J.P. Morgan Chase homeowners seeking a home loan modification through the federal Making Home Affordable assistance program may have had difficulties and problems related to either acquiring modification assistance or receiving a permanent home loan agreement on their home loan, but there are reports which have indicated that homeowners who have had difficulties meeting their monthly mortgage payment and have begun pursuing a modification have the chance to acquire aid which may help with foreclosure prevention efforts.
There are reports which have indicated that home loan counseling has been beneficial to some homeowners who have seen financial difficulties arise in their life and have been in need of foreclosure prevention assistance. These homeowners who have consulted credible housing counselors have been with a wide variety of servicers, like J.P. Morgan Chase, but have been able to find guidance and assistance through home loan modifications and other financial troubles which may have caused them to face the loss of their home through foreclosure.
A survey from NeighborWorks America has stated that homeowners have seen benefits when contacting housing counseling agencies, like those approved by HUD or the National Foreclosure Mitigation Counseling Program, as these sources of assistance can help homeowners not only find solutions in their personal financial life that can make their home more affordable but they also be able to guide homeowners through home loan modification efforts from various financial institutions.
While servicers like J.P. Morgan Chase do offer alternative home loan modification plans, which may be helpful for homeowners who do not receive a federal mortgage modification, housing counseling may be a way to prevent problems which could arise if homeowners begin pursuing foreclosure prevention offered through servicers and home loan modification programs.
Understandably, home loan counseling is not a guarantee when it comes to acquiring a home loan modification or preventing the loss of one’s home, but there are reports which have suggested that homeowners lower their risk of defaulting within a home loan modification program and may be able to acquire a lower monthly payment as well. Again, homeowners with J.P. Morgan Chase or any other financial institution for that matter do have the option of simply contacting their servicer directly to talk over options for foreclosure prevention, housing counselors may be able to assist homeowners with organizing their home loan modification efforts and, as a result, may increase the likelihood of success a homeowner has when seeking this type of foreclosure prevention aid.