J.P. Morgan Chase homeowners may be able to take advantage of in-house home loan modification plans as a way to lower their monthly home loan payments thanks to alternative modification programs which have been made available from a variety of mortgage servicers as a way to offer alternate home loan assistance options for homeowners outside of the federal home loan modification program. Reports have indicated that, overall, mortgage servicers who have used alternative modification plans have been able to offer a greater number of homeowners financial assistance than those in the federal modification program.
Sadly, there are reports that state the federal modification program has begun to slow, which means that fewer homeowners are finding the foreclosure prevention assistance they need through a home loan modification. While there has been a great deal of criticism on the modification program as a whole, there are still options for homeowners from servicers like Chase to not only acquire a federal home loan modification, but extension programs which are set in place to address specific issues and these alternative modification plans are hoped to offer more foreclosure prevention assistance in the coming months.
Obviously, J.P. Morgan Chase and other financial institutions who offer these modifications have been heavily criticized by some homeowners due to the fact that the modification program has been difficult for some. Yet, there have been homeowners who have benefited from these foreclosure prevention assistance plans and, as financial troubles and unemployment remain in the lives of many homeowners, servicers are being called on to do more in terms of modification efforts through both federal and in-house initiatives.
Concerns over continued drops in home values which may continue in the early part of 2011 also have many concerned over underwater mortgages, which have usually been combated through modification programs by some servicers. However, for homeowners with Chase and other financial institutions, when it comes to the simple inability of a homeowner to make their mortgage payment, adding opportunities from both federal and in-house, proprietary sources has been helpful in that if a homeowner is not approved for a federal modification, a servicer may be able to offer in-house assistance as well.
While there are difficulties that remain in the lives of many homeowners, it has been advised by counselors that these individuals contact their mortgage servicer or a HUD-approved housing counseling in order to even begin a modification program or look at options which may be available for their particular home loan situation. While servicers like Chase do offer both federal and alternative modification programs, homeowners who may be in a difficult position and can no longer afford their home even with a modification in place do still have options for foreclosure alternative programs as well, but again, homeowners may stand a better chance at finding solutions to the problem if they address home loan troubles early.