Homeowners with J.P. Morgan Chase have been using modifications as a way to make their home loan payment more affordable and avoid foreclosure. However, troubles between mortgage servicers and homeowners have continued over the past months, which have caused many homeowners to become angry at being denied a home loan modification through the Making Home Affordable Program.
However, Chase, along with other mortgage servicers, has offered alternative foreclosure prevention plans through in-house modification programs. While there is little that is known about the qualifications for these in-house modification plans, reports indicate that more homeowners may have been helped from in-house modifications from lenders like Chase then from modifications that were offered through the Making Home Affordable Program.
There are arguments that these in-house modification programs made directly from mortgage services are not as affordable as modifications from the Making Home Affordable Program, meaning that monthly mortgage payments or interest rates may not drop as low while a homeowner is in one of the in-house modification programs, but some homeowners are finding foreclosure prevention solutions through these types of modifications.
While animosity remains between homeowners and mortgage servicers, it’s believed that since the Making Home Affordable Program has seen increases in permanent home loan modifications over the past months and these in-house modification offers continue to see success as well, more homeowners may find the mortgage aid they seek. No lender has been perfect in their implementation of these assistance plans but it is reported that more homeowners are seeing affordable mortgage payment alternatives through these modifications and are avoiding foreclosure as a result.