For J.P. Morgan Chase homeowners who have been denied a trial modification or permanent home loan modification from HAMP, the total number of foreclosures tracked within the Treasury Department reports that had been started and completed saw an increase according to information released here in July for the month of April. Yet, Chase homeowners do need to remember that despite the fact foreclosures will be inevitable for some, there are new programs and well-established options that are in place which could be more beneficial for a homeowner in terms of keeping their home and provide an alternative a home loan modification if this particular route is unavailable.
However, for homeowners who had their trial modification canceled, the number of total foreclosure starts for J.P. Morgan Chase as of April increased to 23,172 while the total number of foreclosure completions increased to 10,980. The month prior, these numbers stood at 22,964 starts and 10,529 completions within this particular category of homeowners. There are homeowners who were not accepted for a modification initially who also fell into foreclosure and the Treasury Department reports indicate that homeowners in this particular category also saw increases in the number of starts and completions that have been made total by J.P. Morgan Chase.
In this category of homeowners, the number of foreclosure starts increased from 51,057 to 56,416 while the number of foreclosure completions rose from 15,017 to 16,446. Understandably, some homeowners may be unconcerned with this data but rather want to know what options they have so that they do not become part of these numbers, and the answer to this question may depend on their particular financial position and mortgage situation. While it’s always helpful for a homeowner to contact their servicer first, and well before their financial problems get out of hand, it has been repeatedly mentioned that homeowners stand to benefit from housing counseling assistance, like that from the HOPE Hotline, as there are some men and women who may make mistakes during the modification process and, as a result, might find themselves facing foreclosure as a result of a modification denial.
Understandably though, homeowners who seek out a reputable housing counselor do not always find the foreclosure prevention aid they need, but rather some simply fall into a position where they do not qualify for the help that is available. However, homeowners can explore options within HAMP to address specific issues, may be able to return to their state housing agency as a way to find mortgage payment assistance, or there are some programs that may be available directly from J.P. Morgan Chase that will assist homeowners in their foreclosure prevention pursuits. What it may come down to though is homeowners working with either a servicer or an approved housing counselor to explore these options that may be available for their particular situation, since there are numerous foreclosure prevention plans currently on the table, but not all will be an option.