There are some homeowners who may have noticed that the trial modifications that are currently active with J.P. Morgan Chase and decreased between the April and May 2011 Treasury Department reports, but this is something that has been seen among many major financial institutions as trial modifications are dropping for some banks but the number of permanent modifications that are currently active have been on the rise. Yet, what homeowners may be unaware of and might not have been mentioned in previous reports centers around the fact that the number of trial modifications that have begun with J.P. Morgan Chase did see an increase between April and May.
Understandably, homeowners have often found that it is much more difficult to enter into a trial modification and transition to a permanent modification than they had previously thought and there are some banks which see homeowners easily ushered into these trial plans but may have delays when it comes to entering a permanent home loan modification program. It’s because of this that officials have prompted servicers to further their efforts to clear out the backlog of trial modifications and offer homeowners permanent assistance plans, and for homeowners who have been struggling in this trial modification area, rating systems which were recently put in place reviewed this particular aspect of the modification program and it is hope that changes will be made with banks that are struggling to transition homeowners to permanent modifications.
However, J.P. Morgan Chase saw an increase in the cumulative total of trial modifications they had started from April to May as the Treasury Department reports in April there were 247,686 trial modifications that had been started by Chase up until that point, but 251,419 total trial modifications had been started as of May. Homeowners are still seeing programs being implemented by these financial institutions that will hopefully lead to more affordable monthly mortgage payments but homeowners are still seeing problems when it comes to either qualifying for or transitioning within these modification plans.
If because of homeowners who are seemingly left alone to fight the home loan modification battle that free housing counseling assistance has been made available to some and, for homeowners who feel that a home loan modification may be right for them, contacting representatives from the HOPE Hotline or HUD could lead to beneficial outside assistance when it comes to applying for modification. While J.P. Morgan Chase has still seen increases in the area of permanent modifications, homeowners are not guaranteed this particular type of aid and, as a result, may need to either address their mortgage problems early so that if a modification is unhelpful alternative programs can be explored.