Homeowners with J.P. Morgan Chase may have alternative modification options if they are unable to obtain a home loan modification through the Making Home Affordable Program. Numerous mortgage servicers are offering modification plans outside of the Home Affordable Modification Program in cases where homeowners are unable to benefit from the Obama Administration’s modification plan.
There have been individuals who have stated that these alternative modification plans may be unhelpful since they could be more costly to homeowners than a home loan modification from the Making Home Affordable modification initiative, but there are reports that more homeowners have been assisted through in-house modification plans than from the Home Affordable Modification Program.
While there is little that is known about these in-house modification plans, since mortgage servicers use various criteria and qualifications for homeowners who are seeking these alternative home loan assistance plans, homeowners may benefit from having additional options when it comes to avoiding foreclosure. There have been numerous homeowners who have been quite critical of mortgage servicers like Chase when it comes to implementing home loan modification plans.
However, with alternative plans and Making Home Affordable extension programs available, it’s hoped that more homeowners will find the mortgage assistance they need in order to keep their home from foreclosure. While servicers like Chase have not been perfect in their implementation of modification programs, homeowners who may be denied a Making Home Affordable modification should not despair because there may be options like these alternative modification plans that can be used to bring a more affordable home loan payment to homeowners who are finding themselves in a difficult financial situation.