Chase Alternative Modifications After HAMP Denial–Reports In August Show Some Positive Results Being Seen

Homeowners who are looking for a J.P. Morgan Chase alternative modification plan may be in a situation where they have been denied either a trial modification or a permanent modification from the Making Home Affordable Program, but there has been reports released from the Treasury Department that show some homeowners in this position may have seen some positive results when it comes to getting an alternative modification payment plan from Chase Bank. Obviously, there are numerous homeowners with a variety of servicers who have attempted to find these alternative modification plans and apply them to their personal home loan situation when a federal modification was unhelpful, but there are cases where these alternative mortgage assistance plans have simply not been enough to help certain homeowners in need.

However, homeowners who did not qualify for a permanent home loan modification usually fall into the category of where they were not accepted for a trial modification initially or they may have had there trial modification canceled for one reason or another. J.P. Morgan Chase reportedly saw an increase in the overall program total number of homeowners who were offered an alternative modification after they were not accepted for a trial modification from HAMP as that number increased from 124,452 total alternative modifications in April to 128,618 of these total modifications that had been made as of May.

Homeowners do need to understand that these programs are not a guarantee despite the fact that servicers may be in a position to more specifically tailor an assistance option to their home loan needs. Also, there were some servicers who did not see increases in these overall totals and in some cases actually saw a drop in the number of total alternative modifications they had on the record, as J.P. Morgan Chase saw a decrease from 57,264 alternative modifications to a total of 56,406 for homeowners whose trial modification was canceled.

There have also been some reports that in-house home loan modifications are seeing higher levels of homeowner default even though they may be offered to a greater number of homeowners than the federal modification plan. Obviously, if homeowners fail to submit the proper paperwork, miss payments during their trial modification period, or simply do not meet certain income qualifications they are more likely to find less help from the federal modification plan and may have to turn to these in-house, alternative modification programs but homeowners may need to consult a housing counselor or keep in close contact with a representative from their servicer as these alternative plans can be problematic no matter if a bank has seen positive results in this area.