Homeowners who have had trouble finding the affordability they need in their monthly mortgage payment with servicers like J.P. Morgan Chase have typically turned to home loan modification options. While there are certain individuals who have been able to use refinancing for a lower interest rate on their home to lower the costs associated with their mortgage payment, those who have either lost their jobs or have seen cutbacks at their place of employment have turned to home loan mortgage modifications which are offered through a variety of means from top financial institutions like J.P. Morgan Chase, among others.
Home loan modification plans from the Making Home Affordable Program have been one of the more common means that homeowners have used to acquire a lower monthly mortgage payment. Methods that have been used by J.P. Morgan Chase and other servicers do vary, as is reported in the Making Home Affordable monthly report. As an example, the September HAMP report stated that servicers use one of or a combination of methods to lower payments like interest rate reductions, mortgage term extensions, or even principal forbearance options.
While many servicers, like J.P. Morgan Chase and other large financial institutions, do also offer in-house modification plans, these proprietary modifications will also differ in terms of their qualifications and the methods used to assist individual homeowners.
Chase homeowners may be able to take advantage of these modification plans as both governmental and proprietary modifications on home loans are still being used to assist homeowners who may face default or foreclosure. Again, some homeowners may simply benefit from an interest rate reduction, while others may need to extend their mortgage terms so that their monthly payment obligation can be lowered as a result.
Homeowners who may not qualify for the governmental home loan modification plan do still have options from in-house modification plans from Chase and other financial institutions. Once again, these in-house modifications directly from a homeowner’s mortgage servicer may differ from the Obama home loan modification plan, but there are reports that show more homeowners are finding modification assistance through these in-house plans than from the Making Home Affordable Program in some cases.