Home loan modification cancellations have been a problem for some homeowners who are working with J.P. Morgan Chase. Numerous mortgage servicers have had homeowners criticize their efforts in the Making Home Affordable Program, and Chase has not escaped the backlash from homeowners when they deny someone foreclosure prevention assistance.
However, homeowners with J.P. Morgan Chase may have options in the form of alternative home mortgage modification plans in cases where a permanent modification or trial modification is denied through HAMP. Homeowners have had difficulty when it comes to documentation, defaulting even when a trial modification is in place, or simply having a debt to income ratio that is too low to qualify for mortgage assistance.
Yet, J.P. Morgan Chase does offer assistance plans outside of the home loan modification program, and there are also extension programs available to homeowners through the Obama Administration’s mortgage assistance plan as well. While there is not a wide variety of information on private modifications, there are reports that more homeowners are being assisted through these in-house mortgage assistance plans than from the Making Home Affordable modifications.
Foreclosure alternatives like short sales and deed in lieu of foreclosure programs can be used by certain homeowners with servicers like J.P. Morgan Chase, and there are also extension programs like second lien modifications, unemployment forbearance plans, and refinancing options that may be available to homeowners who are struggling to make their mortgage payments.
While homeowners with J.P. Morgan Chase may not always find the assistance they need, there are alternative plans outside of the Making Home Affordable Program that may be used in certain cases. It’s been stated that modifications from the Obama Administration are typically the most affordable, when compared to private modifications, but even a costlier private modification which will allow a homeowner to avoid foreclosure is preferred to the loss of one’s home.