The most recent J.P. Morgan Chase home loan modification data we saw was released in a report earlier in the month of May, which tracked all of the major financial institutions that work within the Making Home Affordable Program and who provide trial and permanent modifications to their homeowners, but there are still mixed results being seen in various areas in terms of the success that these financial institutions are seeing. The good news for homeowners who may be currently in a position where a modification could be necessary centers around the fact that, as of the March 2011 data, Chase did see an increase in the number of total trial modifications that had begun within the program.
The question that remains for not only Chase homeowners but others as well is whether there are still benefits to be gained from a home loan modification and are trial modifications easily accessible? There are numerous indications that homeowners are still fighting an uphill battle in some areas of the modification program as certain servicers are getting more negative feedback than others, but the program overall is seen in a relatively negative light by the many who are attempting to acquire one of these foreclosure prevention plans.
Yet, homeowners still have these options available here in June as the program is not set to end until 2012, so more homeowners are being asked to speak with their servicer and explore these options when financial problems arise that prevent them from meeting their home loan payment requirement. One reason that homeowners are being prompted to explore modification plans is that, even though there have been some critics who say the program has been lackluster, there are still permanent modifications being made off of these trial plans, which again, for many servicers are also on the rise overall.
Another reason that homeowners have benefited from contacting their mortgage servicer is simply because there are alternative plans that servicers like Chase may be able to offer those who do not qualify for a trial Making Home Affordable modification plan. Understandably, modifications are not perfect, but as recent data shows servicers are seeing increases in some areas, and permanent modifications have increased overall, these plans can be helpful or at least provide an opening to other areas of foreclosure prevention if homeowners are facing the loss of their home at the present time.
While new reports from the Treasury Department are hoped to be released in the coming days, whether homeowners will see positive results from their particular servicer remains to be seen but even in cases where numerous homeowners have been frustrated with a particular bank, there are still programs available to help from not only federal initiatives, but in-house plans and state programs as well.