Homeowners who are falling into delinquency with J.P. Morgan Chase have apparently decreased according to Treasury Department reports, tracking data earlier in the year, concerning those who qualify for a home loan modification program due to the fact that they are more than 60 days delinquent on their home loan payments. This information was thought to be a positive sign for those who fear that economic troubles that are causing homeowners to continue to suffer may finally be looking less severe than in months past. However, it was also reported in mid-May that more homeowners became delinquent on their home loan in April, which was an increase from the month before.
Yet, what this means for homeowners with J.P. Morgan Chase, among other financial institutions, will obviously differ, but some homeowners do still hold on to the hope that if delinquency does become an issue, there are safety nets like modifications or state programs that can help those in need avoid foreclosure. While the number homeowners who are delinquent on their mortgage increased in April, the decreases that were reported from the Treasury Report had only tracked data through the end of February, which has many homeowners questioning whether they can find affordability if issues arise here in May or in the summer months of 2011.
While there are some indications that the housing market and homeowners are still facing a volatile future, as again, the early part of 2011 showed J.P. Morgan Chase had seen a reduction in homeowner delinquencies, but April reports have shown that, in the housing market overall, more homeowners simply cannot meet their mortgage payment and may require home loan modification assistance, there are increase is still being seen in the federal modification program. As an example, J.P. Morgan Chase is one of the banks that did see more permanent modifications that are currently active in the month of March, so homeowners who are facing delinquency on their mortgage should not give up hope.
There are issues that many have faced related to dealing with their servicer and acquiring a home loan modification plan, but it has been stressed over the past months that housing counselors are available to homeowners from the HOPE Hotline and may be able to guide homeowners through the modification process no matter what lender they happen to work with. Also, state programs are still in place and rolling along, as well as, changes in certain aspects of the modification program that can eliminate any problems that were previously seen by homeowners related to lost documentation or confusion.
While reports from earlier in the year offer an uncertain forecast in terms of the reduction of homeowner delinquencies that have been tracked in HAMP reports, the overall number of homeowner delinquencies is still reportedly down from 2010, so homeowners may begin see some improvements in terms of homeowner delinquencies that are being covered here in the month of May.