It’s well known that many major mortgage servicers like J.P. Morgan Chase have been working with homeowners through the Making Home Affordable Program in order to offer home loan modifications for those who are struggling with their mortgage payment and may face foreclosure. Yet, there are also in-house assistance plans that are said to be assisting more homeowners than modifications from the Making Home Affordable Program, which many homeowners may not know are available.
Yet, there have been criticisms levied against servicers like Chase concerning these in-house modification plans as many feel they are not as affordable as modifications from the Making Home Affordable Program. While these complaints of affordability are not solely against Chase, but rather against in-house assistance plans overall, there are homeowners who feel that these alternative assistance modification programs may be more helpful since there is no set criteria that is used universally.
Under the Making Home Affordable Program, servicers like J.P. Morgan Chase use certain qualifications for homeowners who are applying for this governmental assistance program. Yet, in-house alternative modifications can have qualifications that vary and are at the servicers discretion. There are homeowners who feel that this allows servicers like J.P. Morgan Chase to better tailor a modification plan to a homeowner’s needs even in cases where a modification payment may not be as low as one from the Making Home Affordable Program.
J.P. Morgan Chase has seen increases in the number of permanent home loan modifications they have made through the Making Home Affordable Program, but there are also alternative assistance plans like the in-house modification initiatives that can be of help to troubled homeowners. While no mortgage servicer has been perfect, it’s hoped that more homeowners will find the foreclosure prevention assistance they need through either of these modification plans as the housing market and unemployment continue to stabilize so that homeowners may once again return to their original mortgage agreement.