Homeowners with J.P. Morgan Chase may be able to take advantage of alternative home loan modification assistance plans for those who have either been denied a home loan modification from the Making Home Affordable Program or who have had their trial or permanent modification canceled.
Reports indicate that mortgage servicers are offering in-house assistance plans in cases where a homeowner does not qualify for or is disqualified from the Making Home Affordable modification program. J.P. Morgan Chase has been one of the top mortgage servicers in the modification program but they have not been without their critics.
Despite the fact that Chase has seen an increase in the number of permanent home loan modifications that have been made over the past months, many homeowners believe that mortgage lenders need to do more to help homeowners who are struggling to avoid foreclosure. While lenders were accused of unjustly disqualifying homeowners from a home loan modification or canceling modifications, in-house assistance options have been presented as a way to help those homeowners who were not aided within Making Home Affordable Program’s modification plan.
Yet, there are those who believe mortgage servicers are canceling or denying homeowners a trial modification or permanent modification from the Obama Making Home Affordable plan simply because in-house mortgage assistance modification options are more beneficial for mortgage servicers. While in-house mortgage assistance options from mortgage servicers vary, there are those who believe that homeowners will not stand to benefit from an in-house modification as much as they would from a Making Home Affordable modification plan.
Some believe that mortgage servicers like J.P. Morgan Chase may deny modifications so that a homeowner’s only remaining option will be an in-house assistance program. On the other hand, there are reports that many homeowners are simply not qualifying for the Obama Making Home Affordable Program and these in-house mortgage modification plans are helping more homeowners to avoid foreclosure.
While homeowners and mortgage servicers continue to be at odds, these alternative assistance plans can and have helped numerous homeowners avoid foreclosure. Even though some of these alternative modification programs may not bring as low of a mortgage payment to homeowners as the Making Home Affordable Program, homeowners who are at risk of foreclosure have been welcoming any type of assistance that they can get.