Many J.P. Morgan Chase homeowners have been seeking a home loan modification in order to make their monthly mortgage payments more affordable. However, alternative assistance plans have also been used by many of the nation’s top lenders to help make homes more affordable, but there are some who have been able to use other methods outside of these plans can make their mortgage more affordable.
While home loan modifications are still a form of mortgage assistance that homeowners are widely seeking, there have been troubles between homeowners and lenders in many cases. While the overall number of permanent home loan modifications has increased for J.P. Morgan Chase, and other top lenders in the Making Home Affordable Program as well, many homeowners want more to be done to help those who are being denied mortgage assistance through the modification program.
However, there are alternative mortgage assistance plans available for many homeowners who do not qualify for one of the Obama Making Home Affordable modification plans. Many lenders have been offering alternatives when it comes to modifications, meaning in-house programs directly from lenders, or homeowners have been able to take advantage of the in lieu of foreclosure plans or short sale options in order to avoid foreclosure.
Yet, there are homeowners who are in decent financial position and cannot obtain mortgage assistance available only to distressed homeowners. For instance, homeowners who have equity in their home, a good credit score, and are current on their mortgage may have options to refinance their home loan and take advantage of low interest rates on home loans that are currently available. While refinancing is costly and not going to be beneficial for every homeowner, more people over the past months have refinanced to get a lower home loan payment and rate since interest rates have been kept low.
While homeowners who may be considering refinancing in order to get a more affordable home loan can talk with various mortgage servicers, homeowners who are seeking a modification to make their home more affordable will have to work with their primary lender. If homeowners are having trouble with their lender, there are outside sources like the Making Home Affordable website and Hotline that can provide help that homeowners need and more information about the modification program.