Homeowners with a J.P. Morgan Chase home loan have been able to use a variety of home loan assistance options to help them obtain a more affordable mortgage payment. Typically, homeowners who are struggling to make financial ends meet have sought out a permanent home loan modification in order to lower their monthly home loan payment obligation.
Unemployment and other economic factors have caused many homeowners to struggle when it comes to making their home loan payment, so in order to help homeowners avoid foreclosure the Obama Administration proposed the Making Home Affordable Program. Many of the nations top lenders like J.P. Morgan Chase have been able to service home loans in a way that allows homeowners to obtain mortgage assistance through modifications, which have provided homeowners with a more affordable home loan payment.
Also, refinancing has been an option for certain homeowners who are in a good financial position and can afford the costs. Homeowners who have equity built in their home, a good credit score, and again can afford refinancing costs have seen incredibly low interest rates over the past months when refinancing. Many homeowners have obtained near-record low interest rates when they refinanced and these low rates have obviously created an environment where homeowners have also seen a reduction in their monthly mortgage payment obligation.
While not all homeowners have been able to obtain mortgage assistance through refinancing or a traditional home loan modification, there are extension programs that have been made available to help those who are still in need. Unemployment and underwater mortgages have been two main causes of home loan troubles so, as a result, the Making Home Affordable Program along with mortgage servicers have provided assistance plans for homeowners in these situations.
Homeowners who want to refinance their home loan may be able to talk with various mortgage servicers in order to find the best rate for their situation. However, homeowners who are in need of a modification are advised to contact their primary mortgage lender first so that they can begin the process of finding the mortgage assistance plan that is right for them.
There have been troubles between homeowners and lenders, but outside resources like the Making Home Affordable website and Hotline, as well as, HUD-approved housing counselors have been available for some homeowners who are struggling in the modification process or are having trouble with their lender. While, again, not all homeowners may find the assistance they need there are now more mortgage assistance options available to homeowners who may be struggling to keep their home and need a more affordable home loan payment.