Homeowners with J.P. Morgan Chase in need of home loan assistance have usually sought out assistance through home loan modification programs, as many individuals are looking for more affordability in their monthly mortgage payment, but there are some individuals who are still having issues in relation to not only federal modification plans, but proprietary modification assistance as well. However, there are some advisors who are counseling homeowners to explore options that may be available outside of traditional modifications through either their particular mortgage servicer or from a state-specific program.
Many homeowners are having difficulty when it comes to meeting the monthly payments on their home loans and this problem has been made worse when they are struggling to wade through the home loan modification application process. Servicers like J.P. Morgan Chase has been criticized due to the fact that the federal modification program, despite seeing increases in the number of permanent modifications each month, has not brought about the success that was originally thought to be an option in terms of the program’s goals.
Also, issues like underwater mortgages and unemployment have continued to give homeowners further troubles when it comes to their financial situation, the housing market, and the simple ability of some homeowners to pay their home loan even when a modification is an place, but there are supplemental programs that may be able to help homeowners in these situations. While there are different issues on these programs and some homeowners may not have the availability from one servicer to another, there are some general alternative plans that homeowners have been able to make work for their particular situation, but this will require either contacting a homeowner’s mortgage servicer or a housing counselor to see how their particular situation may qualify them for these plans.
As an example, some homeowners like those with Chase have had trouble when it comes to negative equity, but underwater refinancing for homeowners who are current on their mortgage may not be an option as CNNMoney.com reported that Chase CEO Jamie Dimon stated that when homeowners are in a negative equity situation but are still able to pay their mortgage, write-downs on their mortgage principal will simply not be an option. This sentiment has been echoed by many financial institutions as they feel homeowners who are not facing the imminent threat of mortgage default due to negative equity are those should not be considered for a principal reduction, despite the fact that many homeowners have threatened to walk away from their mortgage in these instances.
However, alternative plans like the Home Affordable Refinance Program, and the Unemployment Program which may offer unemployed homeowners forbearance on their home loan payment for a set period of time are available as part of the Making Home Affordable Program and could be beneficial for homeowners not only with J.P. Morgan Chase but a variety of other servicers. There are, though, homeowners who are still having problems with particular servicers, or the modification program as a whole, and many officials have suggested these homeowners seek help from either the Hope Hotline or from an approved housing counselor, as these resources may not guarantee success when it comes to foreclosure prevention, but they might be able to better guide homeowners through the application process to acquire a modification or help them better explore options through state-specific assistance plans like the Hardest Hit Fund.