Mortgage servicers have been using the Making Home Affordable Program to provide aid to troubled homeowners and J.P. Morgan Chase has been one of the top lenders who are offering mortgage aid options to those in need. According to the June 2010 Making Home Affordable report, Chase has made a total of 54,722 permanent home loan modifications in the Obama Modification Program.
While many view this as a positive, there was also reported to be a total of 233,180 homeowners who potentially qualified for a modification. More and more homeowners are finding they need mortgage aid but there have been accusations that mortgage servicers are not doing enough to meet the demands of troubled homeowners.
For this reason, many mortgage servicers like J.P. Morgan Chase have begun offering Making Home Affordable extension programs and have also offered in-house mortgage aid programs for those homeowners who were denied a permanent home loan modification from the Obama Administration’s modification plan. Lenders have been using short sale plans, deed in lieu of foreclosure agreements, refinancing opportunities, and alternate modification or payment restructuring programs to help homeowners who may face foreclosure.
Economic and job market troubles still are causing the majority of homeowners to seek out these types of mortgage assistance plans, but there are still problems that remain between homeowners and lenders. As more homeowners are in need, the more demand mortgage servicers are facing, which is a main cause for these alternative programs.
Homeowners are still being advised to talk to their mortgage servicers, but there remains distrust and even hostility from homeowners towards lenders. For this reason, homeowners can also use the Making Home Affordable website or hotline as an alternative source of assistance when seeking a home loan modification or other forms of mortgage help.