J.P. Morgan Chase still has many homeowners who are facing the possibility of foreclosure, despite mortgage assistance programs which remain in place. Homeowners may still qualify for home loan modifications in December of 2010, and modification programs will expand into 2011 for homeowners who are facing the possibility of losing their home. Yet, there are also extension programs and alternative modification options from Chase and other financial institutions which may be beneficial for homeowners who are having a difficult time in their financial life.
Many homeowners are unsure of their opportunities to find affordability in their mortgage payment when making this payment becomes difficult. As a result, many homeowners began missing payments or simply resign themselves to foreclosure, but major financial institutions like Chase and others have been participating in the Making Home Affordable Program, which has offered federal modification assistance and extension programs as well.
Obviously, federal mortgage modifications and alternative modifications, which have been made directly from mortgage servicers, used payment reductions, interest rate reductions, term extensions, and in rare cases principal reductions as a way to bring more affordability to a homeowner’s mortgage payment. While servicers like J.P. Morgan Chase have had trouble within the modification program, and have been on the receiving end of criticism by many homeowners, these assistance options are still in place through modification plans, and homeowners may still have foreclosure prevention options within these programs.
However, extension plans from the Making Home Affordable Program are also available from many financial institutions to address homeowner needs where an underwater mortgage is present, unemployment is causing problems, or where a second lien on a home may be causing any benefits from a primary modification to be lost. Addressing issues like unemployment for homeowners through forbearance options and second lien modification plans are hoped to offer foreclosure prevention assistance to more homeowners within the coming months.
Yet, homeowners who may be in a dire situation with their home loan and are simply unable to qualify for a federal or alternative modification plan may also have options through the foreclosure alternatives initiative which it has been used by many financial institutions to allow homeowners who are inevitably losing their home to avoid a formal foreclosure process.
Again, there have been difficulties between servicers and homeowners, but housing counselors from sources like the Making Home Affordable Program and the FHA are available to assist individuals who may have questions, and for homeowners with services like J.P. Morgan Chase, it’s often suggested that these individuals contact their servicer when problems arise so that a homeowner’s mortgage difficulties will not get beyond the means to repair.