J.P. Morgan Chase And The Obama Home Loan Modification Program Assistance Plans And Cancellations

J.P. Morgan Chase has been one of the large mortgage servicers participating in the Making Home Affordable modification program. While the Obama modification plan from J.P. Morgan Chase has helped certain homeowners who were struggling with their mortgage payments, there have been homeowners who believe that lenders are not doing all they can to assist those in need.

Yet, there have been extension plans offered from the Making Home Affordable program and in-house mortgage modifications from lenders themselves. J.P. Morgan Chase is one of the top lenders who has offered homeowners alternative modification plans when they fail to qualify for a home loan modification from the Obama Program.

However, there has been cancellations of trial periods and even permanent modifications as some homeowners are continuing to have trouble meeting their monthly mortgage obligation. There are individuals in these cases who have stated that mortgage servicers are not doing everything they can to keep homeowners in their home and feel that more needs to be done to help homeowners avoid foreclosure.

While it is understood that homeowners cannot live in their homes for free, homeowners who are having trouble are simply asking for a way to make their home more affordable through methods like principal reductions, term extensions, and reductions in interest rates. Mortgage servicers continue to cite problems like improper documentation, a low debt to income ratio, and homeowners defaulting while in a trial modification plan as reasons for their inability to afford their home through these assistance initiatives.

J.P. Morgan Chase, again, has offered alternative modification plans and participates in extension programs that have been offered from the Making Home Affordable Program. However, tensions remain between homeowners and servicers as many who have been denied a modification are turning to outside resources like the Making Home Affordable hotline and FHA-approved housing counselors. While unemployment remains one of the biggest causes of housing trouble, homeowners continue to ask for more assistance options from lenders who are being accused of not doing all they can to help homeowners prevent foreclosure.