J.P. Morgan Chase has been one of the top lenders in the Obama’s Making Home Affordable Program. Many home loan servicers have been participating in the modification program and, according to reports released from the Making Home Affordable Program, which track servicer activity, J.P. Morgan Chase has increased the number of permanent home loan modifications they have made as of July 2010.
Many mortgage servicers have seen increases in the number of permanent home loan modifications they have made from month-to-month. While there are some who believe that the foreclosure prevention efforts have begun to slow, lenders like J.P. Morgan Chase are continuing to make permanent modifications for distressed homeowners.
For instance, in June of 2010, J.P. Morgan Chase had made 54,722 permanent home loan modifications for homeowners who qualified. However, that number increased for the month of July to 58,489 permanent modifications for homeowners who faced foreclosure.
These numbers are up overall for the year as J.P. Morgan Chase had only made 11,581 permanent modifications according to the January 2010 report for Making Home Affordable servicers. Yet, there remains troubles between lenders and homeowners as many believe the servicers participating in the modification program are not doing all they can to provide foreclosure prevention options where homeowners are struggling to make their mortgage payments.
Some troubles include denial of a trial modification or permanent modification, a modification payment that is well beyond a homeowner’s means to pay, or trouble with homeowners being kept in a trial modification period for too long. Yet, lenders also have in-house mortgage assistance plans and modification programs that can be beneficial, and have helped some homeowners, when mortgage assistance from the Making Home Affordable Program is unavailable.
While homeowners are still being advised to contact their mortgage servicer primarily to begin the modification process, homeowners may also consult the Making Home Affordable website or hotline in order to gain more information about the modification process or assistance if troubles arise.
According to the July report from the Making Home Affordable Program, J.P. Morgan Chase has 215,640 homeowners who potentially qualify for a home loan modification. While 263,553 trial plans have been offered, there is still a long way to go to help homeowners who are having difficulties. Yet, despite the fact that there is enmity remaining between mortgage servicer and homeowners, there are now more options than ever for homeowners who are struggling to make their home loan payment but may not qualify for a Making Home Affordable modification program.