Homeowners with J.P. Morgan Chase have faced foreclosure despite pursuing home loan modification plans, which are offered from the Making Home Affordable Program. Foreclosure prevention efforts have gone beyond federal mortgage assistance plans and have extended to options directly from financial institutions through alternative mortgage assistance opportunities. Yet, even with these assistance plans in place, there are still homeowners who are having trouble meeting their monthly mortgage requirement even when modifications are in place.
The Making Home Affordable September report stated that J.P. Morgan Chase had 18,536 foreclosure starts, as of August 2010, and 4,547 foreclosure completions for homeowners who had their trial modification canceled. According to the October report, as of September 2010, J.P. Morgan Chase had a total of 20,336 foreclosure starts and 6,039 foreclosure completions for homeowners with a canceled trial modification.
While this is only a small section of homeowners who faced foreclosure with one servicer, homeowners point out that foreclosure prevention efforts may need to be revamped as there are still numerous individuals facing the loss of their home despite having various mortgage foreclosure prevention opportunities in place. It’s true that some homeowners simply do not qualify for a Making Home Affordable modification, but there are homeowners who have accused financial institutions of not properly implementing these plans so that the maximum amount of homeowners who qualify would avoid the loss of their home.
Recent troubles that brought questions over the foreclosure practices of numerous financial institutions led homeowners to believe that they were not properly being considered for foreclosure prevention plans like the Making Home Affordable Program. Some homeowners have defaulted even when a mortgage assistance plan was in place, but there have been accusations that servicers either kept homeowners in a trial too long or lost paperwork, which may have led some homeowners being disqualified from the mortgage assistance plan.
While numerous financial institutions have had complaints waged against them, what these conflicting reports and statements boiled down to is the simple need for homeowners to find more affordable options at the present time for their mortgage payment so as to avoid foreclosure, but some feel servicers who are charged with implementing these programs need to make adjustments to their modification initiatives.
J.P. Morgan Chase is one of the financial institutions who has seen increases in the number of permanent modifications they made within the Making Home Affordable Program, and other banks have seen the successes well, but homeowners are still frustrated and animosity remains between servicers and these individuals. While no servicer or modification plan has been perfect, homeowners are still able to consult their financial institution or sources like the Making Home Affordable Program as foreclosure prevention efforts remain in place and may be helpful to homeowners who are currently struggling to keep their home.