J.P. Morgan Chase homeowners have been experiencing the housing troubles that many are facing across the nation due to factors like unemployment. However, options like home loan modifications have been made available through the Making Home Affordable Program for individuals whose mortgage servicer is participating in this modification program, like Chase.
Chase has seen an increase in the number of permanent home loan modifications they have made over the past months, which many see as a positive sign for homeowners who are still struggling to make their mortgage payment. However, there have been criticisms and complaints against a variety of mortgage servicers and the Making Home Affordable Program as many homeowners and some officials feel that these financial institutions are not doing all they can to provide homeowners the modifications they need to keep their home.
Some cite that the Making Home Affordable numbers are well below the original goal that was set, but mortgage services like Chase argue that in-house home loan modification plans made directly from mortgage servicers have assisted more homeowners than the Obama modification plan. This, according to many mortgage servicers, may account for the seemingly lackluster numbers from the Home Affordable Modification Program.
While J.P. Morgan Chase and other mortgage servicers have not been perfect in the modification program, foreclosure prevention efforts that have been launched through the Making Home Affordable Program, extension plans, and these in-house mortgage initiatives are believed to open the door for more homeowners to receive the foreclosure prevention mortgage assistance that they seek. While there remains animosity towards mortgage servicers by many homeowners, it’s believed that as these in-house modification programs provide a great deal of assistance to homeowners who were denied a modification from the Obama Administration’s plan, more homeowners may find mortgage debt relief at the present time, which will allow them to keep their home during these difficult financial times.