While J.P. Morgan Chase has seen increases in the number of permanent home loan modifications they have made in the Making Home Affordable Program, there are still difficulties that arise concerning trial modifications. There are homeowners who have been successful in the modification program, but there are homeowners with J.P. Morgan Chase who have seen their trial modification canceled for various reasons.
According to the August 2010 Making Home Affordable servicer report, as of July 2010 Chase and canceled 100,142 trial modifications within the Obama modification program. While many would say this is troubling, there are options for homeowners who may be unsuccessful at obtaining a modification and, for these individuals, an affordable mortgage assistance plan may still be offered.
While there were homeowners who did face foreclosure or bankruptcy, others were able to take advantage of foreclosure alternative plans in the form of short sales or deed in lieu of foreclosure programs. Understandably, no homeowner wants to lose their house, but in cases where trial modifications were canceled and homeowners were still able to find a modification for their financial situation, alternative mortgage modifications were also available.
Not every homeowner who failed to be granted a modification from the Making Home Affordable Program found an assistance plan through alternate modification programs, but reports indicate that more homeowners have been helped through in-house modification plans than from modifications made within HAMP. There are still homeowners who are angry with services like J.P. Morgan Chase, but it’s hoped that with continued increases in home loan modification programs and alternative modification plans available, more homeowners can find the help they need to save their home from foreclosure.