J.P. Morgan Chase Home Loan Modifications From Making Home Affordable–Should Homeowners Seek Alternative Modifications?

J.P. Morgan Chase has seen increases in the number of permanent home loan modifications that have been made throughout 2010, but there are still difficulties which remain in the modification program as a whole. Homeowners continue to suffer from a wide range of mortgage difficulties and, as result, many are still seeking affordability on their home loan payment through the Making Home Affordable Program.

However, there are problems which still remain according to many officials, as a recent review by the Congressional Oversight Panel stated that the current trend of homeowners who have been helped within the Making Home Affordable Program is far short of expectations. Homeowners still site troubles related to paperwork, stalled trial programs where homeowners are unable to move to a permanent modification status, and overall communication difficulties with their financial institution during the modification process.

Understandably, not all homeowners have been able to meet the qualifications for the Making Home Affordable Program, but officials had felt that a great number with homeowners, between 3 and 4 million, would be helped at the program’s conclusion, but at the current pace perhaps only one-fourth of those individuals will be aided.

On the other hand, many feel that lackluster federal modification results points to trouble with servicers, but proprietary modifications through alternative home loan assistance plans made directly from servicers are outpacing the number of homeowners who are helped within the federal modification plan. These in-house modifications which are made available by servicers like J.P. Morgan Chase are said to be outnumbering federal modification plans by a substantial margin, which has led many to feel that the qualifications of the Making Home Affordable Program may be hindering some homeowners from seeing success.

Yet, homeowners who are facing difficulty with their mortgage payments are still being prompted to either contact counselors from the Making Home Affordable Program or contact their servicer to inquire about federal and in-house mortgage modification assistance. Obviously, there have been problems with servicers, homeowners, and even some difficulties within these in-house programs, but advisers suggest that homeowners, who have multiple modification options, seek out the best route for their situation, because no matter whether a federal or in-house modification may be right for them, finding foreclosure prevention is truly all that matters.