Chase Home Loans Options For Short Sales And Deed In Lieu Of Foreclosure Programs–HAMP Data From December Report

J.P. Morgan Chase home loan assistance options for homeowners who may be suffering from financial distress or an underwater mortgage include popular short sale and deed in lieu of foreclosure plans which many homeowners have sought out over the past months as a way to avoid a formal foreclosure process despite the fact that the loss of their home may be inevitable. Recent reports from the Making Home Affordable Program have tracked data reported by some of the largest financial institutions participating in various foreclosure prevention and foreclosure alternative efforts, and the most recent report which was published in January, tracking data through December, has shown that J.P. Morgan Chase has seen some success in these areas.

The December Making Home Affordable Report stated that through the month of November, J.P. Morgan Chase had made 9,892 short sale or deed in lieu of foreclosure plans for homeowners who were not accepted for a trial modification within the Making Home Affordable Program, and 4,912 short sale or deed in lieu of foreclosure plans for homeowners whose modification was canceled.

And while homeowners have, again, sought out options from these foreclosure alternatives, J.P. Morgan Chase did see an increase from the previous month for homeowners who were not accepted for a trial modification as data tracked through October 2010 stated Chase had only made 7,768 short sale or deed in lieu of foreclosure offers, but the number deed in lieu of foreclosures and short sales from this timespan for homeowners whose trial was cancelled numbers at 4,918.

Many servicers have seen ups and downs in various areas of the modification program and, as a result, there have been many homeowners and officials who have criticized servicers and the program alike.  Yet, homeowners may stand a better chance at these foreclosure prevention plans in 2011 as there are predictions that the costs of foreclosure for banks may rise and there are simply more homeowners who are facing hardships and underwater mortgage situations that will qualify them for these plans.

Homeowners in financial distress are being prompted to contact their servicer early if troubles are preventing them from paying their mortgage or there are options like housing counselors that can help homeowners in their financial life as well. However, if homeowners do consult a housing counselor, caution needs to be practiced and research conducted as there are some scams against homeowners causing further trouble in the lives of homeowners who are in need of help.