J.P. Morgan Chase has offered home loan assistance to homeowners through various programs, particularly those from the Making Home Affordable initiative, however, there are some homeowners who may have failed to either receive a trial modification or may have been denied a permanent modification after working their way through trial payments on their home loan. Home loan modifications have been one of the more popular routes that homeowners have explored as a way to find foreclosure prevention and affordability on their home loan, but there are some individuals who have simply been denied this form of federal assistance for one reason or another.
Yet, there are homeowners who have been able to either take advantage of alternative plans or there are some reports that have shown homeowners have become current on their home loan after a Making Home Affordable Program permanent modification offer was denied. For J.P. Morgan Chase, there were reportedly some ups and downs in terms of the total number of homeowners who were current on their home loan after being denied a modification assistance plan. As an example, the January 2011 Making Home Affordable Report stated that homeowners who are not accepted for a trial modification with J.P. Morgan Chase but were current on their home loan totaled at 89,863, at the time the report was released. However that number for the February 2011 report showed that this total number of homeowners decreased to 88,176.
However, homeowners with Chase who had their trial modification cancelled increased in their totals as of the February 2011 report to 3,498, which was previously at 3,030 for the previous month’s report. Yet, homeowners are still having problems when it comes to meeting their monthly mortgage payment even when these assistance plans are offered, and there are some issues that homeowners are still having when it comes to making contact with their servicer or transitioning more easily through the modification program.
Obviously, not all homeowners qualify for a federal modification or even a proprietary home loan assistance plan, but there are still some issues that servicers need to work out so that homeowners can find a more streamlined path to foreclosure prevention. However, there are those who feel that mortgage servicers from the Making Home Affordable Program can greatly benefit homeowners in need or who may be in the modification process, as these individuals can help either in the application process or simply explore opportunities that homeowners may have to avoid the loss of their home and find a lower monthly mortgage payment.
Homeowners are still able to simply contact their servicer initially, but when it comes to those who are in a position to become current on their mortgage, this is typically rare for homeowners who have been suffering from such issues as unemployment. Yet, with not only modifications still in available, but state plans and extension programs within the Making Home Affordable Program also still in place, homeowners may have more options for their specific issues that can be explored if a modification plan is unhelpful.