J.P. Morgan Chase Mortgage Defaults And Home Loan Modifications–Can Alternative Modifications Help Homeowners?

Homeowners with J.P. Morgan Chase have had opportunities to obtain a modification from either the Making Home Affordable Program or private modifications made directly from their servicer. Numerous individuals have been able to avoid the loss of their home by finding affordable monthly mortgage payment solutions to these modification initiatives, but there are homeowners who still default despite these plans being available.

The Making Home Affordable Program has seen mixed results, according to many, but servicers like J.P. Morgan Chase have increased the number of permanent modifications they have made over the past months. Yet, some homeowners do not benefit from the governmental modification program and turned to private modifications from servicers like Chase.

However, troubles with homeowners who default even when a trial modification is in place still remain and there are calls for solutions to be made within the Making Home Affordable modification plan and private modification plans as well. There have been reports that state private modifications have helped more homeowners than the Making Home Affordable Program but there are also higher rates when it comes to defaults from these in-house mortgage modification plans.

Yet, defaulting while a mortgage modification is in place is not something that is confined to private mortgage modifications, but rather, is a problem for servicers like Chase in both areas of modification programming. It’s hoped that mortgage servicers will be able to find an affordable solution for homeowners who are in a particularly difficult financial situation and are still having trouble making their monthly mortgage payment even when a foreclosure prevention assistance option is in place.