Homeowners with J.P. Morgan Chase have seen that modification assistance and the number of foreclosures, in relation to the Making Home Affordable Program, have varied over the past months as there have been increases in the number of permanent home loan modifications that have been made, but foreclosures still remain a problem for not only these particular homeowners but those homeowners who are with a wide variety of major financial institutions. Understandably, federal modifications and even proprietary home loan modification assistance has had their share of difficulties, but there are still homeowners facing foreclosure despite having these options in place.
New data from the Making Home Affordable Program has stated that there have been increases in the total number of foreclosure completions that were seen for servicers participating in the federal modification initiative. For J.P. Morgan Chase, homeowners who were not accepted for a trial modification are, as of January 2011, numbered at a total of 9,951, in terms of those who have seen a foreclosure completion, while the number of homeowners whose trial modification was canceled who saw a foreclosure completion numbered at 8,169.
Obviously, there are still issues remaining in the modification program, as there have been some officials who have called for the termination of the program due to the fact that it has not helped a wide number of homeowners, in terms of the original amount that was predicted to be helped, but also, there are still homeowners who are finding the sustainability of the modification program to be difficult. Sadly, there are also indications that, in terms of the number of homeowners helped through modifications, proprietary modifications directly from servicers have seen a greater number of homeowners assisted but also have seen a higher number of redefaults after homeowners have been offered assistance.
There are those that argue servicers are still providing the aid that homeowners need, despite the fact that there are problems. Some officials have proposed introducing changes to these programs, like simply restructuring the federal modification initiative to help more homeowners, hold servicers more accountable when proper modification policies are not met, and hopefully, increase the availability to more homeowners. There are still problems with homeowners either not qualifying for modifications or being denied assistance, which again either leads to foreclosure or the need for a homeowner to reapply for a modification, but there are those who feel stopping these programs now could be detrimental to the overall housing market, yet there are those who disagree of course.
However, in terms of availability of assistance for Chase homeowners, and others who are struggling with a variety of major financial institutions, federal and in-house modifications are still available and, in terms of outside assistance, the Making Home Affordable Program can offer suggestions for housing counselors that may be able to assist homeowners with their financial troubles, apply to the modification program, and may also bring about more success in terms of foreclosure prevention.