Chase homeowners who are delinquent on their home loan payment still have opportunities to find assistance through the Making Home Affordable Program and alternative home loan modification plans. Recent reports from the Making Home Affordable Program show that J.P. Morgan Chase has seen a decrease in the number of homeowners as of October 30, according to data collected by the Treasury Department concerning the modification program.
The November Making Home Affordable Report stated that J.P. Morgan Chase had 203,594 homeowners who were delinquent on their home loan by 60 days or more, as of October. This reported number of homeowners is down from the previous month as it was said Chase had 208,750 delinquent homeowners who were potentially eligible for a federal home loan modification.
Many homeowners who have had difficulty making their home loan payments have fallen into a position where they have missed mortgage payments and subsequently become delinquent, but these homeowners have turned to home loan modification initiatives which are implemented by major mortgage services like Chase. Yet, there have been difficulties within the modification process and there are many homeowners who have waged complaints against servicers concerning their home loan modification trial period or the cancellation of their trial modification.
However, there have been homeowners who were able to obtain an alternative modification from their servicer as many of the nation’s top financial institutions that service mortgages are offering in-house home loan modifications. The good news for homeowners in this area is that the number of proprietary home loan modifications are reportedly outnumbering federal modifications, which have seen increases throughout 2010.
While homeowners with J.P. Morgan Chase, or any mortgage servicer for that matter, are required to work with their home loan provider in order to obtain a modification plan, housing counselors that are approved from sources like the Making Home Affordable Program are available to assist homeowners who may be having trouble finding the assistance they need. Also, even in cases where homeowners may not benefit from a home loan modification, there are still options for foreclosure alternative programs which may be helpful to homeowners who face the inevitable loss of their home.