J.P. Morgan Chase has assisted homeowners over the past months by offering federal home loan modification plans through the Making Home Affordable Program. However, there has been animosity between homeowners and mortgage servicers over these mortgage assistance plans as many believe that lenders are not doing all they can to help homeowners who face foreclosure.
Most of this anger stems from cancellations of trial modifications and permanent modifications or the outright denial of a modification for a homeowner in need. While some homeowners simply do not qualify for the Making Home Affordable modification program, there is assistance that may be available through alternative modification plans made directly from mortgage lenders like Chase.
In-house alternative modification plans from mortgage servicers have been made available to homeowners who were denied a home loan modification from the Making Home Affordable Program. While some homeowners have avoided the Obama Making Home Affordable initiative and simply sought out a modification from their lender primarily, homeowners who are in need of mortgage assistance have various options that many may be unaware are available.
While there are arguments over the helpfulness of these alternative modification plans, homeowners who are simply seeking a way to keep a roof over their head may find a cheaper mortgage payment through these in-house programs if they are unaided by HAMP. Chase and other mortgage servicers have been criticized over their foreclosure prevention efforts but there may be more aid available that homeowners can use like these alternative modification plans.