J.P. Morgan Chase modifications have allowed homeowners to find foreclosure assistance through various initiatives within not only federal home loan modification plans, but modifications offered directly from this particular servicer to homeowners as well. However, there have been some who feel that foreclosures have still been unnecessarily high and, as a result, there is being more stress put on the fact that changes need to be made by the servicers who implement these modification programs, but there is some success still being seen by various servicers, despite mixed results in certain areas.
Yet, for homeowners who were in the Making Home Affordable Program, J.P. Morgan Chase did see increases in the number of foreclosure starts and completions for individuals who were either denied a home loan modification or had their trial home loan modification canceled. According to December data from the Making Home Affordable report, the number of foreclosure starts for homeowners who were not accepted for a trial modification total 35,676, which is cumulative through the month of November. This number was an increase from the previous month where foreclosure starts for these homeowners stood at 27,744. Also, foreclosure starts for homeowners who had their trial modification canceled total 22,047 for J.P. Morgan Chase, which was up from the previous month of 20,900.
While foreclosure completions also increased in these categories, there are those who may be blaming servicers for these widespread foreclosures, but there are factors like unemployment that have continually hindered foreclosure prevention efforts and, data from this report is not reflective of the overall homeowners with various servicers who have not only benefited from federal assistance plans but proprietary home loan modifications as well. There are no perfect servicers within the modification program and both homeowners and banks have made mistakes, but homeowners have been able to acquire federal or in-house assistance modification plans that have stopped numerous foreclosures for many who may be struggling with their home loan payment.
Additional modifications and alternative modification plans are still currently available for homeowners in need, but plans like the Unemployment Program and state-specific foreclosure prevention and unemployment homeowner assistance programs are also being used as a way to combat potential widespread foreclosures across the nation as many homeowners still feel pressure related to long-term unemployment. While homeowners who are facing trouble can talk directly with their servicer, there are also resources like the Making Home Affordable website and housing counselors which may also help provide solutions that will ultimately lead to homeowners being able to afford their mortgage and avoid foreclosure as a result.