J.P. Morgan Chase Permanent Home Loan Modifications Increase In September

It was reported in the September 2010 Making Home Affordable Report that J.P. Morgan Chase saw an increase in the number of permanent home loan modifications they have made between August and September. Chase, one of the major mortgage servicers working to provide all modifications to homeowners, recently held foreclosure suspensions as foreclosure documentation reviews were conducted, but they have continued offering mortgage assistance plans to homeowners who qualify.

According to the September 2010 servicer report, J.P. Morgan Chase increased their permanent modifications from 60,932 in August to 62,368 in September. Increases from various servicers continue to show that homeowners are finding mortgage payment assistance through HAMP but there are indications that in-house modification plans are more helpful and widely available to homeowners who are in need of mortgage aid.

Homeowners continue to suffer due to factors like unemployment and, recent foreclosure difficulties have many questioning whether major servicers like J.P. Morgan Chase are willing to offer affordable modification plans. There have been numerous homeowners who have still defaulted despite having a home loan modification assistance plan in place, but these problems can typically be traced back to unemployment and the simple inability of homeowners to make monthly mortgage payments.

Yet, despite troubles which remain between servicers and homeowners, individuals with J.P. Morgan Chase are often advised to contact their servicer early if they foresee mortgage payment trouble on the horizon. While not all homeowners may get the assistance they need or may be able to afford a modification payment plan, advisers feel that homeowners who seek assistance early have a better opportunity at finding affordable solutions to their mortgage predicament and avoiding the loss of their home.