J.P. Morgan Chase Loan Modification Program For Troubled Homeowners May Offer Lower Mortgage Payments

J.P. Morgan Chase homeowners have been able to benefit from loan modification programs that have been offered to help homeowners who are troubled in their mortgage. Home loan modification plans have been used by J.P. Morgan Chase, who is one of the top lenders in the Making Home Affordable Program, and as a result more permanent home loan modifications have been made from month-to-month for Chase homeowners and the Obama modification program overall.

Difficulties like unemployment have caused many homeowners to seek assistance for their home loans. Home loan modifications have helped many homeowners by allowing them to obtain a more affordable home loan payment on their monthly mortgage obligation. However, there have been cases where homeowners did not benefit from a traditional home loan modification, and as a result, extension programs were created.

For instance, homeowners with a second lien on their home loan or who are unemployed have been able to take advantage of these Making Home Affordable extension programs that are helping homeowners in a variety of mortgage situations obtain a more affordable home loan payment. However, some lenders have been criticized for not doing all they can to keep homeowners in their homes, and as a result, lenders have been asked to make more efforts in providing alternative assistance plans.

J.P. Morgan Chase has been one of the mortgage servicers who has offered homeowners in-house mortgage assistance programs, short sales, deed in lieu of foreclosure programs, and various other mortgage aid options in cases where homeowners did not qualify for one of the Obama Administration’s Making Home Affordable modification programs.

While there have been difficulties that remain between lenders and homeowners, as lenders are still being accused of not doing all they can to help homeowners who are in need, individuals who are troubled in their mortgage are still being advised to contact their mortgage servicer. Yet, angry homeowners have refused to work with lenders in some cases, so outside options like the Making Home Affordable website and Hotline have been made available, as well as, housing counselors approved by the Department of Housing and Urban Development for specific homeowners in need.