J.P. Morgan Chase homeowners have seen positive results in the area of active permanent modifications made within HAMP over the past months, as data from the summer of 2011, which was released here in September, indicated that continued efforts in the area of home loan modifications have been able to offer more homeowners mortgage payment assistance during times of economic distress for many. Obviously, unemployment has remained quite high and fewer jobs are being added to the economy as of late, but when it comes to homeowners getting permanent modifications, there have been some positive aspects to this federal initiative that are continuing to be seen.
However, homeowners are in a position where they do still face some challenges, not only with employment and the ability to pay their mortgage but when it comes to dealing with certain servicers. Despite the fact that many of these banks have still continued to see increases in the number of active modifications that are in a permanent status, homeowners do still wage complaints against their bank when it comes to the modification process.
While J.P. Morgan Chase did see an increase in active permanent modifications from 89,231 in June to 90,932 in July, homeowners need to remember that these federal programs are not always available nor are they the best fit for some when it comes to finding the most optimal foreclosure prevention route. Some homeowners have benefited from alternative modification programs that may be available directly from their servicer, but there are different approaches that banks will take with either individual homeowners or, in some cases, when it comes to addressing widespread problems that are currently being seen.
Yet, as there are still some issues with employment that homeowners are having to face, it may benefit homeowners to make contact with their mortgage servicer or a housing counselor simply because there is a great deal of uncertainty still in the job market and overall economic outlook. J.P. Morgan Chase, along with many other mortgage servicers, continues to offer aid through HAMP, extension programs, and even state initiatives, homeowners in general have more opportunities at the current time, but delay in exploring these options could be problematic as some homeowners are relying on their savings or credit cards to stay afloat which could put them in a difficult financial position when they begin the modification process.
Also, homeowners may want to give themselves time to address certain issues specifically related to their mortgage difficulties, as there are still problems not only with J.P. Morgan Chase homeowners but numerous servicers as well where some homeowners simply do not benefit from a permanent modification and default as a result. Understandably, some homeowners are finding themselves in a better financial position and a modification might be exactly what they need, but it does take a good deal of work to not simply qualify for a trial modification but transition to a permanent modification status, and despite the fact that Chase has seen increases in the area of permanent modifications, homeowners must remember that this is not a guarantee for all and it may require some look into other options Chase may offer in the area of foreclosure prevention.