J.P. Morgan Chase has been one of the top participants in the home loan modification program, which has offered both governmental and private modifications to homeowners in need of foreclosure prevention assistance. However, recent revelations that some foreclosures may have been improperly processed has caused homeowners to question whether modifications and other assistance plans from Chase have actually help homeowners avoid the loss of their home.
Chase, who is reviewing foreclosures in numerous states, has stated that employees who improperly processed these documents did so because of the volumes of foreclosure paperwork they had to deal with each day. While no one feels that any improper procedures that were implemented on the part of these employees were just simply because they had a lot of work, questions as to why so many foreclosures were being processed have arisen.
Homeowners, for months, have stated that servicers have not been doing all they can to help homeowners avoid the loss of their home. Yet, servicers like J.P. Morgan Chase have continued to see positive results in not only governmental modification plans but private home loan modifications as well. There have been problems for some homeowners who were in the modification process, but overall, numbers are said to have been on the rise.
For this reason, homeowners are questioning whether the modification programs need to be changed or if factors like unemployment are simply too large for these foreclosure prevention assistance plans to combat. While there are homeowners who can benefit from traditional modifications, and some who may benefit if their home loan modification plan was more affordable, homeowners who have no income due to unemployment may be the source of so many foreclosures.
While no homeowner wants to lose their home, it’s argued that modification plans and even unemployment forbearance options are only going to delay the inevitable foreclosure on homes where the homeowner is without a job. Despite the fact that J.P. Morgan Chase does offer various home loan assistance plans, there are those who feel that the underlying cause of these foreclosure difficulties that have been seen as of late simply boils down to homeowners being unable to meet all of their financial obligations, even when assistance is in place.
This, again, has led many to ask the question: Will more foreclosures be prevented if more affordable modifications are made or will factors like unemployment have to subside before home loan foreclosures begin to slow?
Chase and other servicers are still under attack by homeowners over these programs, but there are both governmental and private assistance plans that remain in place, which could help homeowners avoid the loss of their home.