J.P. Morgan Chase Federal Modification Program For Homeowners–Should Servicers Increase Efforts?

The federal modification program which has been used by servicers like J.P. Morgan Chase has continued to see growth over the past months and continues to offer homeowners mortgage assistance to bring about more affordable monthly mortgage payments and overall home loan costs. However, there are reports that some officials, and homeowners well, feel that these financial institutions charged with implementing these modification plans should increase their efforts to assist more homeowners.

While J.P. Morgan Chase is not the only financial institution which has been criticized over the past months, many homeowners feel that, in general, federal modification program efforts have begun to slow and financial institutions are not offering the assistance that is needed for homeowners to find the foreclosure prevention they seek.

Despite the fact that servicers like Chase have seen increases in their permanent modifications over the past months, there are some indications that foreclosures are beginning to outpace these modifications, which is obviously a sign that either homeowners are in a more difficult mortgage position than was previously thought or servicers need to revamp their efforts to provide these modifications.

Yet, servicers have been quick to point out that homeowners must meet certain qualifications before they can offer this federal mortgage modification program on a permanent basis. While there have been troubles related to backlogs from trial modifications and servicers keeping homeowners in a trial period for much too long, some homeowners are being denied mortgage assistance simply because they do not meet requirements of the federal mortgage modification program.

However, homeowners are still being prompted to contact their servicer if mortgage payment difficulties arise so that they may begin the process of finding affordability in their home. Various mortgage troubles have arisen for homeowners across the nation, and with a variety of financial institutions, but homeowners are still being urged to seek out help through these federal modification plans or alternative modifications which can be made directly from a mortgage servicer.  These mortgage modifications are no guarantee to preventing the loss of a home, but they have provided help to some homeowners over the past months despite imperfections in the programs and the implementation by servicers.