Homeowners with J.P. Morgan Chase seeking home loan assistance through alternative modification programs may have seen mixed results for those who failed to qualify for federal home loan assistance modification options as new data on these plans that are set to offer alternative arrangements to lower monthly mortgage payments have stated that Chase saw ups and downs in the number of homeowners who received alternative assistance after failing to qualify for a permanent modification from HAMP.
Many financial institutions who participate in alternative modification plans may have seen increases over the past months as overall alternative home loan modifications have been reportedly higher than federal modification plans, but there are some homeowners who have only found an alternative modification option after being disqualified from the federal modification program. Chase is one of the many servicers who participates in the Making Home Affordable Program and also offers in-house modification efforts and foreclosure prevention plans that are hoped to bring more affordability to homeowners in need.
Yet, the most recent Making Home Affordable report, which was for December 2010, stated that the compiled number of homeowners who had received alternative assistance increased in cases where a homeowner was not initially accepted for a trial modification. The November 2010 HAMP report stated that Chase had made a total of 89,961 active modifications for homeowners in this category, but that number increased as of the December 2010 report to 101,136 alternative modifications for homeowners who were not offered a trial home loan modification plan from the federal program.
However, homeowners who had there trial modification canceled remained relatively unchanged as the November report stated 61,527 alternative modifications had been offered to these homeowners at the time of the report, but December’s report tracked the number of total alternative modifications offered for these homeowners at 61,491.
Despite different programs available to homeowners who are struggling to make their mortgage payments, various servicers have still been criticized for the widespread foreclosures that are being seen, but homeowners do have numerous options which are now available through not only federal and private assistance programs, but also state-specific foreclosure prevention plans that could bring more overall affordability to homeowners who fear the loss of their home.
Homeowners have been prompted to contact their primary mortgage servicer to explore options that may be available for their particular situation or consult housing counselors from the Making Home Affordable Program for general financial guidance or assistance when going through one of these modification programs. Both federal and proprietary modifications do still have problems that many feel need to be addressed, but they are available to aid homeowners who are seeking lower monthly mortgage payments so that they can avoid the loss of their home.