Homeowners with J.P. Morgan Chase have had foreclosure prevention options from governmental modifications, extension programs from the Making Home Affordable Program, and in-house modification programs offered directly from Chase. Yet, there have been difficulties for many homeowners and, as a result, numerous individuals have faced the loss of their home through foreclosure since they could not find an affordable solution to their mortgage predicament.
However, homeowners with J.P. Morgan Chase have been able to take advantage of foreclosure alternative programs which could be beneficial for homeowners who are facing the loss of their home but may want to reenter the housing market down the road. Short sale programs and deed in lieu of foreclosure plans may assist homeowners who face foreclosure, but have only lost their home due to financial difficulties outside of their control.
J.P. Morgan Chase has reportedly offered 3,489 short sale or deed in lieu of foreclosure programs to homeowners who had their Making Home Affordable Program trial modification canceled, according to the September 2010 Making Home Affordable report. Also, Chase has made 4,052 deed in lieu of foreclosure or short sale programs available to homeowners who were not accepted into a trial modification.
While no mortgage servicer has been without criticism and, for the most part, homeowners who have been unable to save their home had been heavily critical over procedures concerning home loan modifications. Yet, these foreclosure alternative plans may benefit homeowners who are facing the loss of their home by allowing them to take less damage to their credit score, in some cases, which may bring about an easier route when it comes to reentering the housing market in the future.