Many servicers like J.P. Morgan Chase have been working with homeowners through the Making Home Affordable Program over the past months to provide foreclosure prevention assistance through home loan modifications. According to the August report from the Making Home Affordable Program, Chase saw an increase in the number of permanent home loan modifications they made from July to August.
Chase, like many other services, has seen increases in the number of modifications they have made over the past months and, for August that trend continued. 60,932 permanent home loan modifications have been made by Chase as of August 2010, which was up from 58,489 permanent home loan modifications that had been made in July.
While there continues to be criticism of the Making Home Affordable modification program and anger toward servicers from homeowners, there is hope since these permanent modifications continue to rise. However, there have been drops in trial modifications and many cancellations within these modification plans, which have led many to believe the Making Home Affordable is slowing down.
Chase saw a decrease in the number of trial modifications they had made 37,586 in July, but only 22,799 trials were currently active in August. Yet, homeowners may have options through in-house home loan modifications that are being made directly from mortgage servicers like Chase if they fail to find foreclosure prevention assistance through the Making Home Affordable Plan.
It’s believed that more homeowners may find the help they need since mortgage servicers are not only working with individuals through the Obama Administration’s modification plan but also offering direct modification options to homeowners who may need alternative mortgage assistance plans.