J.P. Morgan Chase Home Loan Modification Alternative Plans For Homeowners With Cancelled Modifications

J.P. Morgan Chase has participated in the Obama Making Home Affordable Program over the past months and, for some homeowners, this has been a way in which they have made their home loan payment more affordable by attaining a reduced monthly mortgage obligation. However, some homeowners with J.P. Morgan Chase have seen the cancellation of their trial modification, which has left many in need of an alternative assistance plan.

While lenders have been far from perfect in their implementation of mortgage assistance plans, there have been some homeowners who are able to obtain alternative assistance from in-house programs that lenders are offering. For instance, the July Making Home Affordable servicer report indicates that J.P. Morgan Chase has made 44,086 alternative modifications through June 2010. This number has jumped from 31,973 alternative modifications that were offered through May 2010, according to the June Making Home Affordable report.

There have also been alternative payment arrangements made for 71 homeowners, which simply means that an arrangement between the borrower and servicer was made that did not involve a formal modification. However, homeowners who are still struggling to make their home loan payments and have seen their trial modification canceled are asking that more be done. While Chase did offer 1,313 short sale or deed in lieu of foreclosure programs, homeowners by and large are looking for ways which they can save their home and not simply avoid the foreclosure process.

Again, not all mortgage servicers have implemented home loan assistance plans correctly or in the most beneficial manner, but homeowners can consult the Making Home Affordable website or hotline to receive more information and assistance concerning modifications on their home loan. In some cases, FHA-approved housing counselors have aided homeowners who were seeking mortgage assistance, so there may be help for some outside of a traditional modification if they are denied a form of mortgage aid through the Making Home Affordable Program.