J.P. Morgan Chase’s participation in the Making Home Affordable Program has seen increases in the number of permanent modifications that have been offered to homeowners, and according to the latest data on permanent home loan modifications from HAMP, Chase and other financial institutions participating in the foreclosure prevention efforts have seen further progress towards helping homeowners find a permanent modification assistance plan that will hopefully allow them to avoid the foreclosure process.
Recent data states that Chase saw an increase in the number of permanent modifications they made from December 2010 to January 2011. It was reported that in December Chase had a total of 66,441 active permanent modifications, but that number increased in January 2011 to 69,418. Obviously, continued increases in the permanent home loan modification sector of HAMP is beneficial for homeowners who are attempting to avoid the loss of their home, but there are still some concerns as to whether the modification program is truly helping homeowners or if it’s more of a hindrance.
There have been numerous homeowners who have complained about activity with their particular servicer, and no major financial institution has been able to escape these criticisms by frustrated homeowners who were unable to acquire the foreclosure prevention assistance they sought. Yet, there are arguments that permanent modifications are more successful, in the long run, than they had been in previous months as more homeowners may be finding the financial stability they need to meet reduced payments.
However, homeowners are still complaining that modifications are too expensive, servicers have unjustly booted them from the program, or the simple modification process is too complex and frustrating as there have been indications that some homeowners have spent excessive amounts of time resubmitting paperwork and dealing with various representatives from their bank.
Yet, these modification plans are only one route that homeowners may now take to avoid the loss of their home, as continued increases in permanent home loan modifications from HAMP is good news, but there are also reports that in-house home loan modification programs directly from servicers like J.P. Morgan Chase are seeing more success than federal modifications, and some homeowners in various states may be able to use programs like the Hardest Hit Fund to address particular mortgage payment issues.
Homeowners who are still struggling to make their mortgage payment may want to also contact a housing counselor approved by either HUD or the Making Home Affordable Program, as these resources can help guide homeowners through the modification process and may offer these individuals a less stressful transition to a modified home loan payment.