J.P. Morgan Mortgage Modification Assistance–Homeowners Seek HAMP And In-House Assistance Options

Homeowners with J.P. Morgan Chase have had various trials when it comes to meeting mortgage payments, as numerous homeowners with various servicers across the nation still face the possibility of foreclosure on their home. These troubles and the looming threat of foreclosure are still in place for many despite the fact that services like J.P. Morgan Chase do participate in home loan modification programs from both the Making Home Affordable Program and proprietary modifications offered directly from these financial institutions.

Yet, homeowners still feel that many mortgage servicers are not willing to help homeowners avoid the loss of their home as there are arguments that modification programs are not as affordable as they could be and services may be reluctant to provide these options to homeowners in certain cases.

However, there are reports from the Making Home Affordable Program that do show J.P. Morgan Chase and other financial institutions have had increases over the past months concerning the number of homeowners who were offered a governmental modification. There’s also data that indicates private modifications, made from in-house programs, have assisted a greater number of homeowners than governmental plans.

On the other hand, homeowners do still point out the fact that redefaulting remains a problem as some assistance plans do not offer low mortgage payment modifications to the extent that will allow homeowners to prevent foreclosure on their home.

While J.P. Morgan Chase has come under criticism over foreclosure practices, factors like unemployment still remain one of the driving causes behind foreclosures in the housing market. Understandably, J.P. Morgan Chase homeowners are not guaranteed assistance through these modification plans and there are problems that still remain which may prevent certain individuals from receiving the assistance they need.

Yet, there are financial advisers who suggest that homeowners speak with their servicer as soon as meeting their mortgage payment becomes difficult since this could give a homeowner the opportunity to find an affordable solution before their financial troubles get out of hand. Again, servicers have not been perfect in their implementation of these mortgage modification plans, but they are still available for homeowners and could be beneficial to helping some when it comes to preventing foreclosure.