Chase Home Loan Trial Modification Plans–Newest HAMP Report Shows Trial Increases February 2011

Chase home loan modification trial plans for homeowners in financial distress saw an increase according to the most recent Making Home Affordable Report, as the February 2011 servicer performance review showed that there were some banks that did see increases in the number of active trial modifications they had made from January to February, while of course, others also saw some decreases as the home loan modification program, overall, still continues to see problems. While various homeowners have had trouble with particular financial institutions and the modification program as a whole, there are still modification efforts being made and the foreclosure prevention efforts available that homeowners should not discount when they face financial problems.

Understandably, there have been no perfect banks when it comes to implementing these programs and homeowners have continued to wage complaints against servicers and the modification program like. Issues like lost paperwork, confusion, and modification payments that are simply too high have been just a few of the issues that homeowners have faced when attempting to acquire mortgage modification assistance through the HAMP initiative, but there are also some homeowners who have made mistakes by failing to properly document their financial hardships or they may simply not qualified due to their mortgage payment being at a low ratio in comparison to their overall monthly income.

Yet, despite these issues that have arisen between homeowners and banks, servicers like Chase have seen some increases in various areas, such as trial modifications and active permanent modifications within HAMP. According to the January 2011 Making Home Affordable Report, J.P. Morgan Chase had 20,602 active trial modifications, but in February 2011 that number increased to 22,449. Understandably, many homeowners have seen problems when it comes to sustaining payments in their trial modification and even in proprietary modification programs, homeowners have defaulted once again when it comes to making their monthly mortgage payments due to the severity of their financial distress and failings that may also be present in the modification programs as well.

However, advisers are prompting homeowners not to give up hope despite the failings and difficulties that others have seen in the modification program as there are not only permanent home loan modifications that may help homeowners avoid the loss of their home, but there are in-house alternatives, extension programs like HAFA and the Home Affordable Unemployment Program from the Making Home Affordable Program, as well as, the state-specific initiatives from the Hardest Hit Fund that could bring about resolutions to any difficulties that homeowners may face.

As always, homeowners may simply contact their servicer directly to inquire about any assistance options available for their mortgage problems or speak with a housing counselor in the Hope Now network or those who may be certified by HUD. While there are no guarantees when it comes to modifications, homeowners who see the early signs of financial distress in relation to their mortgage payments need to address these issues by speaking with either housing counselors or their servicer to see what actions may be taken to help them avoid foreclosure or, in some cases, bypass a home loan modification program altogether.