Many homeowners with J.P. Morgan Chase have been able to obtain a permanent home loan modification in a case where they faced losing their home due to their inability to meet their monthly mortgage payment. According to the making home affordable report for January 2010, J.P. Morgan Chase had only made 17,959 permanent home loan modifications but in June 2010 Chase had increased that number to 54,722 permanent modifications.
While many lenders in the Obama Making Home Affordable Program have seen increases in the number of modifications they have made from month to month, there is still trouble for homeowners who are seeking mortgage assistance. While there have been reports that some homeowners do not file their paperwork properly, cannot make payments even with a trial modification in place, or whose debt to income ratio is below 31%, there are plans that may help homeowners who do not qualify for a modification.
Despite the fact that many homeowners have also accused lenders of being disorganized or not offering modifications in cases where a homeowner qualifies, there are alternative assistance plans available to homeowners who may have been denied a permanent modification or who may not qualify for assistance from the Obama Making Home Affordable Program. While not all homeowners have been able to save their home, many lenders are using a variety of programs to help homeowners find the more affordable mortgage payment they seek.
As an example, lenders like J.P. Morgan Chase has been using alternative modification plans, in-house mortgage assistance options, and short sale or deed in lieu of foreclosure programs which can help homeowners either get out of an underwater mortgage situation or avoid foreclosure when they can no longer pay their home loan payment. Some homeowners have still faced bankruptcy or foreclosure, but there are now more plans available not only from the Obama Making Home Affordable Program but also lenders themselves, which can help homeowners in need.
Homeowners that have been struggling when working with their mortgage servicer have turned to alternative home loan modification assistance from sources like the Making Home Affordable website or hotline, as well as, housing counselors that have been deemed reputable by the Department of Housing and Urban Development.