J.P. Morgan Chase Alternative Home Loan Modification Plans–Can Homeowners Find Lower Mortgage Options?

Homeowners with J.P. Morgan Chase have options for home loan modifications through the Making Home Affordable Program, but they may also have opportunities for alternative home loan modification plans if an Obama modification opportunity is not beneficial for their mortgage situation. Servicers like J.P. Morgan Chase have been seeing more and more success when it comes to making home loan modifications, but modifications within HAMP had seemed to slow as of late.

Yet, according to the September 2010 Making Home Affordable servicer report, J.P. Morgan Chase has, for homeowners who had their trial modification canceled through HAMP, made 64,724 alternative modifications. This number, which tracks data through August, gives hope to some homeowners who may be struggling with their home loan payment and fear they may be denied a modification from the Making Home Affordable Program.

While there have been opportunities for homeowners to obtain alternative modifications from proprietary programs made directly from servicers, there are problems that still remain for homeowners no matter what modification route they take. While J.P. Morgan Chase and other mortgage servicers have reportedly offered more homeowners assistance through in-house modification plans, there are still troubles with homeowners who are defaulting while a modification plan is in place.

There have also been extension plans proposed from the Making Home Affordable Program which are hoped to address issues like those associated with underwater mortgages or unemployment. However, homeowners with J.P. Morgan Chase do still have modification opportunities despite troubles which have presented themselves over the past weeks. Foreclosure does still remain a problem for many homeowners, but it’s hoped that as the economy slowly recovers modification programs will provide affordability to homeowners who are presently having trouble meeting their mortgage payment.