Federal modification plans from J.P. Morgan Chase have addressed homeowner concerns and needs over the past months, but reports which have indicated overall modification efforts have slowed have many concerned over whether these foreclosure prevention plans may be available to homeowners as mortgage difficulties continue. Home loan modifications are still widely available to homeowners with Chase and other financial institutions, but it is true that permanent modification conversions have slowed over the past months.
Yet, servicers like Chase have also been participating in proprietary modification program which are believed to offer more options for affordability when it comes to homeowners seeking mortgage aid. Many servicers have come under criticism by homeowners for, what is deemed, a lackluster program since there have been homeowners who have been rejected from the modification plan and foreclosures continue across the nation.
However, J.P. Morgan Chase has seen increases in the number of permanent modifications they have made throughout 2010, but the federal modification plan which have been the primary option for homeowners are said to be falling behind when it comes to modification options made directly from mortgage servicers. For this reason, many attribute the fact that services like J.P. Morgan Chase can tailor these in-house assistance plans directly to a homeowner’s needs rather than applying universal guidelines.
Numerous financial institutions that service mortgages are participating in these proprietary home loan modification programs, and for this reason, there are hoped to be more modification options available to homeowners within the coming months. While these proprietary modifications are, again, presently in place, many homeowners may be unaware of these alternative modification assistance programs and the fact that qualifications for these plans may be less stringent than federal guidelines.
While homeowners with servicers like J.P. Morgan Chase can consult their financial institution’s website, resources from the federal Making Home Affordable Program website may also be beneficial to homeowners who face the loss of their home through foreclosure without modification assistance as approved housing counselors can provide assistance to homeowners seeking aid from their mortgage servicer.