Information released for J.P. Morgan Chase in May stated that there were some increases in the number of homeowners who saw the opportunity to acquire an alternative mortgage modification after a federal Making Home Affordable program was denied, and this new information may help homeowners who are either looking for options beyond HAMP or who may simply be in a position where they want to primarily pursue an in-house home loan modification. There are, though, some complaints that have been made against proprietary modifications and alternative plans for mortgage assistance as well, as not all homeowners are finding the foreclosure prevention aid they need, but it has been reported that proprietary home loan modifications overall have seen more success when it comes to homeowners qualifying for reduced payments.
Yet, in terms of homeowners who were working their way through a trial modification or attempting to qualify for a federal home loan modification with Chase, those who were not accepted for a trial modification initially did see an increase in the numbers reported in May, which tracked data through the March 2011 HAMP report, and there were over 1000 homeowners between the February and March HAMP reports who reportedly saw the opportunity to receive an alternative modification plan with Chase in this category.
Ideally, homeowners can contact their servicer and begin the process to see whether they will qualify for a home loan modification plan, and there are many banks that will look into the federal modification initiative first to see if homeowners may be able to benefit from this form of foreclosure prevention. It has been well documented though, that there are homeowners who do not meet certain qualifications that the federal modification initiative requires and in these cases many are able to turn to an in-house modification directly from their servicer.
The question that many homeowners still have, however, stems from problems that past homeowners have faced when attempting to acquire one of these alternative modifications, as Chase homeowners and many other individuals with major banks have all complained that the modification program in general is flawed and even these in-house modifications which can be more easily tailored to meet a homeowner’s needs are too expensive. Chase does participate in a number of foreclosure prevention programs and recently announced that they are offering options from the Hardest Hit Fund to address foreclosure prevention needs of homeowners in particular states, but problems have still arisen for some when it comes to even getting their foot in the door on one of these alternative plans.
While homeowners may contact a J.P. Morgan Chase representative, review options on their website, or even consult the HOPE NOW network for guidance that may be available from housing counselors, it needs to be understood that foreclosure prevention, alternative modifications, or any assistance at all may not be available for every homeowner, and an individual’s personal housing situation will dictate what types of aid are available. However, as we enter into June, reports will soon be released concerning data from the month of April which can give a clearer picture of not only Chase’s home loan modification efforts but the overall direction the federal modification initiative is heading here in 2011.