J.P. Morgan Chase has not escaped criticism that has come from many homeowners concerning their experience in the Making Home Affordable Program. Despite the fact that Chase has seen increases in the number of permanent home loan modifications they have made over the past months, there are homeowners who still feel not enough is being done.
Chase had 60,932 permanent modifications as of the August 2010 Making Home Affordable Servicer Report, which again, is an increase from July’s numbers. Yet, there are currently 22,799 active trial modifications, as of August, for Chase but the cumulative number of trial modifications that were started numbers at 211,787.
Many homeowners see this difference as evidence cancellations are becoming a problem within the Making Home Affordable Plan. While there are homeowners who have been booted from the program and were either denied a trial or permanent home loan modification, there are those who feel mortgage servicers simply need to do more to help homeowners avoid foreclosure.
While homeowners are still in need, there are reported to be many in-house modifications that have been made over the past months that may be outnumbering the amount of modifications received through the Making Home Affordable Program. While there are many angry homeowners who are still disgruntled over the modification program and mortgage servicers, it is hoped that with increases in the number of permanent modifications continuing and in-house alternatives being made available, more homeowners can find the foreclosure prevention they need during this time of economic hardship.