Homeowners with J.P. Morgan Chase have seen that alternative modification assistance has been made available when homeowners may not qualify for homeowner assistance through the Making Home Affordable Program. Obviously, there have been homeowners who have had a great deal of difficulty not only making their monthly mortgage payments, but when it comes to acquiring a home loan modification, there have been homeowners who have had a great deal of trouble in this area as well. However, there is data that has shown that homeowners may have alternative homeowner assistance available even if they are denied a trial modification or have their trial modification canceled.
Those who may have had trouble from a federal modification program or who did not qualify for a trial modification program have often felt that they have few options remaining, but aside from extension programs that address issues like unemployment or alternatives to foreclosure which may be available for homeowners who have exhausted all of their options, alternative modifications are also one of the methods which homeowners have used to find affordability in their mortgage. A mortgage servicer like Chase is just one of many who may be able to offer these alternative modifications to their homeowners, and again, there are homeowners who have benefited from these programs as data suggest that there are more homeowners receiving assistance through proprietary modifications than the federal program.
It was stated in the Making Home Affordable Program report for November, which tracked data through October, that Chase had 61,527 alternative modifications at that time which had been made when a homeowner had there trial modification canceled, and there were 89,961 alternative modifications to date for homeowners not accepted into a trial home loan modification program.
Understandably, there are still homeowners who are struggling within these alternative modification programs and within the federal mortgage assistance plan as well. Factors like unemployment and underwater mortgages, as well as other financial difficulties in the lives of homeowners have made meeting home loan payments difficult, but when it comes to the trial modification process, there may also be outside help.
Many homeowners are often prompted to contact their mortgage servicer if troubles arise or if they foresee difficulty in their financial life in the near future, but there are also HUD-approved housing counselors and counselors recommended by the Making Home Affordable Program which has led many homeowners through modification programs with servicers like Chase and other financial institutions. Again, these alternative modifications are no guarantee but they do offer more options to homeowners who cannot qualify for a federal modification, who may be denied a federal modification, or who are unable to afford a Making Home Affordable modification program and need alternate foreclosure prevention assistance.