JP Morgan Chase home loan assistance plans from various programs like the federal home loan modification plan has been explored by homeowners who are in need of home loan assistance and foreclosure prevention, but many homeowners may live in a state where the Hardest Hit Fund Program has been implemented and, as many major financial institutions like Chase are participating in various areas of these initiatives, homeowners may have other options to find affordability on their home loan. Understandably, not all homeowners will be in a state where these programs are being used, but many financial institutions are willing to work with homeowners who may happen to be in a situation where funding from this program is available and alternative options are present when a traditional foreclosure prevention plan like the modification may not be helpful.
Obviously, homeowners may be in a position where they are now facing issues with their mortgage payment due to factors like unemployment, but it has been reported that Chase homeowners may see more options, particularly unemployment assistance from the Hardest Hit Fund, as some homeowners have simply been unable to benefit from home loan modification foreclosure prevention options. While there are some homeowners who may have to attempt to qualify for a federal modification plan or an extension program, like the Home Affordable Unemployment Program, issues like unemployment, negative equity, and situations where homeowners may simply be behind on their mortgage payment are all factors that servicers and state housing agencies are attempting to combat through these initiatives.
It goes without saying, homeowners will have to live in a state where one of these programs is being used by a state housing agency, as funds from this particular program are only available in areas that have been particularly hard hit by high levels of unemployment and devaluation in real estate. However, for homeowners who are looking to take advantage of these programs, like unemployment assistance, many financial institutions that service home loans in these areas must be willing to participate or offer programs to homeowners, but again, major mortgage servicers like Chase, Bank of America, and even Wells Fargo are reportedly helping homeowners find the foreclosure prevention they need through these state-specific programs.
Understandably, homeowners have still had a great deal of difficulty when it comes to dealing with their mortgage servicer and, as a result, many feel that programs like the home loan modification plan or other foreclosure prevention programs are unhelpful as the programs themselves are either flawed or they are dealing with a servicer who cannot or will not properly implement these options to benefit homeowners as best they could. While anyone can understand that homeowners are frustrated in these situations and may be quite angry or antagonistic towards their servicer, but homeowners are still being prompted to explore these options as state programs or even traditional modifications are still available and could be helpful in allowing homeowner to remain in their home while they continue to find more stability in their financial lives that will allow them to recover from any setbacks that may be present.