Some of the nation’s top financial institutions that are working within the Making Home Affordable Program have also been involved in foreclosure alternative plans which may help homeowners who are struggling to make their mortgage payment under certain conditions. J.P. Morgan Chase has been one of these financial institutions and may be able to offer homeowners who qualify the opportunity for a short sale or deed in lieu of foreclosure program.
While there have been some homeowners who are unable to obtain these forms of assistance and, in certain cases, servicers have been hesitant to offer these assistance plans to homeowners and some simply want to escape their mortgage obligation because of reasons like the loss in their property value. Servicers like J.P. Morgan Chase may require homeowners to first attempt to qualify for a modification program which can make their mortgage payments more affordable.
Yet, in cases where homeowners qualify for these plans, short sales and deed in lieu of foreclosure programs from the Home Affordable Foreclosure Alternative plan have allowed homeowners to escape their bad mortgage situation and servicers will see the fulfillment of these programs as full payment on the home. Essentially, homeowners who may qualify for a J.P. Morgan Chase foreclosure alternative may be able to avoid having to pay penalties after they participate in one of these programs.
Chase has, according to the September 2010 Making Home Affordable Report, made over 3,000 short sale and deed in lieu of foreclosure programs available to homeowners who had their trial modification canceled within the Obama modification program, and has offered a little over 4,000 foreclosure alternative plans to homeowners who were not accepted for a home loan modification.
Understandably, homeowners still have difficulty dealing with their servicer and making it through certain programs within the Home Affordable Modification Program. Yet, J.P. Morgan Chase homeowners, and individuals with other servicers as well, are being prompted to talk with their servicer if trouble making their mortgage payment has arisen as an early jumpstart on foreclosure difficulties may assist homeowners with finding affordable solutions to help with their mortgage predicament.