Chase Delinquent Homeowner Assistance Plans–Home Loan Programs From HAMP And Data For Homeowners Behind On Their Mortgage

Delinquent homeowners with J.P. Morgan Chase do have assistance plans still available from the Making Home Affordable Program that may help with their foreclosure prevention efforts, as there are reports that have recently indicated that the number of estimated homeowners who are more than 60 days delinquent on their J.P. Morgan Chase home loan increased, which could obviously lead more homeowners to seek assistance from the federal modification initiative.  However, there are still some homeowners who are having problems with not only qualifying for a home loan modification, but there may be issues with the sustainability of these programs for some as well.

While there have been improvements in the area of housing and servicers like J.P. Morgan Chase have seen increases in the number of active permanent modifications they have reported from month to month, the number of delinquent homeowners continues to rise for many, which may signify that issues like unemployment could still be causing problems for homeowners and leading to situations where they cannot meet their mortgage payment each month. According to the Making Home Affordable servicer report, Chase had 193,413 estimated delinquent homeowners who were 60 days or more behind on their mortgage at the end of December 2010. However, this number increased to 202,133 homeowners as of January 2011, pointing to more homeowners who may be in need of foreclosure prevention through the federal modification initiative.

Homeowners who have had trouble in the modification program, though, have often reported that issues like sustainability has been one area where the modification program has failed, despite the fact that there have also been numerous complaints by countless homeowners regarding various aspects of either their servicer’s performance or the modification program in general. Some homeowners have, sadly, begun missing payments and defaulted on their home loan even after a modification plan was in place, and this has been the case with not only numerous servicers in the modification program, but in proprietary home loan modification plans as well.

Yet, homeowners who are struggling, have missed mortgage payments, or fear that they may be in danger of foreclosure do still have these federal and in-house modification options available from a variety of servicers, but officials have also suggested that homeowners explore options through state-specific foreclosure prevention plans from the Hardest Hit Fund that may address issues like negative equity, unemployment, or offer funds to reinstate a homeowner when they are behind on their mortgage payments. As always, homeowners can either contact their servicer directly or speak with a reputable housing counselor from the Making Home Affordable and Hope Now programs, as these resources may not guarantee a successful modification plan but could help guide homeowners through the application process or explore alternative options that may keep some homeowners in their home.