Homeowner delinquency with J.P. Morgan Chase has reportedly decreased between May and June of 2011, which was stated in a report released here in September that has tracked this area of homeowner assistance for a variety of banks working within the Making Home Affordable Program. Yet, homeowner delinquencies are still a problem with some servicers, and just because the estimated homeowners who are delinquent within this HAMP report decreased for J.P. Morgan Chase does not mean that there is a lack of need on the part of homeowners who are searching for foreclosure prevention assistance.
Yet, the cumulative total of delinquent homeowners as of May stood at 164,213 but that total decreased to 163,514 in the month of June. Despite the fact that Chase saw an increase in the number of permanent modifications, and the cumulative total of all trial modifications they have started also increase between June and July, Chase is still in the category where they are said to require substantial improvement before Treasury Department incentives may return for their participation in this particular foreclosure prevention plan.
However, delinquency has become less of a problem for some due to the fact that there are homeowners who are finally finding some financial stability and are able to either take advantage of these modification plans and, in some cases, homeowners are simply able to meet their mortgage payment requirement without assistance. Yet, there are still homeowners who are even falling into delinquency despite having a modification in place, and that these issues usually stem from problems related to unemployment or health related financial distress when a homeowner becomes ill.
It should be noted though, homeowners do still have opportunities from a variety of programs with J.P. Morgan Chase as the top banks in HAMP are also able to offer homeowners extension plans or work with homeowners to take advantage of state-specific programs that may help homeowners who are delinquent or who may face foreclosure as a result of their financial position. Some programs in these state plans may help homeowners become current after they have fallen behind on their mortgage payments, while others may offer dischargeable loans that can help men and women who are unemployed at the present time but will meet certain qualifications set forth by these foreclosure prevention efforts.
J.P. Morgan Chase is not the only servicer to use these mortgage assistance programs, but in terms of homeowners specifically with Chase, it should be remembered that opportunities to prevent delinquency or address issues where delinquency has arisen may go beyond these federal modification programs, and many financial advisers often urge homeowners to explore these options as some may be more beneficial for a homeowner’s particular needs than a simple modification.