Foreclosure difficulties have arisen lately for homeowners with J.P. Morgan Chase as questions over the validity of foreclosure proceedings have come to light. Despite the fact that many say these foreclosures, although improperly processed, will unlikely be overturned, there is question as to why so many homeowners are still facing foreclosure problems from various mortgage servicers.
J.P. Morgan Chase has been one of the financial institutions that has worked with homeowners to provide home loan modifications from the Obama Home Affordable Modification Program and from private plans as well. While it’s reported that more and more homeowners have found assistance through modifications and alternative plans to prevent foreclosure, there are still homeowners defaulting and losing their home.
Homeowners, obviously, accuse servicers like J.P. Morgan Chase of not properly conducting modification programs or not offering modifications that are affordable for troubled homeowners, there is concern that problems like unemployment may be more of a factor.
Homeowners who default even when assistance programs are in place have many concerned over the ability of modifications to assist those in dire straits with their mortgage. Some homeowners have saved their home by attaining a modification, but others have still been unable to benefit from these foreclosure assistance plans, and this has left many wondering if more needs to be done.
While it’s true that J.P. Morgan Chase still offers home loan modification programs and works to assist homeowners through extension plans of the Making Home Affordable Program, factors like underwater mortgages and unemployment are still an anchor that is pulling the housing market down in many ways.
There have been homeowners who were unfairly treated in the modification program and there were improper practices implemented when processing foreclosures in come cases, but the underlying problem of mortgage payment defaults still is at the core of these issues. While some feel more affordable modification plans or tighter regulations on lenders could help these programs be more successful, others feel that until employment problems improve for many homeowners, foreclosures may simply be an inevitable part of the housing troubles currently being faced.