Homeowners seeking a J.P. Morgan Chase trial home loan modification from the Making Home Affordable Program do still have opportunities as modification efforts will continue into 2011 and have seen some success in 2010. Increases in permanent modifications have been present in the home loan modification program from J.P. Morgan Chase and other mortgage servicers, but there are still problems that many homeowners face when seeking a permanent modification and complaints continue as homeowners feel servicers are making trial modifications too difficult.
Numerous servicers have had their fair share of complaints from homeowners as many feel trial modifications are simply too difficult, since there have been accounts which have shown homeowners have made trial payments only to have their modification canceled or have been held in the trial period of the modification program for much longer than is required.
Yet, there are also homeowners who point out that trial modifications are becoming less numerous and foreclosures are becoming more common. As an example, J.P. Morgan Chase did see a decrease in the number of trial modifications from October to November according to the Making Home Affordable servicer report. The October report stated that 19,538 active trial modifications were ongoing for J.P. Morgan Chase, as of October 31, but there were only 17,501 active trial modifications according to the HAMP report for November.
Despite the fact that J.P. Morgan Chase was one of the servicers who saw an increase in the number of permanent home loan modifications they made during that same timeframe, there are still concerns by homeowners as to whether trial modifications can be obtained and a permanent modification can result from a successful trial completion.
Obviously, there are homeowners who are very frustrated with their servicer but there are officials who feel that the federal modification program has seen a slowdown over the past months simply because services are using proprietary modifications and in-house assistance more than federal modification plans. These in-house modification programs may be more able address homeowner needs as universal guidelines are not required to be met, meaning that financial institutions can tailor modifications to a certain homeowner’s situation.
While there are troubles which remain in proprietary modification programs and federal modifications alike, there are more opportunities now available to homeowners with J.P. Morgan Chase and other mortgage servicers as federal assistance and in-house modification programs continue. While there are still trial modifications available from the Making Home Affordable Program and J.P. Morgan Chase, homeowners continue to call for changes in the trial modification process so that more individuals may find the affordability they seek in their home loan in a timelier manner.