Numerous homeowners and officials have called for the Making Home Affordable Program servicers to up their efforts and provide more foreclosure prevention assistance to homeowners in need. J.P. Morgan Chase, one of the many top mortgage servicers in the federal mortgage assistance program, has also been one of the servicers who has seen an increase in the number of active trial modifications from September to October.
According to servicer reports released by the Making Home Affordable Program, Chase had, as of September, 18,168 trial modifications in place, but that number rose to 19,538 as of October’s servicer report. Obviously, this is the type of result that many have been seeking as homeowners are reporting trial modifications to be difficult in some cases.
Some complaints from homeowners concerning trial modifications are that a servicer leaves them in a trial for too long, denies them a trial modification altogether, or will allow a trial modification but deny a homeowner a permanent home loan assistance plan. There are continuing troubles that remain between servicers in the federal mortgage assistance plan and homeowners, but there is also some positive news in that permanent modifications are still on the rise for many homeowners in the Making Home Affordable Home Loan Modification Program.
It’s understandable that not all homeowners are going to find the foreclosure prevention assistance they need and there are some who simply do not qualify for a home loan modification program from HAMP. However, alternative assistance plans offered from financial institutions like J.P. Morgan Chase have reportedly helped numerous homeowners over the past months and are also still available.
In-house mortgage modifications and federal home loan assistance modifications are still offering assistance to homeowners, but there are also HAMP extension plans that may be available to help those suffering from mortgage problems like an underwater mortgage or factors like unemployment. However, homeowners will still have to deal with their primary mortgage servicer if they wish to take part in many of these foreclosure prevention plans.