J.P. Morgan Chase has offered modifications through the Making Home Affordable Program, but there have been homeowners who continually cite the fact that numerous servicers are not converting a high number of mortgages into these modification assistance plans. As a result, servicers have been heavily criticized and are said to be unwilling to help homeowners on a broader scale when it comes to foreclosure prevention.
Yet, Chase and other financial institutions are offering alternative home loan assistance plans, which may not be as widely known to be available. Homeowners can, and have, benefited from proprietary modifications offered by financial institutions like J.P. Morgan Chase, and there are indications that more homeowners are being offered these types of mortgage assistance plans than governmental modifications.
While no mortgage servicer has been perfect in their implementation of the Making Home Affordable Modification Program, and numerous homeowners have faced foreclosure as a result, there are still alternative options available to homeowners who do not benefit from or qualify for a governmental assistance plan.
J.P. Morgan Chase has seen success in their modification program, for the most part, over the past months but there are those who say more homeowners are getting help through in-house modification plans, which are obviously helpful to homeowners that do not qualify for HAMP.
Homeowners are aware that modifications are no guarantee to a lower monthly mortgage payment or foreclosure prevention, but there are those who want homeowners to be aware that alternative assistance plans are available outside of traditional modification programs from the Making Home Affordable Program. For this reason, advisers have often suggested that homeowners consult their mortgage servicer about these programs which may be available if a homeowner does not benefit from a governmental modification plan.
While J.P. Morgan Chase homeowners might still continue to have trouble, there may also be alternative modification help available, which could be beneficial in the efforts of homeowners who are attempting to avoid the loss of their home by finding lower mortgage payment opportunities.