J.P. Morgan Chase has been one of the mortgage servicers who recently suspended foreclosures in certain states as questions arose over the validity of these foreclosure proceedings. Questionable documentation has cast doubt on certain foreclosures that have taken place which has left struggling homeowners wondering about foreclosure prevention programs like home loan modifications and whether servicers have unjustly denied homeowners these forms of assistance and foreclosed on their home.
The Making Home Affordable modification program and in-house modification plans made directly from servicers like J.P. Morgan Chase has assisted numerous homeowners by affording them a lower monthly mortgage payment on their home loan. Yet, defaults and foreclosures remained a problem for many homeowners despite the fact that these various modification plans were offered.
Angry homeowners criticized numerous servicers who were offering modifications and cried out that more needed to be done to offer troubled homeowners affordable foreclosure prevention assistance plans. Despite the fact that Chase has seen increases in the Making Home Affordable Program, in terms of the number of modifications they have made, homeowners still say greater efforts need to be made in the area of home loan assistance.
Understandably, homeowners are angry over this revelation that some foreclosures that were processed by J.P. Morgan Chase may have been done so without any investigation on the part of Chase employees, but there are those who feel the majority of these foreclosures which are to be reviewed will have been properly processed.
However, trouble remains between homeowners and mortgage servicers as a difficult financial times cause stress in the lives of many individuals, but homeowners are still being made aware that modification programs remain available through both the governmental plan and directly from mortgage servicers like J.P. Morgan Chase. While these modification programs have not been perfect, there are homeowners who may be able to avoid the loss of their home to foreclosure through these assistance plans and lower home loan payments.