According to reports from the September 2010 Making Home Affordable servicer review, J.P. Morgan Chase saw a drop in the number of active trial modifications between August and September. Many feel that the home loan modification program has slowed as of late, despite the fact that homeowners are still seeking some form of mortgage assistance.
However, J.P. Morgan Chase is one of the nation’s top servicers who is not only offering home loan modifications from HAMP but in-house modification programs and participating in extension plans through the Making Home Affordable initiative as well.
There have been difficulties though, when related to trial modifications, as many mortgage servicers have reported homeowners are, in some cases, still unable to meet their reduced payment plan and default despite having a trial modification plan in place. While this type of difficulty is usually related to unemployment, there are some homeowners who feel that trial modification programs are simply too expensive when it comes to assisting homeowners who have seen their income decrease or who are suffering from unemployment.
Yet, some individuals point to factors like second mortgages associated with homes that are causing these problems is to be too costly to homeowners. Through the Making Home Affordable Program, J.P. Morgan Chase is one of the servicers who has been charged with offering second lien modification plans for homeowners in the hopes of lowering overall mortgage payment costs.
While J.P. Morgan Chase and other mortgage institutions have not been perfect in their implementation of these modifications, there is still hope for homeowners who may be struggling to make their payments despite having trouble making payments within a modification plan. Again, homeowners are often advised to contact their servicer about extension programs which may be helpful in their situation or opportunities for in-house modification programs which may be more helpful in their foreclosure prevention efforts.