J.P. Morgan Chase homeowner assistance plans to address common problems in the housing market like underwater mortgages and issues of homeowner affordability have brought about continued calls for lower mortgage payment plans from servicers across the nation. Worries over continuing troubles in the housing market led many mortgage servicers to not only continue their efforts in federal home loan modification areas, but also offer proprietary home loan modification assistance and there is speculation that more servicers may offer short sales to avoid foreclosure on underwater mortgages.
Homeowners who have benefited from home loan modifications from Chase may have still had difficulties later as there have been reports that trial modification were denied or canceled within the federal modification program due to factors like homeowners redefaulting. Yet, servicers like Chase have also offered homeowners in-house mortgage assistance plans in the hopes of providing more affordability and lower mortgage payments for homeowners, but there remain issues that analysts feel will still be present in the new year.
There are still foreclosures being seen by homeowners and decreases in property values are said to be likely to continue before they begin to get better. It’s for this reason that some feel servicers like Chase will have to up efforts in home loan modification programs and offer more options for homeowners to short sell their home in cases of underwater mortgages if widespread foreclosures are to be prevented.
However, there are those who feel that foreclosures will pick up at the beginning of the year, but this could be due to the backlog from troubles related to foreclosure scandals months ago or moratoriums which many servicers issued at the end of the year. Yet, there have been reports that servicers will see decreases in property values and more need from homeowners, which may necessitate that these financial institutions, like J.P. Morgan Chase, offer more short sale opportunities and began assisting more homeowners find modifications to lower their monthly mortgage payments until financial conditions improve.
Obviously, servicers like Chase have come under fire recently due to the fact that there are reports that more homeowners are facing foreclosure than are being offered a permanent home loan modification from the federal assistance plan. While this has been due partly to unemployment, which servicers began addressing through the Home Affordable Unemployment Program, but if the federal modification program, despite increases throughout 2010, is not addressing the needs of homeowners to find more affordability in their mortgage payments, J.P. Morgan Chase and other financial institutions that service mortgages are still able to lower homeowner payments through proprietary modifications, as in-house home loan assistance initiatives are still seeing a large number of homeowners who are being offered a permanent assistance plan.