The ongoing work with home loan modification programs for homeowners is something that many mortgage servicers like J.P. Morgan Chase has been pursuing in the hopes of providing homeowners with a more affordable home loan modification. Yet, numerous problems have arisen and animosity remains between homeowners and mortgage servicers as foreclosure problems are still in place for countless individuals.
Understandably, homeowners who are unable to benefit from the Making Home Affordable modification plan are quite angry with servicers like Chase, but there may be hope in the form of alternative home loan modification plans made directly from mortgage servicers. Job loss continues to be the main cause for homeowners who are struggling to make their mortgage payments, and reports indicate that some servicers are seeing more foreclosures despite increases in modification plans.
There have been indications that homeowners are seeing more modification options from private plans, and there have also been increases in modifications from the Making Home Affordable Program. Yet, according to the August 2010 Making Home Affordable servicer report, homeowners who were not accepted for a trial modification faced foreclosure in some cases and for J.P. Morgan Chase 2,569 foreclosure completions had been made through July 2010, with 11,725 foreclosure starts also.
These foreclosure numbers are up from the previous month as, through the month of June 2010, Chase had 1,374 foreclosure completions, with 8,928 foreclosure starts in place.
While J.P. Morgan Chase is one of the institutions that had stopped some foreclosures in certain states in order to review the validity of these foreclosure proceedings, homeowners who have lost their home are, understandably, crying out that changes be made to the foreclosure prevention efforts. The review of these foreclosures may help usher in a new review process, which could help more individuals avoid the loss of their home, but it’s hoped that at the present time alternative modification plans directly from servicers and governmental foreclosure prevention programs will provide homeowners with the assistance they need to keep their home.