The Treasury Department recently released reports for various servicers within the Making Home Affordable Program and, for J.P. Morgan Chase it was stated that an increase in the number of permanent home loan modifications that had been made as of the month of June saw an increase, which could point to positive signs for homeowners who are currently seeking financial assistance on their mortgage. Numerous servicers and did see an increase in the number of permanent modifications they had made, but some did in fact see minimum results despite the fact that there is a continued need for the mortgage modification programs in the lives of homeowners.
Yet, J.P. Morgan Chase reported that, as of May 2011, they had a total of 83,774 active permanent modifications in place but the most recent HAMP reports released here in August showed that, as of June 2011, J.P. Morgan Chase had 89,231 active permanent modifications in place. While there are some homeowners who continue to point out problems within the modification program and with specific servicers it is beneficial for these men and women that continued modification efforts are seeing increases and, there are some servicers who are also seeing drops in the number of homeowners who were estimated to be delinquent on their mortgage payment.
However, despite his continued efforts to keep homeowners in their home, not all mortgage assistance plans have been helpful for homeowners and there are still many who are facing problems with foreclosure. Yet, homeowners are aware by now that there are alternatives to these federal mortgage modification programs that may be beneficial for their particular situation, but homeowners are not always in a position where they can qualify for these programs that may be offered through servicers like Chase.
There are some conditions that must be met within these federal programs and if a homeowner’s mortgage payment is less than 31% of their overall income, this simple requirement may keep a homeowner from qualifying for a modification on their mortgage despite the fact that they may be suffering from financial distress which has led to an inability to pay their home loan. Understandably though, homeowners with J.P. Morgan Chase and other financial institutions are frustrated with their current situation as some are in their position since the problem of unemployment or other economic factors that may have led to cutbacks in their wages.
It is to be understood though, these homeowners with J.P. Morgan Chase may have options that go beyond a simple modification as Chase and other mortgage servicers are participating in programs made available by various state housing agencies and there are even some in-house programs that can benefit a homeowner in need. Yet, homeowners should not waste time when it comes to contacting their servicer or a housing counselor in order to explore the options that may be available for their situation as the earlier a homeowner takes this initiative the better chance they may stand of finding a solution to their problem.