J.P. Morgan Chase Homeowners Who Are Denied A Home Loan Modification May Have Alternative Aid Options

09/30/2010
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Homeowners with J.P. Morgan Chase have felt the financial burden of many economic and employment troubles that have been faced by numerous individuals across the nation. Yet, there have been increases in the number of permanent home loan modifications that have been made from mortgage servicers like Chase, which has given mortgage assistance to homeowners who face foreclosure.

Yet, there are still troubles that remain between homeowners and mortgage servicers when it comes to the Making Home Affordable Program, in particular, trial modifications. According to the August 2010 Making Home Affordable Report, J.P. Morgan Chase, through the month of July, had denied 195,187 homeowners a trial modification through HAMP.

While this has caused a great deal of criticism from homeowners, seeing as how many have been reliant upon these modifications plans as a way to keep their home, there are reports that alternative forms of assistance may be available from some of the nation’s top mortgage servicers. J.P. Morgan Chase is said to be one of the financial institutions making alternative modifications for homeowners who fail to find assistance from the governmental modification plan.

The numbers say that more homeowners have been assisted through these in-house modification plans than from the Making Home Affordable Program, which could be interpreted as a good sign and give hope to homeowners who may be denied a modification from the Making Home Affordable Program.

While there are critics who say these in-house modifications may not lower a homeowner’s payments as much as a Making Home Affordable Program modification would, it’s hoped that with multiple options available for homeowners, foreclosures and other housing difficulties will soon abate as homeowners find the foreclosure prevention plans they seek.

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