The number of estimated J.P. Morgan Chase homeowners who were delinquent on their mortgage payment for 60 days or more increased according to Treasury Department reports that were released here in August, which track data through the month of June for not only Chase but a variety of servicers participating in HAMP. Sadly, there have been ups and downs in this area as some homeowners have found themselves in a better financial position and for some banks this delinquency rate dropped as a result, but there are still homeowners who are facing financial distress and falling behind on their mortgage, which has obviously lead to a need for mortgage payment assistance plans like home loan modifications.
Chase saw the number of homeowners who were estimated to be delinquent on their home loan in the month of April at 162,719, but in the month of May, that number increased to 164,213. While this information is in the June Making Home Affordable Report, there are some positive results currently being seen here in August that may point to homeowners finding themselves in a better financial position so that delinquency is no longer a problem. However, this often brings up the issue of what programs may be available to help homeowners who need reinstatement assistance where they have fallen behind on their mortgage and need to become current once again so that they can avoid the loss of their home.
However, some servicers working within the modification program are able to offer opportunities like forbearance on a homeowner’s principal payment, which may allow them to either forego these missed payments at the present time or there are some other alternatives like state programs that could help homeowners meet these costs which are delinquent. J.P. Morgan Chase isn’t the only bank that has seen homeowners fall into delinquency once again as unemployment continues to be a great hindrance in the lives of homeowners who are simply trying to stay afloat on their home loan payment.
Homeowners may be able to explore options like those from the Hardest Hit Fund, if these programs are available in their area, by speaking with their state housing agency or housing counselors, but homeowners may also be in a position where servicers directly from their bank can help them better understand what mortgage payment assistance plans are available. These modification plans and homeowner hardship assistance programs have been able to help an increasing number of homeowners over the past months, but they are not guarantees when it comes to preventing foreclosure and for this reason financial professionals have been prompting individuals in need of mortgage payment assistance to take action quickly so that they can better explore these modifications and extension plans before their delinquency becomes too much of a problem to handle.