J.P. Morgan Chase Home Loan Modification Programs–Foreclosure Prevention Plans

Recent questions over foreclosure proceedings by J.P. Morgan Chase employees has led many to question whether home loan modification programs were either properly offered or beneficial to homeowners who faced the loss of their home. Despite the fact that J.P. Morgan Chase has been one of the top lenders in the Making Home Affordable Program and has continued to make more modifications to homeowners each month, there are problems with homeowners who are still facing foreclosure for various financial reasons.

Reports indicate that J.P. Morgan Chase has not only offered modifications from the governmental modification plan, but also, alternative modification programs as well. While this has helped some homeowners, recent accusations that foreclosure proceedings were not properly conducted and reviews were not given to foreclosure documents were said to be caused by vast amounts of paperwork dealing with foreclosures.

While J.P. Morgan Chase continues to offer mortgage assistance through foreclosure prevention plans, many homeowners who have been critical of mortgage servicers for months have used recent foreclosure suspensions as evidence that homeowners are not getting a fair opportunity to save their home. Yet, representatives from J.P. Morgan Chase have stated that while the procedures for processing these foreclosure documents were improperly conducted, it’s highly unlikely that homes which faced foreclosure might have been saved since many homeowners had already defaulted on their mortgage obligations.

Understandably, homeowners are still angry over the loss of their home and feel that more needs to be done in terms of providing assistance to homeowners which will allow them a more affordable mortgage payment. Yet, J.P. Morgan Chase still participates in the Making Home Affordable Program and, reportedly, offers in-house mortgage assistance opportunities as well. While there are problems that still remain, it’s hoped that homeowners with Chase may still find the mortgage assistance they need and recent revelations in foreclosure proceedings will bring about opportunities for more homeowners to save their home in the future.