JP Morgan Chase Delinquent Homeowner Assistance With A Trial Home Loan Modification–December HAMP Update

Delinquent homeowners with J.P. Morgan Chase have sought out assistance through home loan modification efforts that are provided by the Making Home Affordable Program through various mortgage servicers, but there have been concerns over the ability of homeowners to find a trial modification as there are worries about the federal home loan modification program overall.

Yet, homeowners with Chase who are delinquent on their home loan and are attempting to find a trial modification in order to bring a lower monthly mortgage payment do still have opportunities for a federal trial home loan modification plan from servicers like Chase and, according to recent reports, there have been some increases in the number of trial modifications made by servicers.

According to the latest Making Home Affordable Report, J.P. Morgan Chase saw an increase in the number of active trial modifications processed between November and December of 2010. In November, it was reported that Chase had 17,501 active trial modifications, while that number increased to 20,799 trial modifications that were currently active in December, which may suggest that homeowners are finding more foreclosure prevention assistance through these trial plans as they pursue a permanent home loan modification agreement.

Yet, numerous financial institutions have reported difficulties within the modification program and homeowners have waged numerous complaints about not only servicers but the modification program as a whole, as there are still individuals who are defaulting despite having a modification that has offered them a reduced mortgage payment. Typically, home loan modifications have reduced a homeowner’s payment and mortgage interest rate, but there are still factors like unemployment that are causing homeowners to miss out on this foreclosure prevention opportunity due to the fact that they simply cannot meet this lower financial obligation on their home loan.

However, Chase and other major mortgage servicers working within HAMP do also offer extension programs, like the Unemployment Program, and homeowners do have the opportunity to consult with a reputable housing counselor as there are organizations approved by both HUD and the Making Home Affordable Program that may be able to help homeowners with their personal financial life so that they can afford their mortgage or guide them through the modification process in the pursuit of an affordable foreclosure prevention plan.