J.P. Morgan Chase has been one of the top financial institutions participating in the Obama mortgage assistance plan by offering home loan modifications to homeowners in need of a lower monthly mortgage payment. However, there have been troubles between Chase and homeowners, especially as of late when foreclosure practices were brought into question leaving many homeowners wondering if they could possibly save their home.
Yet, many feel that homeowners who have lost their home but may have had their foreclosure in question were justly foreclosed upon simply because they defaulted on their mortgage. Homeowners with J.P. Morgan Chase, however, do have the opportunity at the present time to not only take advantage of traditional home loan modification plans but may be able to benefit from extension programs from the Making Home Affordable assistance plan.
While J.P. Morgan Chase and other mortgage servicers have seen positive results in terms of the home loan modifications they made, there are homeowners still in need of mortgage reduction assistance and, for some, the home loan modification road has been difficult and unhelpful.
It’s been reported that servicers like J.P. Morgan Chase have offered in-house modification plans to homeowners who may not benefit from the Making Home Affordable Program, but extension plans like the Second Lien Modification Program, Principal Reduction Alternative plans, and the Home Affordable Unemployment Program may also be available from various lenders.
Homeowners are continuing to struggle due to factors like unemployment, but expansion plans which are hoped to address some of the issues which have either caused homeowners to default on their home loan or not benefit from a traditional modification may be helpful in the coming months for homeowners who fear foreclosure.
While animosity remains between servicers and homeowners, it’s believed that if these modification extension programs, along with alternative assistance plans, are implemented correctly, more homeowners may be able to find the mortgage payment reduction solutions they need presently, until they can get back on their feet financially.