J.P. Morgan Chase saw some positive results according to reports released in July’s Treasury Report that tracked HAMP data through May of this year. There have been some recent changes and reviews conducted within the Making Home Affordable Program that are hoped to offer more homeowners the foreclosure aid they need, but there are some areas of housing that may be looking up for homeowners. While it needs to be understood that there are still a variety of issues that homeowners face that are preventing them from paying their mortgage, increases in the number of permanent home loan modifications that are being seen will hopefully lead to fewer foreclosures.
At the present time, Chase was said to have seen an increase in the number of active permanent modifications for homeowners throughout 2011 and from April to May, Chase increased the number of permanent home loan modifications from over 79,000 to 83,774, which some feel is a good sign for Chase homeowners and the modification program overall. There are, however, those who disagree that particular servicers are working toward more positive results in the modification program and that there are still improvements that could be seen within HAMP.
As was reported previously, there were some servicers, Chase included, that were said to be in need of substantial improvement, but there are plans in place currently to offer more aid to homeowners with the help of a single point of contact so that less confusion may be seen in the modification process. While there are indications that delinquencies are down in some areas, there are also servicers who have seen increases in the number of estimated delinquent borrowers who may qualify for a federal home loan modification plan.
Chase homeowners and those with other banks need to remember that there are options beyond federal modifications, but even as some servicers like Chase have seen positive numbers in the area of permanent modifications, there are still issues like unemployment weighing on homeowners and some servicers are seeing decreases in the overall number of trial modifications that are being made. Yet, homeowners do still have the opportunity to turn to their servicer, explore HAMP eligibility online, or talk with HOPE Hotline housing counselors for further assistance and inquiries into foreclosure prevention options.
Keep in mind, this HAMP data from July is tracking activity from earlier in the year and may not necessarily reflect the current situations within the federal modification program, but with rating systems in place to keep servicers striving to better themselves in this area, there is hope that the federal modification plan, along with other programs, will be able to continue offering the assistance homeowners need in the coming months as we continue to work toward a better economy and job market.