Chase home loan modifications have been totaled from the beginning of their implementation of the federal Making Home Affordable Program and, both trial and permanent modification starts have been reviewed through Making Home Affordable data as a way to establish where the program is going and how homeowners are faring in terms of the sustainability of their lower monthly mortgage payments. Obviously, there are a great deal of varying opinions on the modification program and servicers like Chase have not been without criticism by homeowners who feel that the modification program is in need of improvement as many homeowners have simply been in a position where even a reduced payment did not help with their financial predicament.
According to Making Home Affordable data, J.P. Morgan Chase, as of the December 2010 report, had started 222,582 trial modifications and 77,183 permanent modifications for homeowners who were seeking a more affordable monthly mortgage payment on their home loan. However, the trial modifications that are currently active for J.P. Morgan Chase number at 20,799 and the number of permanent modifications stand at 66,441.
Obviously, not all homeowners will qualify for the Making Home Affordable Program and despite critics who say the modification plan has failed, there are still homeowners who have been helped through these modification initiatives and have avoided foreclosure as a result. Also, J.P. Morgan Chase is one of many servicers that has offered proprietary modifications to homeowners and, according to data, these in-house, modification efforts have outnumbered federal modification programs.
Homeowners do still have the Making Home Affordable modification program as an option for preventing the loss of their home, as well as extension plans that offer assistance specifically for homeowners who may be unemployed, suffering financial setbacks due to the presence of a second lien, or who may face inevitable foreclosure and are looking for a foreclosure alternative program to assist them in their predicament.
Yet, angry homeowners have waged a campaign against various financial institutions stating that home loan modifications never truly hoped to help the majority of individuals who are suffering from financial difficulties and, as a result, many homeowners feel that the home loan modification plan has been more of a hindrance than a help. There are also officials who wish to repeal the modification plan as the initial goal of homeowners who were hoped to be aided will not be met.
It goes without saying that there are still problems that remain in federal modification plan, but homeowners are still being prompted to contact reputable housing counselors or speak directly with their servicer to address financial issues that may be preventing them from making their home loan payment in a timely manner or if homeowners feel that a home loan modification is their only option, beginning the process sooner rather than later may offer more opportunities or affordability that may help some homeowners avoid the loss of their home.