J.P. Morgan Chase is one of numerous mortgage servicers who have continued their efforts in the federal Making Home Affordable Program, and according to recent reports, saw an increase in the number of permanent home loan modifications that are currently active. Many homeowners have waged complaints against servicers stating that they are not doing enough to help individuals facing foreclosure find the affordability that is vital to keeping their home.
Yet, numerous assistance plans have been implemented over the past months which may go beyond traditional home loan modification programs. However, J.P. Morgan Chase, among others, have seen continued increases in the number of homeowners who have been helped through this particular mortgage modification plan.
As an example, September’s Making Home Affordable servicer report indicated that J.P. Morgan Chase had 62,368 permanent modifications in place. That number for the month of October rose to 63,704, which again, is reported by the Making Home Affordable monthly servicer report.
Many homeowners are quick to point out that servicers like J.P. Morgan Chase and other large financial institutions have not made acquiring these federal assistance plans easy and have disqualified certain homeowners from these mortgage aid plans. However, reports that have been published over the past months have indicated that homeowners may be getting more help directly from servicers through in-house modification programs, rather than from federal mortgage modification opportunities.
There are financial institutions who have argued that the requirements for the federal Making Home Affordable Program have prevented numerous homeowners from taking advantage of these lower mortgage payment plans, but servicers who implement their own modifications can adjust qualifications or treat each homeowner differently to assist them in their specific situation.
It needs to be understood that home loan modification programs from the federal government and directly from servicers like J.P. Morgan Chase have not been perfect since there are problems that remain. Yet, advisers often consult homeowners to contact their servicer early if problems do arise or consult resources like the Making Home Affordable website for information on dealing with mortgage payment difficulties and available assistance plans.