Federal housing assistance from the Obama Administration’s Making Home Affordable Program has been used by lenders like J.P. Morgan Chase to provide more affordable home loan payment options for many troubled homeowners. Chase has seen an increase in the number of permanent home loan modifications they have made over the past months but there have been troubles that have arisen between homeowners and mortgage servicers.
J.P. Morgan Chase has not escaped these criticisms despite the fact that they have increased their modification efforts over the past months. Despite the success that has been seen from Chase and other mortgage servicers in the Making Home Affordable Program, homeowners still accuse lenders of not doing all they can to provide struggling homeowners with affordable mortgage solutions.
There have been homeowners who accuse lenders of stalling homeowners in the modification process, unjustly denying homeowners a permanent or trial modification, or simply offering no assistance because a homeowner’s financial situation is not bad enough. While mortgage servicers like J.P. Morgan Chase must adhere to the Making Home Affordable Program’s guidelines, homeowners believe that more efforts could be made to assist homeowners on a wider scale.
However, there is hope for homeowners who are denied assistance through the Making Home Affordable Program as lenders like J.P. Morgan Chase have offered in-house modifications as an alternative to the Obama modification plan. It’s been reported that more homeowners have found assistance plans through these alternative modifications than those in the Obama modification program.
While these housing assistance plans both from the federal government and directly from mortgage servicers have not been perfect, it’s hoped that more homeowners will be able to avoid foreclosure since they have options from both the Obama modification program and in-house initiatives directly from mortgage servicers.