Homeowners with J.P. Morgan Chase who have been struggling to make the mortgage payment have become reliant upon the Making Home Affordable modification program in order to make their home loan more affordable. However, there have been troubles between homeowners and many mortgage servicers as home loan modification trial periods are being canceled, leaving some homeowners wondering what to do next.
According to the July Making Home Affordable servicer report, J.P. Morgan Chase had canceled 74,486 trial modifications. This number is through the month of June and is up from 58,605 cancellations in trial modifications which was reported in the June Making Home Affordable servicer report which was current through the month of May.
Many homeowners are quite angry at the majority of mortgage servicers in the Home Affordable Modification Program. There are those who believe that lenders are not doing all they can to help homeowners who are struggling but lenders counter that many homeowners are either unable to pay their mortgage payment during the trial modification period, have submitted improper paperwork, or have a low debt to income ratio which disqualifies them from assistance.
Homeowners who have been struggling to make their mortgage payments are finding that they redefault in some cases even when a mortgage modification is offered. However, despite the fact that alternative modification plans and alternate payment arrangements were sometimes given to homeowners who are disqualified from the trial modification program, homeowners believe more needs to be done.
Foreclosure prevention and alternative efforts have been launched through various programs but homeowners still continue to struggle when it comes to their mortgage payments. Unemployment and the simple lack of financial means to afford their home has caused a great deal of strain on the part of homeowners who are just trying to keep their head above water. Many believe that only by altering modification programs or offering assistance which is more affordable to troubled homeowners will foreclosures be more widely prevented and homeowners will be able to keep their homes until better economic times arise.