or have their trial modification canceled due to various reasons.
It’s reported in the June 2010 Making Home Affordable report that 10,927 foreclosure starts have begun for J.P. Morgan Chase homeowners who had their trial modification canceled. Of these homeowners who saw their trial period canceled, 1,119 foreclosure completions have occurred. Also, homeowners who were not accepted into a trial modification plan have struggled as well, as the report indicates 4,765 of these homeowners have seen foreclosure proceedings begin while 446 foreclosures have been completed.
Many homeowners are angry with lenders over these foreclosures and are accusing mortgage servicers of not doing all they can to keep homeowners in their home by offering more affordable mortgage options, lenders like J.P. Morgan Chase have been offering modification alternatives, alternative payment plans, deed in lieu of foreclosure and short sale options. There are cases where homeowners simply do not qualify for a modification and the loss of their home is inevitable, but there are plans that will allow these homeowners to avoid foreclosure and do less damage to their credit score.
Yet, in troubling cases where homeowners seemingly do qualify for a modification but are denied by their mortgage lender, homeowners feel that no amount of work done with their mortgage servicer will help them as, again, many homeowners believe lenders are not doing everything they can for homeowners. In cases where homeowners are having difficulty with their lender it is often advised that they consult the Making Home Affordable website or hotline for alternative assistance or guidance. There are some homeowners who may also use a HUD-approved housing counselor to help them with their mortgage difficulties or through the modification process.