J.P. Morgan Chase Home Loan Modification Plans–Are Lower Mortgage Payment Plans Still Offered?

Homeowners with J.P. Morgan Chase have been able to use the Making Home Affordable Program as a way to obtain a home loan modification and avoid foreclosure due to troubling economic times that are being faced by many across the nation. However, there have been troubles between mortgage servicers like J.P. Morgan Chase and homeowners as accusations continue to abound that financial institutions charged with implementing these modifications are not doing all they can to help homeowners in need.

There have been numerous homeowners who have either been denied a permanent or trial home loan modification or have been kicked out of the program for various reasons. Understandably, homeowners are angered when much-needed mortgage assistance has been denied them and, as a result, many complaints and accusations have been levied against mortgage servicers.

However, Chase, along with other mortgage servicers, has offered modification plans outside of the Making Home Affordable modification program which has helped numerous homeowners who were disqualified from previous efforts to attain foreclosure prevention assistance. It’s been reported that these in-house home loan modification plans have helped more homeowners overall than the Making Home Affordable Program, which was set in place by the Obama Administration.

While there is still animosity between homeowners and mortgage servicers, these alternative modification plans are another route which homeowners may take to obtain a lower monthly mortgage payment. There are mortgage payment plans that are still being offered which can help homeowners obtain a more affordable home loan payment, but they may not be from sources like the Making Home Affordable Program.

Mortgage servicers have not been perfect in their implementation of these mortgage assistance initiatives but homeowners do have more options when factoring in not only the modification plan from the Making Home Affordable Program, but in-house mortgage modification plans directly from lenders and extension programs from HAMP as well. It is hoped that servicers like Chase will be able to offer some form of mortgage assistance to homeowners who still are struggling to meet their mortgage payment even if that assistance plan is from a direct foreclosure prevention program provided from mortgage servicers themselves.